31-Unit Apartment
For Sale
$6,900,000
821 Washington Ave, New Orleans, LA 70130
Condominium residences offer updated interiors, included appliances, shared amenities, and gated off-street parking.
Property Size24,028 SF
Price / SF$287.16
Days on Market987
Property Features for 821 Washington Ave
General Information
Standard status
Active
Size
24,028 SF
Property subtype
Multifamily
Zoning
HU-B1
Additional Details
Highway Access
Yes
Multifamily Units
31
Amenities
bike station
fitness room
landscaped courtyard
gated off-street parking
washer/dryer
refrigerator
dishwasher
range oven
microwave
Listing Agency:
The McEnery Company Inc
(504) 236-9542
Listed By:
S. McEnery
(504) 236-9542
Source:
Lacdb.resimplifi
Added: Dec 18, 2023
Changed: Aug 28
Last Checked: Aug 30 at 1:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The McEnery Company Inc
Investment Insights
Based on property information with market context.
The historic building at 821 Washington Ave contains a 31-unit condominium development totaling 24,028 square feet. Residences feature mid-century modern finishes, Carrera marble countertops in the kitchens and bathrooms, stainless appliances, fresh paint, neutral color palettes, and spacious interior layouts. Included appliances are washers and dryers, refrigerators, dishwashers, range ovens, and microwaves. Floorplan options vary across the development.
Shared amenities include a bike station, fitness room, and landscaped courtyard designed for games and lounging. The property also provides gated off-street parking. Located in New Orleans’ Irish Channel, the building is two blocks from Magazine Street and offers access to downtown, I-10, and the Westbank Expressway, with nearby Magazine Street shops and restaurants.
Shared amenities include a bike station, fitness room, and landscaped courtyard designed for games and lounging. The property also provides gated off-street parking. Located in New Orleans’ Irish Channel, the building is two blocks from Magazine Street and offers access to downtown, I-10, and the Westbank Expressway, with nearby Magazine Street shops and restaurants.
Key Highlights
- 31‑unit condominium development in the historic 821 Washington Ave building
- 24,028‑square‑foot apartment building
- HU‑B1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$279,658
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,593,160
$5.6M
Cap Rate 7%
$3,995,114
$4.0M
Cap Rate 9%
$3,107,311
$3.1M
Market Conditions
NOI Build-Up for 24,028 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$559.4K $23.28/SF
− Vacancy
−$50.9K −$2.12/SF
EGI
$508.5K $21.16/SF
− OpEx
−$228.8K −$9.52/SF
NOI
$279.7K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,593,160
Cap Rate 7%
$3,995,114
Cap Rate 9%
$3,107,311
Alternative Uses
Best Use
Apartment 5plus
$4.00M
$3.50M – $4.66M
NOI $279,658 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.11M
$5.34M – $7.12M
NOI $427,498 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
31
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,890
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Condominium residences offer updated interiors, included appliances, shared amenities, and gated off-street parking.
Where is this apartment building located?
The property is located at 821 Washington Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: 31‑unit condominium development in the historic 821 Washington Ave building; 24,028‑square‑foot apartment building; HU‑B1 zoning
