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    Property profile & analytics

    223 Chartres St New Orleans, LA 70130

    • Apartment buildings
    • 32,998 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $3,475,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US36-0709836
    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

    • Hospitality Talent Search / Hotel & Motel

    Property Details for 223 Chartres St

    Year built
    1850
    Lot size
    0.21 lot acres
    Property size
    32,998 SF
    Property type
    Apartment buildings
    APN
    206102406
    APU
    206102406

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,855,000
      Current use
      RETAIL STORES
      $4,885,000
      Change: +27% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,865,000
      Change: +0% Conversion: Difficult
      MEDICAL BUILDING
      $3,815,000
      Change: -1% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans
    State
    Louisiana
    Longitude
    -90.0672
    Latitude
    29.954
    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
    $65,390
    $667,690
    $733,080
    -
    $653,900
    $6,676,900
    $7,330,800

    Comparable in this City

    • Value Estimation
      $680,000
      7,674 SF

      1431 Josephine St

      APARTMENT HOUSE (5+ UNITS) • 7,674 SF
      1431 Josephine St, New Orleans, LA 70130-7708
      View Details
    • Value Estimation
      $645,000
      7,564 SF

      2246 Carondelet St

      APARTMENT HOUSE (5+ UNITS) • 7,564 SF
      2246 Carondelet St, New Orleans, LA 70130-5854
      View Details
    • Value Estimation by Request
      4,786 SF

      930 Jackson Ave

      APARTMENT HOUSE (5+ UNITS) • 4,786 SF
      930 Jackson Ave, New Orleans, LA 70130-5574
      View Details
    • Value Estimation by Request
      1,650 SF

      331 Exchange Pl

      APARTMENT HOUSE (5+ UNITS) • 1,650 SF
      331 Exchange Pl, New Orleans, LA 70130-2224
      View Details
    • Value Estimation by Request
      6,568 SF

      1123 Margaret Pl

      APARTMENT HOUSE (5+ UNITS) • 6,568 SF
      1123 Margaret Pl, New Orleans, LA 70130-4311
      View Details
    • Value Estimation
      $570,000
      17,466 SF

      1320 Saint Andrew St

      APARTMENT HOUSE (5+ UNITS) • 17,466 SF
      1320 Saint Andrew St, New Orleans, LA 70130-5144
      View Details

    Similar Nearby for Sale

    • $2,075,000
      6,000 SF

      New Orleans Apartment Complex

      Eight-unit apartment complex near Magazine Street in New Orleans.
      912 4Th St, New Orleans, LA 70130
      View Details
    • $1,100,000
      3,300 SF

      French Quarter Mixed-Use Building

      Three-story building with retail and apartments in prime location.
      228 Chartres St, New Orleans, LA 70130
      View Details
    • $6,400,000

      French Quarter Condos Investment Opportunity

      9-unit condo building in the French Quarter, 90% complete.
      535 Iberville St, New Orleans, LA 70130
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    • $3,195,000
      10,242 SF

      Irish Channel Oasis Portfolio

      Turnkey investment property with resort-style amenities in vibrant New Orleans.
      917-925 Washington Ave, New Orleans, LA 70130
      View Details

    Similar Nearby for Lease

    • $2,123 /Mo

      French Quarter Condo For Rent

      Elegant 2-bedroom condo in the heart of the French Quarter.
      221 Chartres St, New Orleans, LA 70130
      View Details
    • $2,800 /Mo
      925 SF

      St. Charles Avenue Office Space

      Office space on St. Charles Avenue near dining and shopping.
      1522 St Charles Ave, New Orleans, LA 70130
      View Details
    • $19 SF/Yr
      11,440 SF

      New Orleans CBD Commercial Space

      11,440 SF Creative Office, Prime Location
      230 Carondelet St, New Orleans, LA 70130
      View Details
    • $8 SF/Yr
      26,712 SF

      Warehouse for Lease: New Orleans

      Prime Warehouse Space, Lower Garden District
      2123 Tchoupitoulas St, New Orleans, LA 70130
      View Details

    Property Visit Statistics

    • Visits by month
      2.0k
    • Visitors by month
      1.9k
    • Avg Time on site
      46 min
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    223 Chartres St
    New Orleans, LA 70130
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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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