Corner-Lot
For Sale
$1,050,000
1502 GENERAL PERSHING Street, New Orleans, LA 70115
Multi-Family, Raised Basement, New Orleans, LA
Property Size4,173 SF
Price / SF$251.62
Days on Market23
Property Features for 1502 GENERAL PERSHING Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Exterior features
Courtyard, Fence, Porch
Fencing
Fenced
Lot features
Corner
Subdivision
UPTOWN
Standard status
Active
APN
1502-GENPERSHINGST
Size
4,173 SF
Taxes and HOA fees
Tax Description
SQ 387 LOT A GEN PERSHING AND 4301 PITT 50X100 S-RAISED-W-W/APT FILE #74857 9/96
Legal Description
SQ 387 LOT A GEN PERSHING AND 4301 PITT 50X100 S-RAISED-W-W/APT FILE #74857 9/96
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front and back porches
backyard
chef's kitchen
breakfast area
island
built-in china cabinet
pantry
utility room
gated porch
Building Details
Year built
1940
Floors in Building
2
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Charlotte Dorion · License #000044739
(504) 237-8615
Added: Aug 16
Changed: Aug 26
Last Checked: Sep 7 at 9:06PM
MLS# 2571822
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.
This 4,173-square-foot triplex, built in 1940, places two apartments below a main-level residence. The upper home includes a foyer, living and dining rooms, a kitchen with an island, breakfast area, pantry, and built-in china cabinet, plus three bedrooms or two bedrooms and an office. Two full baths serve the residence, including a Jack-and-Jill arrangement. A separate utility room adds practical storage and service space.
Apartment A contains two bedrooms, one bathroom, and a combined living and dining area with a gated porch. Apartment B offers two bedrooms, one bathroom, and a bonus room, along with gated parking for two cars. The property also provides front and rear porches, a fenced backyard, off-street parking, driveway access, central heating and air conditioning, and public water.
The corner property is one block from St. Charles Avenue and one block from Napoleon Avenue. Superior Seafood, The Chloe Hotel bar and restaurant, and Fat Harry’s are within walking distance, while streetcar access connects to Audubon Park and Zoo, the French Quarter, the CBD, and downtown New Orleans.
Apartment A contains two bedrooms, one bathroom, and a combined living and dining area with a gated porch. Apartment B offers two bedrooms, one bathroom, and a bonus room, along with gated parking for two cars. The property also provides front and rear porches, a fenced backyard, off-street parking, driveway access, central heating and air conditioning, and public water.
The corner property is one block from St. Charles Avenue and one block from Napoleon Avenue. Superior Seafood, The Chloe Hotel bar and restaurant, and Fat Harry’s are within walking distance, while streetcar access connects to Audubon Park and Zoo, the French Quarter, the CBD, and downtown New Orleans.
Key Highlights
- 4,173 SF triplex built in 1940
- Two lower apartments, each with 2 bedrooms and 1 bathroom
- Main residence includes 3 bedrooms or 2 bedrooms plus an office
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
$35,868
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
3.42%
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%
$717,360
$717.4K
Cap Rate 7%
$512,400
$512.4K
Cap Rate 9%
$398,533
$398.5K
Market Conditions
NOI Build-Up for 4,173 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
$56.1K $13.44/SF
− Vacancy
−$4.8K −$1.16/SF
EGI
$51.2K $12.28/SF
− OpEx
−$15.4K −$3.68/SF
NOI
$35.9K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
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%
$717,360
Cap Rate 7%
$512,400
Cap Rate 9%
$398,533
Alternative Uses
Best Use
Multifamily LT 5
$512.4K
$448.4K – $597.8K
NOI $35,868 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$454.2K
$397.4K – $529.9K
NOI $31,795 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$1.10M
$963.3K – $1.28M
NOI $77,067 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,841
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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?
Triplex - Three-unit property with two lower apartments and a larger main-level residence featuring porches and a fenced backyard.
Where is this triplex located?
The property is located at 1502 GENERAL PERSHING Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 4,173 SF triplex built in 1940; Two lower apartments, each with 2 bedrooms and 1 bathroom; Main residence includes 3 bedrooms or 2 bedrooms plus an office
