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Restored Double Gallery in Prime Location

922-24 Melpomene Street New Orleans, LA 70130

922-24 Melpomene Street, New Orleans, LA, 70130
$1,100,000
For Sale
$1,100,000

Historic double gallery with modern updates and income potential.

Property Size3,367 SF
Price / SF$326.70
Days on Market149

Property Features for 922-24 Melpomene Street

General Information

Standard status
Active
Size
3,367 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse

Building Details

Year Built
1860
Listing Agency REVE, REALTORS
Listed by Joe Robert · License #995689441
Source Compass
Added: Feb 18 Checked: Jul 17 at 4:26 am

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 REVE, REALTORS


Investment Insights

Based on property information with market context.

This beautifully restored double gallery, located in the Lower Garden District, blends historic character with modern updates. Configured as a main residence with a private apartment, it offers flexibility as a rental income property, in-law suite, or multi-generational home. The property was meticulously renovated in 2014, with all new systems including the roof, plumbing, electrical, windows, and four independent HVAC units. The main residence features 12' ceilings, reclaimed wood details, and a chef's kitchen with a 48 gas range, full refrigerator and freezer, concrete countertops, dual sinks and access to an outdoor entertaining area. The private apartment includes its own kitchen, laundry, living space and balcony, offering rental income potential. Together, the two residences provide 4 bedrooms, 4.5 bathrooms, multiple living areas, and flexible rooms suited for office, gym or library use. On a deep 159' lot, the property includes a private garden, gazebo, and gated off-street parking. Located steps from Magazine Street and the new River District development, this 3367 square foot property offers versatility in a prime location.

Key Highlights

  • Prime Lower Garden District location, steps from Magazine Street and the River District.
  • Meticulously renovated in 2014 with all new systems: roof, plumbing, electrical, windows, and four HVAC units.
  • Flexible configuration as a main residence with a private apartment for rental income or in‑law suite.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $66.7k $19.80
− Vacancy −$5.8k −$1.71
EGI $60.9k $18.09
− OpEx −$18.3k −$5.43
NOI $42.6k $12.66
3,367 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$609.1K
$532.9K – $710.6K (±1% cap)
NOI $42,635 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$559.8K
$489.9K – $653.1K (±1% cap)
NOI $39,188 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$855.8K
$748.8K – $998.4K (±1% cap)
NOI $59,905 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

(Bike/Boat/Book/etc) Store Locksmith Butcher (Bike/Boat/Book/etc) Store Tanning Salon Pet Grooming Service (Bike/Boat/Book/etc) Store Pet Store & Service Veterinary Clinic HVAC Service

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Duplex - Historic double gallery with modern updates and income potential.
Where is this duplex located?
The property is located at 922-24 Melpomene Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime Lower Garden District location, steps from Magazine Street and the River District.; Meticulously renovated in 2014 with all new systems: roof, plumbing, electrical, windows, and four HVAC units.; Flexible configuration as a main residence with a private apartment for rental income or in‑law suite.
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