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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1224 Decatur St New Orleans, LA 70116

    • Investment properties
    • 5,109 SF
    • 0.04 lot acres
    For Sale
    View listing
    $1,900,000
    Last Sale
    Apr 26, 2024
    $1,175,000
    Value Estimations
    Cap Rate Potential
    5.9%
    Investment properties
    Location Intelligence
    Property ID
    US36-0452341
    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

    • Crescent City Conjure / Religious Bookstore
    • Moor Real Estate Solutions LLC / Property Management Company

    Property Details for 1224 Decatur St

    Year built
    1900
    Lot size
    0.04 lot acres
    Property size
    5,109 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    208100208
    APU
    208100208

    Description

    This exceptional Class A mixed-use building in New Orleans' French Quarter presents a unique investment opportunity. The three-story, 5,109 square foot property boasts 1,277 square feet of ground-floor commercial space, currently fully leased to Crescent City Conjure, and two 3-bedroom, 2-bathroom residential units, each with balconies. Completely renovated between 2014 and 2015, the building enjoys a 100% occupancy rate, generating a strong net operating income (NOI) of $87,301 and a 6.72% cap rate. Situated on a prime commercial strip just three blocks from Bourbon Street, this property benefits from its proximity to major tourist attractions and a vibrant, high-income demographic. The asking price is $1,300,000, representing a price per square foot of $254.45, well below replacement cost. The property is offered fee simple and is part of a tight submarket with only 3% vacancy. Two similar mixed-use properties are also available nearby. This is an irreplaceable piece of real estate in a highly coveted location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,175,000
      ML approach
      $1,175,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,150,000
      6.5%
      $1,060,000
      7%
      $985,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $965,000
      RETAIL STORES
      $755,000
      APARTMENT HOUSE (5+ UNITS)
      $750,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0587
    Latitude
    29.9611
    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
    $10,980
    $96,810
    $107,790
    -
    $109,800
    $831,000
    $940,800

    Comparable in this City

    • Value Estimation by Request
      0.16 Acres

      1383 Saint Bernard Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 0.16 Acres
      1383 Saint Bernard Ave, New Orleans, LA 70116-1454
      View Details
    • Value Estimation by Request
      3,576 SF

      2139 Orleans Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,576 SF
      2139 Orleans Ave, New Orleans, LA 70116
      View Details
    • Value Estimation by Request
      5,474 SF

      734 Orleans Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,474 SF
      734 Orleans Ave, New Orleans, LA 70116-3111
      View Details
    • Value Estimation by Request
      4,350 SF

      714 Orleans Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,350 SF
      714 Orleans Ave, New Orleans, LA 70116-3111
      View Details
    • Value Estimation by Request
      913 SF

      1401 Laharpe St

      OFFICE/RESIDENTIAL (MIXED USE) • 913 SF
      1401 Laharpe St, New Orleans, LA 70116-1404
      View Details
    • Value Estimation
      $580,000
      5,244 SF

      1101 Royal St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,244 SF
      1101 Royal St, New Orleans, LA 70116-2705
      View Details

    Similar Nearby for Sale

    • $1,900,000
      4,700 SF

      French Quarter Mixed-Use Building

      Renovated mixed-use property in the heart of the French Quarter.
      1224 Decatur St, New Orleans, LA 70116
      View Details
    • $1,900,000
      4,700 SF

      French Quarter Mixed-Use Opportunity

      Renovated mixed-use building in the heart of the French Quarter.
      1224 Decatur St, New Orleans, LA 70116
      View Details
    • $4,500,000
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      Frenchmen St. Development Gem

      Prime New Orleans Mixed-Use Property
      421 Frenchmen St, New Orleans, LA 70116
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    • $2,340,000
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      French Quarter Income Property

      Historic French Quarter multi-family property with seven income-producing units.
      1309 Dauphine St, New Orleans, LA 70116
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      Charming New Orleans B&B

      Luxury Inn, 6 Units, Resort Amenities
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      Historic New Orleans Mansion

      Luxury Mixed-Use Estate, $3.5M
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    Similar Nearby for Lease

    • $1,200 /Mo
      550 SF

      Charming New Orleans Quadplex Apartment

      Character-filled apartment with utilities included in a vibrant location.
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    • $1,450 /Mo
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      Restored Apartment in Historic Treme

      Luxury 2BR/1BA apartment in Treme, available September 1st.
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    • $1,800 /Mo
      830 SF

      Marigny Triangle Ground Level Apartment

      Two-bedroom, one-bath apartment in the Marigny Triangle, available 10/1/25.
      936 Kerlerec St, New Orleans, LA 70116
      View Details
    • $85 SF/Yr
      1,080 SF

      Retail Space in New Orleans

      Retail space available for lease in New Orleans, LA.
      500 Saint Peter St, New Orleans, LA 70116
      View Details
    • $1,250 /Mo

      New Orleans Two-Bedroom Apartment

      Recently constructed 2 bed, 1 bath apartment with natural light.
      1718 St. Ann St, New Orleans, LA 70116
      View Details
    • $4,500 /Mo
      1,277 SF

      French Quarter Retail Space Available

      Retail space for lease in the heart of the French Quarter.
      1224 Decatur St, New Orleans, LA 70116
      View Details
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    1224 Decatur 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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