New Mixed-Use
For Sale
$1,800,000
938 THALIA Street, New Orleans, LA 70130
Multi-Family, Contemporary, New Orleans, LA
Property Size3,906 SF
Price / SF$460.83
Days on Market124
Property Features for 938 THALIA Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Regular
Standard status
Active
APN
938-THALIAST
Size
3,906 SF
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
French Quarter style courtyard
dipping pool
Building Details
Year built
2023
Floors in Building
3
Number of units
2
Roof type
Metal
Architectural style
Contemporary
Listing Agency:
The McEnery Company
(504) 274-2701
Listed By:
Scott Weston · License #995684661
(504) 605-4400
Added: Apr 22
Changed: Aug 19
Last Checked: Aug 23 at 11:06PM
MLS# 2554409
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2023, this contemporary mixed-use property contains 3,906 square feet and combines commercial and residential-income components. The first floor provides adaptable space for retail, office, or hospitality use, while the second floor contains a fully permitted commercial short-term rental operated with in-place management. Central heating and central air support the building, which also features a metal roof and public water service.
A French Quarter-style courtyard with a dipping pool forms the central outdoor feature. Upper-level units include white oak flooring and substantial natural light, with select spaces offering views toward downtown New Orleans. The property is located at 938 Thalia Street in the Lower Garden District, minutes from the CBD and near residential density and neighborhood retail.
A French Quarter-style courtyard with a dipping pool forms the central outdoor feature. Upper-level units include white oak flooring and substantial natural light, with select spaces offering views toward downtown New Orleans. The property is located at 938 Thalia Street in the Lower Garden District, minutes from the CBD and near residential density and neighborhood retail.
Key Highlights
- 3,906‑square‑foot mixed‑use property completed in 2023
- First‑floor commercial space supports retail, office, or hospitality uses
- Fully permitted commercial short‑term rental on the second floor
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
$52,731
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
2.93%
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%
$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
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
$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 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%
$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
Apartment 5plus
$649.4K
$568.3K – $757.7K
NOI $45,461 @ 7.0% cap · market cap 2.53%
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,899
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Contemporary urban property combining commercial space, short-term rental operations, and courtyard amenities.
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 completed in 2023; First‑floor commercial space supports retail, office, or hospitality uses; Fully permitted commercial short‑term rental on the second floor
