Historic Quadplex with Carriage
For Sale
$1,050,000
823 Barracks Street, New Orleans, LA 70116
Four-unit property with a rear carriage house, private courtyard, and balcony along Barracks Street.
Property Size3,367 SF
Price / SF$311.85
Days on Market282
Property Features for 823 Barracks Street
General Information
Standard status
Active
Size
3,367 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
Central Air, Window Unit(s)
Central, Other Heat
2
6
5
Slate
Slab: Traditional
Brick, Concrete, Wood Siding
Building Details
Year Built
1850
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 298-8631
Listed By:
Mason McCullough · License #995714063
(504) 298-8631
Source:
Compass
Added: Nov 22, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:52PM
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 Bridgewater Realty Advisors, LLC
Investment Insights
Based on property information with market context.
This 3,367-square-foot quadplex dates to 1850 and includes a four-unit primary building with studio and one-bedroom apartments. A separate two-story carriage house at the rear adds central air conditioning, hardwood floors, high ceilings, and detailed architectural finishes. The property also includes a private courtyard and a balcony oriented toward Barracks Street.
Set in New Orleans’ French Quarter, the property is near the neighborhood’s dining, music, and shopping venues. The building combines historic construction with updated livability features, including central and window-unit air conditioning and central and other heating systems. Slate, brick, concrete, and wood siding contribute to the exterior character.
Set in New Orleans’ French Quarter, the property is near the neighborhood’s dining, music, and shopping venues. The building combines historic construction with updated livability features, including central and window-unit air conditioning and central and other heating systems. Slate, brick, concrete, and wood siding contribute to the exterior character.
Key Highlights
- 3,367‑square‑foot quadplex built in 1850
- Main building configured with four units
- Studio and one‑bedroom apartment mix
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
$42,635
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
4.06%
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%
$852,700
$852.7K
Cap Rate 7%
$609,071
$609.1K
Cap Rate 9%
$473,722
$473.7K
Market Conditions
NOI Build-Up for 3,367 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
$66.7K $19.80/SF
− Vacancy
−$5.8K −$1.71/SF
EGI
$60.9K $18.09/SF
− OpEx
−$18.3K −$5.43/SF
NOI
$42.6K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$852,700
Cap Rate 7%
$609,071
Cap Rate 9%
$473,722
Alternative Uses
Best Use
Multifamily LT 5
$609.1K
$532.9K – $710.6K
NOI $42,635 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$559.8K
$489.9K – $653.1K
NOI $39,188 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$855.8K
$748.8K – $998.4K
NOI $59,905 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Quadplex - Four-unit property with a rear carriage house, private courtyard, and balcony along Barracks Street.
Where is this quadplex located?
The property is located at 823 Barracks Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3,367‑square‑foot quadplex built in 1850; Main building configured with four units; Studio and one‑bedroom apartment mix
