Confirmed unit mix, a New Orleans CBD demand read grounded in the market's event calendar and public performance data, and a stabilized revenue range of roughly $1.3M to $2.3M in annual lodging revenue, before ground-floor commercial rent.
710 Baronne is a six-story, 31-key apartment-hotel spanning floors two through six, with a ground-floor lobby and a separately leasable commercial space. Every unit is a full apartment with a kitchen, in-unit laundry, king beds, and hotel-grade soft goods. The mix is heavy on three-bedroom suites, which is the right shape for New Orleans: this is a group-travel, event-driven market, and larger keys capture the compression that drives the calendar here.
The location is a genuine asset, not a talking point. Walk Score 98, directly across from a Rouses Market and CVS, five minutes from Lafayette Square and the St. Charles parade route, and 0.8 miles from the Morial Convention Center. That combination of grocery-anchored convenience and walkable demand is what lets a professional operator hold rate through the shoulders and command a premium on peak nights.
Bedroom and key counts are firm on floors three through six, which repeat an identical stack. Floor two carries one extra three-bedroom and is the only floor still to be field-confirmed on a site walk.
| Unit type | Keys | Bedrooms | Sleeps | Approx SqFt | % of keys |
|---|---|---|---|---|---|
| 2BR Suite | 9 | 2 | 4 | 1,200–1,370 | 29% |
| 3BR Suite | 22 | 3 | 6 | 1,460–1,640 | 71% |
| Total | 31 | 84 | ~46,300 | 100% |
The physical key count is fixed at 31. What varies is how those keys are packaged, and that is where a revenue manager earns their keep in a market like this.
| Configuration | Max avail | Sleeps | Role in the mix |
|---|---|---|---|
| 2BR Suite | 9 | 4 | Base occupancy driver; fills shoulders and weeknights |
| 3BR Suite | 22 | 6 | Core inventory; the volume of the building |
| 5BR Connecting Suite | ~9 | 10 | On-demand group product; fills soft nights and wins large groups |
A 5BR is created by pairing a three-bedroom with the adjacent two-bedroom through the connecting door. Each pairing consumes one 3BR and one 2BR key, so the building can stand up to roughly nine simultaneous 5BR suites, limited by the nine two-bedroom units. A 5BR typically trades at a slight discount to the two units booked apart, so its value is not a higher rate. It is demand capture: winning groups of ten who need one contiguous space, and filling shoulder and off-peak nights when the individual keys would not both sell.
| 5BR economics (illustrative, shoulder / off-peak night) | Value |
|---|---|
| 3BR + 2BR booked separately, if both fill | ~$530 |
| 5BR group rate (slight discount to book as one) | ~$500 |
| Off-peak likelihood both keys fill on their own | ~40% |
| Expected standalone revenue at that occupancy | ~$210 |
| Net captured by a firm group booking | ~$290 / night |
Underwriting this building on a flat annual occupancy would miss how it actually earns. Demand here is spiky and repeatable: a handful of compression windows carry a disproportionate share of the year, and the shoulders and deep-summer trough have to be priced deliberately. The curve below is the CBD / Warehouse District demand shape, driven by the New Orleans event calendar.
City-wide, New Orleans short-term rentals average roughly a $304 ADR and 40 to 47% occupancy, with two-bedroom listings near 41% occupancy and three-bedroom around 35%, and top-quartile operators clearing a $343-plus ADR. Those figures blend every neighborhood and casual host in the city. A professionally managed, hotel-grade building in a Walk Score 98 CBD location should sit at the upper end of those bands, not the middle, and that is the basis for the base case below.
Each scenario is built the same way, ADR times occupancy times 365, applied to the confirmed 9 two-bedroom and 22 three-bedroom keys. Conservative reflects roughly what the current independent operator likely achieves at market-baseline execution. Base is a stabilized year under professional revenue management. Upside layers in sharper event pricing, a stronger direct-booking mix, and stronger group and shoulder-night capture including the 5BR product.
| Unit type | Keys | Base ADR | Base Occ | RevPAR | Revenue / key | Annual revenue |
|---|---|---|---|---|---|---|
| 2BR Suite | 9 | $285 | 50% | $143 | $52,000 | $468,100 |
| 3BR Suite | 22 | $365 | 45% | $164 | $59,950 | $1,318,900 |
| Portfolio (base) | 31 | $343 | 46% | $158 | $57,650 | $1,787,000 |
5BR group product. Detailed under "How the inventory sells" above, this is a roughly $20K to $50K annual add, and it is occupancy-driven rather than a rate premium. The combo sells at a slight discount to the two units apart, so its value is capturing group demand and filling shoulder nights the individual keys would leave empty. On peak nights the keys are sold separately at full rate. Sizing it precisely needs the event calendar and booking pace, which Pacer builds in onboarding.
Ground-floor commercial rent. The restaurant-ready commercial space on floor one is a separate income line that sits entirely outside this lodging projection. It should be underwritten on its own as contracted NOI, and it adds to, rather than competes with, the residential revenue above.
Unit mix. Confirmed from Terrell-Fabacher architect floor plans (828 Girod / 710 Baronne renovation, 2019–20) and the operator's public listing pages. Firm on floors 3–6; floor 2 mix and select 3BR bath counts flagged for site confirmation.
Market data. ADR, occupancy, RevPAR, and revenue benchmarks are triangulated from public 2025–26 short-term rental market datasets for New Orleans (AirDNA and comparable market data providers), city-wide and by bedroom count. These are third-party estimates and blend all neighborhoods, so they typically run a few points off internal PMS data and are not CBD-specific. Neighborhood-level CBD / Warehouse District figures would be firmed with a bedroom-specific AirDNA Property Manager pull as the next step.
Projection. Annual revenue is ADR times occupancy times 365 per key, summed across 9 two-bedroom and 22 three-bedroom keys (3,285 and 8,030 available room-nights respectively). ADR and occupancy assumptions per scenario:
5BR group product. Treated as demand capture, not a rate premium. The combo sells at a slight discount to the two units booked apart, so its value is incremental occupancy on shoulder and off-peak nights (firm group bookings that fill otherwise-soft inventory). Estimated at roughly $20K to $50K a year, sized against booking pace during onboarding. Not included in the base projection.
What would tighten this. A bedroom-specific AirDNA Property Manager pull on the CBD / Warehouse District comp set, the current operator's trailing booking and channel history, and the confirmed 2026–27 event calendar. Pacer runs all three during onboarding.
Excluded. Ground-floor commercial rent, operating expenses, and management fee. Top-line lodging revenue only.
This analysis gives HOLT a defensible revenue range today. The four steps above turn it into an underwriting-grade pro forma. Whenever the timing is right, Pacer can have the tightened model back quickly.