Mixed-Use Property with
For Sale
$1,800,000
938 THALIA Street, New Orleans, LA 70130
Multifamily, New Orleans, LA
Property Size3,906 SF
Price / SF$460.83
Days on Market185
Property Features for 938 THALIA Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 5, Bedroom 5, Bedroom 3, Bathroom 2, Bathroom 6, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 4
Standard status
Active
APN
938-THALIAST
Size
3,906 SF
Additional Details
Mixed-Use Components
commercial, residential
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
courtyard
dipping pool
Building Details
Year built
2023
Number of units
2
Building materials
Wood Siding
Architectural style
Contemporary
Listing Agency:
The McEnery Company
(504) 274-2701
Listed By:
Scott D Weston · License #995684661
(318) 218-4860
Added: Apr 22
Changed: Oct 23
Last Checked: Oct 23 at 2:06PM
MLS# 2554409
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 2023, this 3,906-square-foot mixed-use property combines ground-level commercial space with a permitted short-term rental operation on the second floor, where management is already in place. The commercial area can accommodate retail, office, or hospitality uses. A central courtyard includes a dipping pool, while the upper-level interiors feature white oak flooring and natural light. Some units have views toward downtown New Orleans.
The property is in the Lower Garden District, minutes from the CBD and near neighborhood retail and established residential density. Designed by Studio BKA as part of the Constance & Thalia development, the building has a contemporary architectural style and wood siding.
The property is in the Lower Garden District, minutes from the CBD and near neighborhood retail and established residential density. Designed by Studio BKA as part of the Constance & Thalia development, the building has a contemporary architectural style and wood siding.
Key Highlights
- 3,906‑square‑foot mixed‑use property built in 2023
- Ground‑floor commercial space suitable for retail, office, or hospitality uses
- Second‑floor commercial short‑term rental is permitted and has in‑place management
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,731
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,054,620
$1.1M
Cap Rate 7%
$753,300
$753.3K
Cap Rate 9%
$585,900
$585.9K
Market Conditions
NOI Build-Up for 3,906 SF
Gross rent
$93.7K $24.00/SF
− Vacancy
−$9.4K −$2.40/SF
EGI
$84.4K $21.60/SF
− OpEx
−$31.6K −$8.10/SF
NOI
$52.7K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,054,620
Cap Rate 7%
$753,300
Cap Rate 9%
$585,900
Alternative Uses
Best Use
Mixed Use
$753.3K
$659.1K – $878.9K
NOI $52,731 @ 7.0% cap · market cap 2.93%
Second Best
Retail
$689.0K
$602.9K – $803.9K
NOI $48,231 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$992.8K
$868.7K – $1.16M
NOI $69,494 @ 7.0% cap · market cap 3.86%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,899
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor commercial space is paired with a managed, permitted short-term rental above.
Where is this mixed-use property located?
The property is located at 938 THALIA Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 3,906‑square‑foot mixed‑use property built in 2023; Ground‑floor commercial space suitable for retail, office, or hospitality uses; Second‑floor commercial short‑term rental is permitted and has in‑place management
