Updated Triplex with
For Sale
$410,000
1666 North Tonti Street, New Orleans, LA 70119
Three distinct units include two larger apartments and a rear studio, each with its own laundry.
Property Size2,040 SF
Price / SF$200.98
Days on Market513
Property Features for 1666 North Tonti Street
General Information
Standard status
Active
Size
2,040 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA, 1 x Studio/1BA
Multifamily Units
3
Amenities
Central Air
Central
1
4
5
Asphalt
Pillar/Post/Pier
Brick, Other, Wood Siding
Building Details
Year Built
1941
Buildings
1
Listing Agency:
NOLA Living Realty
(504) 494-2423
Listed By:
Savannah Smith · License #995715735
(504) 494-2423
Source:
Compass
Added: Apr 6, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:35PM
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 NOLA Living Realty
Investment Insights
Based on property information with market context.
This updated triplex, built in 1941, contains 2,040 square feet arranged across three separate residences. The unit mix includes a three-bedroom, two-bath apartment; a one-bedroom, one-bath apartment; and a rear studio with one bath. Laundry is provided within each unit, and the property includes central air and central heating.
The property is located on North Tonti Street between Bayou St. John and St. Roch. Shops and stores are nearby, while City Park is approximately five minutes away. One unit is currently tenant occupied, and showings require 24-hour notice.
The property is located on North Tonti Street between Bayou St. John and St. Roch. Shops and stores are nearby, while City Park is approximately five minutes away. One unit is currently tenant occupied, and showings require 24-hour notice.
Key Highlights
- Three‑unit property with 2,040 square feet
- Unit mix includes a 3‑bedroom/2‑bath apartment, 1‑bedroom/1‑bath apartment, and rear studio
- Laundry is included in all three units
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
$25,831
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
6.30%
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%
$516,620
$516.6K
Cap Rate 7%
$369,014
$369.0K
Cap Rate 9%
$287,011
$287.0K
Market Conditions
NOI Build-Up for 2,040 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
$40.4K $19.80/SF
− Vacancy
−$3.5K −$1.71/SF
EGI
$36.9K $18.09/SF
− OpEx
−$11.1K −$5.43/SF
NOI
$25.8K $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 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%
$516,620
Cap Rate 7%
$369,014
Cap Rate 9%
$287,011
Alternative Uses
Best Use
Multifamily LT 5
$369.0K
$322.9K – $430.5K
NOI $25,831 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$339.2K
$296.8K – $395.7K
NOI $23,743 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$533.8K
$467.1K – $622.8K
NOI $37,366 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,145
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
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 distinct units include two larger apartments and a rear studio, each with its own laundry.
Where is this triplex located?
The property is located at 1666 North Tonti Street New Orleans, LA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Three‑unit property with 2,040 square feet; Unit mix includes a 3‑bedroom/2‑bath apartment, 1‑bedroom/1‑bath apartment, and rear studio; Laundry is included in all three units
