Multifamily Property with Guest
For Sale
$1,095,000
1228 Pine St, New Orleans, LA 70118
Two-residence property with architectural character, a welcoming porch, and a separate guest dwelling.
Property Size3,125 SF
Price / SF$350.40
Days on Market51
Property Features for 1228 Pine St
General Information
Standard status
Active
Size
3,125 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
East Carrollton
Public Transit
Yes
Building Details
Year Built
1920
Listing Agency:
Thibodeaux Reed Realty, LLC
Listed By:
Rosalind Thibodeaux · License #995693561
(337) 658-0181
Source:
Dominionplace
Added: Sep 10
Changed: Oct 25
Last Checked: Oct 7 at 4:57PM
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 Thibodeaux Reed Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 1920, this multifamily property includes a primary residence and a separate guest dwelling positioned behind the main house. The home features architectural details, a broad front porch with prominent columns, abundant natural light, and a landscaped yard. Removable front screens allow the porch features to remain visually open when desired.
The guest residence can accommodate visitors or support separate tenancy. A rebuilt shed provides enclosed space for a portable generator. The property is surrounded by five single-family homes and one former single-family college rental. Tulane, Loyola, Audubon Park, and the St. Charles streetcar are located within the surrounding area, providing proximity to universities, park space, and streetcar service.
The guest residence can accommodate visitors or support separate tenancy. A rebuilt shed provides enclosed space for a portable generator. The property is surrounded by five single-family homes and one former single-family college rental. Tulane, Loyola, Audubon Park, and the St. Charles streetcar are located within the surrounding area, providing proximity to universities, park space, and streetcar service.
Key Highlights
- 3,125‑square‑foot multifamily property built in 1920
- Separate guest residence behind the main house
- Front porch with large columns and removable screens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,371
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,420
$727.4K
Cap Rate 7%
$519,586
$519.6K
Cap Rate 9%
$404,122
$404.1K
Market Conditions
NOI Build-Up for 3,125 SF
Gross rent
$72.8K $23.28/SF
− Vacancy
−$6.6K −$2.12/SF
EGI
$66.1K $21.16/SF
− OpEx
−$29.8K −$9.52/SF
NOI
$36.4K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$727,420
Cap Rate 7%
$519,586
Cap Rate 9%
$404,122
Alternative Uses
Best Use
Apartment 5plus
$519.6K
$454.6K – $606.2K
NOI $36,371 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$794.3K
$695.0K – $926.7K
NOI $55,599 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,480
Businesses Nearby
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Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-residence property with architectural character, a welcoming porch, and a separate guest dwelling.
Where is this multifamily property located?
The property is located at 1228 Pine St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 3,125‑square‑foot multifamily property built in 1920; Separate guest residence behind the main house; Front porch with large columns and removable screens
