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    Property profile & analytics

    1608 Governor Nicholls St New Orleans, LA 70116

    • Residential income homes
    • 6,945 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US36-0638982
    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

    • The Treme Mansion / Bed & Breakfast

    Property Details for 1608 Governor Nicholls St

    Year built
    1855
    Property size
    6,945 SF
    Property type
    Residential income homes

    Description

    This stunning, meticulously restored 1855 Chalon Mansion in New Orleans' Historic Treme offers a phenomenal investment opportunity. Boasting 6,945 to 8,000 square feet across three stories, this property features four separate units: a primary residence with five bedrooms and three and a half bathrooms, and three additional one-bedroom, one-bathroom apartments. The main unit is ideal for special events, given its elegant open floor plan, chef's dream kitchen with custom cabinets and marble counters, large center island, separate butler's pantry/wet bar, formal living and dining rooms, and exquisite fireplaces in every room, including the kitchen and all bedrooms. The entire property sits on an expansive 11,497 square foot lot, providing ample space for outdoor entertaining. Ten off-street parking spaces are available behind an automatic gated driveway. Located just blocks from the French Quarter, this property benefits from its proximity to shops, restaurants, bars, and popular tourist attractions. Permitted zoning is residential. The property underwent a complete renovation in 2024. This is a rare chance to own a piece of New Orleans history with significant rental potential. The asking price is $1,450,000, with a price per unit of $362,500. This multifamily property presents a unique owner/user investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans Parish
    State
    Louisiana
    Longitude
    -90.0692577
    Latitude
    29.9675876

    Comparable in this City

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      Historic Treme Triplex Opportunity

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    Similar Nearby for Sale

    • $2,340,000
      6,069 SF

      French Quarter Income Property

      Historic French Quarter multi-family property with seven income-producing units.
      1309 Dauphine St, New Orleans, LA 70116
      View Details
    • $240,000
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      Creole Cottage Duplex in Tremé

      Spacious duplex near Esplanade Ave, historic Tremé neighborhood.
      1447 N Roman St, New Orleans, LA 70116
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    • $287,000
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      Historic Treme Triplex Opportunity

      Triplex in vibrant Treme neighborhood, close to French Quarter.
      1915-1917 Bayou Rd, New Orleans, LA 70116
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    • $399,900
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      Marigny Duplex: Historic New Orleans Double

      Historic Marigny double offers investment, rental, or single-family potential.
      2019 N Rampart St, New Orleans, LA 70116
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    • $355,000
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      Charming Victorian Duplex in New Orleans

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      1472 N Prieur St, New Orleans, LA 70116
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    • New
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      New Orleans Triplex with Income

      Multi-family property featuring a primary residence plus two ground-floor units.
      1430 N Derbigny St, New Orleans, LA 70116
      View Details

    Similar Nearby for Lease

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    • $1,450 /Mo
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      Restored Apartment in Historic Treme

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      Retail and Apartment Building

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      Retail Space in New Orleans

      Retail space available for lease in New Orleans, LA.
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    1608 Governor Nicholls St
    New Orleans, LA 70116
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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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