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Property profile & analytics
OFF-MARKET
Estimated value
$830,000
Apartment buildings
427 Gravier St New Orleans, LA 70130-2418
Entity Owned
Absentee Owner
Free & Clear
Property ID
US36-0704380
Property summary
AI-generated overview
This exceptional 6-unit hotel in New Orleans' Central Business District presents a compelling investment opportunity. Boasting a prime location steps from the French Quarter and Caesar's Hotel & Casino, this three-story, 6,781 square foot property underwent a complete renovation in 2019, resulting in six modern, two-bedroom, two-bathroom units, each featuring a contemporary kitchen and laundry facilities. The hotel benefits from a strong, stabilized investment profile, with a current NOI of $300,000 and an 8.96% cap rate. Financial performance has been robust, achieving a gross operating income of $505,000 in 2023 and $344,000 year-to-date in 2024, projecting to exceed last year's figures. Built in 1880 and situated on a 2,600 square foot lot, this property is zoned CBD-2, allowing for diverse future uses. The turnkey operation offers immediate income generation and significant upside potential in a thriving New Orleans market. Detailed financial statements are available upon request. This is a rare chance to acquire a high-performing hotel in a coveted location.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1880
Total area
7,680 SF
Lot
0.06 ac (2,600 SF)
APN
105100715
UPID
US36-0704380
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Weigand & Levenson Law Firm
-
Levenson Leonard L Law Firm
-
Gravier 301/302 · Lagniappe Lodge Hotel & Motel
-
Gravier 101/102 · Spacious CBD Lounge Hotel & Motel
-
Gravier Combo · Vieux Carre Villa Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$830k
Owner & transaction history
427 Gravier Street LLC
427 Gravier Street LLC
since 2025
Last sale
$150
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.1M
+26.7%
Auto repair, garage
$900,000
+0.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New Orleans submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Orleans submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$900,000
Current use
RETAIL STORES
$1,135,000
Change: +27% · Conversion: Difficult
AUTO REPAIR, GARAGE
$900,000
Change: +0% · Conversion: Difficult
MEDICAL BUILDING
$890,000
Change: -1% · Conversion: Moderate
Blend value · Realmo final
$830k
Range $747k – $913k · ±10% · vs last sale $150 (Dec 30 2025)
Last sale anchor
$150
Dec 30 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$108 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Property tax & assessments
Assessed value
$121,500
Assessed 2023
Previous assessed
$116,210
+4.6% YoY
Assessed land
$15,600
Assessed improvement
$105,900
Land market value
$156,000
Improvement market value
$1,059,000
Total market value
$1,215,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1880
Heating
NONE
Total area
7,680 SF
Lot
0.06 ac (2,600 SF)
APN
105100715
UPID
US36-0704380
Jurisdiction
ORLEANS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$900,000
RETAIL STORES
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$900,000
MEDICAL BUILDING
Est. value
$890,000
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
AUTO REPAIR, GARAGE
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1880
Heating
NONE
Lot
0.06 ac
Current owner
From public records · entity-resolved
427 Gravier Street LLC
Entity
Free & Clear · 0 yrs held
Mailing address
207 S CALVIN AVE, GONZALES, LA 70737-2670
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 30, 2025
$150
427 Gravier Street LLC
Lc Realty
Deed
—
Apr 6, 2016
$1,350,000
Lc Realty
Weigand,debra W
Grant Deed
$700,000 · Gulf Coast Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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