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    Property profile & analytics

    2612 Soniat St New Orleans, LA 70115-6435

    • Apartment buildings
    • 4,564 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Jan 28, 2022
    $585,000
    Value Estimations
    $395,000
    Show details
    Cap Rate Potential
    9.4%
    Apartment buildings
    Location Intelligence
    Property ID
    US36-0483839
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2612 Soniat St

    Year built
    1945
    Lot size
    0.19 lot acres
    Property size
    4,564 SF
    Property type
    Apartment buildings
    APN
    614335403
    APU
    614335403

    Description

    This exceptional investment opportunity presents a fully occupied six-unit apartment building located in the desirable Uptown New Orleans neighborhood. Boasting a 7.73% cap rate and a current annual rental income of $7,882, this property offers significant potential for return on investment. The building, constructed in 1940, comprises 4,984 square feet on an 8,054 square foot lot and features a two-story structure. The property is zoned HU-RD2 and benefits from its proximity to Tulane & Loyola Universities, Touro Hospital, and the vibrant Freret and Milan streets, ensuring high occupancy rates. The roof is approximately four years old. While Unit 2C is available for showings with 24-hour notice, viewings of other units will occur post-offer acceptance. Utilities are split between owner (water & gas) and tenant (electric) responsibility. All units include washer/dryer connections. Units 1A and 2A participate in the HANO program. Note that Unit 2C has central air conditioning, while the remaining units have window units. This property represents a rare chance to acquire a well-maintained, high-performing multifamily asset in a prime location. The asking price is $730,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $370,000
      ML approach
      $375,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $580,000
      6.5%
      $535,000
      7%
      $495,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $515,000
      Market price range: $394k - $692k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.1095
    Latitude
    29.938
    CBSA code
    35380
    CBSA name
    NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $12,600
    $38,880
    $51,480
    -
    $126,000
    $388,800
    $514,800

    Comparable in this City

    • Value Estimation
      $250,000
      3,668 SF

      1930 6th St

      APARTMENT HOUSE (5+ UNITS) • 3,668 SF
      1930 6th St, New Orleans, LA 70115-5149
      View Details
    • Value Estimation
      $215,000
      5,048 SF

      1618 7th St

      APARTMENT HOUSE (5+ UNITS) • 5,048 SF
      1618 7th St, New Orleans, LA 70115-4467
      View Details
    • Value Estimation
      $230,000
      6,442 SF

      4316 Baronne St

      APARTMENT HOUSE (5+ UNITS) • 6,442 SF
      4316 Baronne St, New Orleans, LA 70115-4751
      View Details
    • Value Estimation
      $240,000
      4,116 SF

      1212 Bordeaux St

      APARTMENT HOUSE (5+ UNITS) • 4,116 SF
      1212 Bordeaux St, New Orleans, LA 70115-3935
      View Details
    • Value Estimation
      $235,000
      8,000 SF

      1309 Milan St

      APARTMENT HOUSE (5+ UNITS) • 8,000 SF
      1309 Milan St, New Orleans, LA 70115-3820
      View Details
    • Value Estimation
      $260,000
      6,734 SF

      1838 Upperline St

      APARTMENT HOUSE (5+ UNITS) • 6,734 SF
      1838 Upperline St, New Orleans, LA 70115-5563
      View Details

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      View Details
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    2612 Soniat St
    New Orleans, LA 70115-6435
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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