For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Charming Triplex Renovation Opportunity Title is generated by Realmo AI

    940 LOUISIANA Avenue, New Orleans, LA 70115

    View on Map
    Claim this Listing
    Pending
    $450,000

    MULTI_FAMILY - New Orleans, LA

    Property size:
    2,750 SF
    Added:
    Jul 30, 2025
    Days on Market:
    318
    Last Refresh:
    Jun 12 at 5:06 am

    Property Features for 940 LOUISIANA Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    APN
    1
    Size
    2,750 SF

    Utilities

    Heating system
    Ductless (Heating), Other (Heating)
    Cooling system
    Ductless, Window Unit(s), Wall Unit(s)
    Water source
    Public

    Building Details

    Year built
    1945
    Floors in Building
    2
    Number of units
    3
    Roof type
    Shingle
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Terrence Davis
    Terrence Davis

    Listing agent Terrence Davis License #099563347

    Listing office Keller Williams Realty New Orleans 8601 Leake Ave., New Orleans, LA

    Listing date Jul 30, 2025

    MLS# 2514416 Listing URL

    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.

    HighLights

    • Former corner store currently used as a tri‑plex; sold as‑is with no repairs by the seller
    • One block to Magazine St
    • Victorian‑style building built in 1945
    • Ductless and other heating sources
    • Cooling includes ductless, window unit(s), and wall unit(s)
    • Public water service; shingle roof

    Overview

    This property presents a renovation opportunity and is located one block from Magazine Street. The property, formerly a corner store, is currently used as a triplex. It offers the potential for conversion into a single-family home with income potential or to be maintained as an investment property. The property is being sold in its current condition, with the seller not undertaking any repairs. The property is located in New Orleans, LA, with a size of 2750 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $37.0k $13.44
    − Vacancy −$3.2k −$1.16
    EGI $33.8k $12.28
    − OpEx −$10.1k −$3.68
    NOI $23.6k $8.60
    2,750 SF · lease $13.44/SF/yr · vacancy 8.64% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $337.7K
    $295.5K – $394.0K (±1% cap)
    NOI $23,637 @ 7.0% cap · market cap 5.25%
    Second Best
    Apartment 5plus
    $299.3K
    $261.9K – $349.2K (±1% cap)
    NOI $20,953 @ 7.0% cap · market cap 4.66%
    Theoretical Best
    Office A
    $725.5K
    $634.8K – $846.5K (±1% cap)
    NOI $50,787 @ 7.0% cap · market cap 11.29%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.088705
    Latitude
    29.921857

    FAQs

    What type of property is this?
    Triplex - Triplex near Magazine St, endless possibilities, sold as-is.
    Where is this triplex located?
    The property is located at 940 LOUISIANA Avenue New Orleans, LA.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Former corner store currently used as a tri‑plex; sold as‑is with no repairs by the seller; One block to Magazine St; Victorian‑style building built in 1945
    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message