Renovated Corner-Lot
For Sale
$680,000
1201 N Galvez St, New Orleans, LA 70119
Three independent units with separate kitchens, living areas, laundry facilities, and central air and heat.
Property Size3,820 SF
Price / SF$178.01
Days on Market56
Property Features for 1201 N Galvez St
General Information
Standard status
Active
Size
3,820 SF
Property subtype
Multi-Family
Zoning
duplex
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
central air and heat
Building Details
Year Built
1926
Year Renovated
2018
Buildings
1
Listing Agency:
Congress Realty, Inc.
(888) 881-4118
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 21
Changed: Oct 13
Last Checked: Oct 14 at 11:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Congress Realty, Inc.
Investment Insights
Based on property information with market context.
This 1926 corner-lot triplex contains three independent residential units with varied layouts and private-entry options. The primary 1201 configuration includes an upstairs open-plan living area, kitchen, small office, three bedrooms, an ensuite bathroom, and 2.5 bathrooms. A separate lower-level guest suite adds one bedroom and one bathroom. Both portions of 1201 have their own kitchens, living spaces, and laundry facilities, while the lower portion can also connect to the upstairs unit. The rear 1203 unit offers two bedrooms, one bathroom, and its own electrical meter. All units include central air and heat and in-unit laundry.
The property is located at 1201 N GALVEZ Street in New Orleans on a corner lot with rear driveway access. It was renovated in 2017/2018 with new roofing, HVAC, plumbing, and electrical systems. The property is currently zoned as a duplex, has one water meter serving the home, and the two portions of 1201 share an electrical meter.
The property is located at 1201 N GALVEZ Street in New Orleans on a corner lot with rear driveway access. It was renovated in 2017/2018 with new roofing, HVAC, plumbing, and electrical systems. The property is currently zoned as a duplex, has one water meter serving the home, and the two portions of 1201 share an electrical meter.
Key Highlights
- Three independent units, including 2 long‑term tenant units and 1 STR
- Renovation in 2017/2018 included roofing, HVAC, plumbing, and electrical systems
- 1201 includes 3 bedrooms, 2.5 bathrooms, and a separate 1‑bedroom, 1‑bathroom guest suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,371
Cap Rate
7.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$967,420
$967.4K
Cap Rate 7%
$691,014
$691.0K
Cap Rate 9%
$537,456
$537.5K
Market Conditions
NOI Build-Up for 3,820 SF
Gross rent
$75.6K $19.80/SF
− Vacancy
−$6.5K −$1.71/SF
EGI
$69.1K $18.09/SF
− OpEx
−$20.7K −$5.43/SF
NOI
$48.4K $12.66/SF
Area
ZIP 70119
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$967,420
Cap Rate 7%
$691,014
Cap Rate 9%
$537,456
Alternative Uses
Best Use
Multifamily LT 5
$691.0K
$604.6K – $806.2K
NOI $48,371 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$635.1K
$555.8K – $741.0K
NOI $44,460 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$999.6K
$874.6K – $1.17M
NOI $69,970 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,583
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three independent units with separate kitchens, living areas, laundry facilities, and central air and heat.
Where is this triplex located?
The property is located at 1201 N Galvez St New Orleans, LA.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Three independent units, including 2 long‑term tenant units and 1 STR; Renovation in 2017/2018 included roofing, HVAC, plumbing, and electrical systems; 1201 includes 3 bedrooms, 2.5 bathrooms, and a separate 1‑bedroom, 1‑bathroom guest suite
