Updated Triplex with Detached
For Sale
$899,000
2109 Chartres St, New Orleans, LA 70116
Three-unit property with furnished interiors, period details, and a detached brick workshop in New Orleans’ Marigny Triangle.
Property Size3,000 SF
Price / SF$299.67
Days on Market574
Property Features for 2109 Chartres St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multifamily
Zoning
HMC-1
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
Power
Water
Sewer
Building Details
Year Built
1900
Listing Agency:
Felicity Property Co., LLC
(504) 586-8305
Listed By:
Jack Egle · License #995704008
(504) 586-8305
Source:
Lacdb.resimplifi
Added: Feb 3, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:57PM
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 Felicity Property Co., LLC
Investment Insights
Based on property information with market context.
This 3,000-square-foot triplex, built in 1900, contains two updated one-bedroom, one-bath units and a two-bedroom, one-bath owner’s unit at the rear. Interior details include fireplace mantels, wood flooring, high ceilings with transoms, and pocket doors. Foundation work, electrical improvements, and plumbing updates have been completed. The property is offered fully furnished and includes a 450-square-foot electrified detached brick workshop for storage or creative use.
Located at 2109 Chartres St in New Orleans’ Marigny Triangle, the property is near Frenchmen Street. HMC-1 zoning and an existing B&B license provide documented use-related considerations for ownership and operation.
Located at 2109 Chartres St in New Orleans’ Marigny Triangle, the property is near Frenchmen Street. HMC-1 zoning and an existing B&B license provide documented use-related considerations for ownership and operation.
Key Highlights
- Three‑unit configuration: two 1‑bedroom/1‑bath units plus a 2‑bedroom/1‑bath owner’s unit
- 3,000 SF triplex built in 1900
- 450‑square‑foot electrified detached brick workshop
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
$37,987
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
4.23%
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%
$759,740
$759.7K
Cap Rate 7%
$542,671
$542.7K
Cap Rate 9%
$422,078
$422.1K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$54.3K $18.09/SF
− OpEx
−$16.3K −$5.43/SF
NOI
$38.0K $12.66/SF
Area
New Orleans, LA
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 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%
$759,740
Cap Rate 7%
$542,671
Cap Rate 9%
$422,078
Alternative Uses
Best Use
Multifamily LT 5
$542.7K
$474.8K – $633.1K
NOI $37,987 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$498.8K
$436.5K – $582.0K
NOI $34,917 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,375 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,452
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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 furnished interiors, period details, and a detached brick workshop in New Orleans’ Marigny Triangle.
Where is this triplex located?
The property is located at 2109 Chartres St New Orleans, LA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three‑unit configuration: two 1‑bedroom/1‑bath units plus a 2‑bedroom/1‑bath owner’s unit; 3,000 SF triplex built in 1900; 450‑square‑foot electrified detached brick workshop
