Renovated Triplex with
For Sale
$659,000
2202-00 Nashville Avenue, New Orleans, LA 70115
Three leased residences near Tulane, Loyola University, and the Freret Corridor offer varied layouts with shared laundry and storage.
Property Size2,490 SF
Price / SF$264.66
Days on Market941
Property Features for 2202-00 Nashville Avenue
General Information
Standard status
Active
Size
2,490 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$62,400
Road Access
Yes
Amenities
laundry
storage shed
Central Air
Central
2
4
6
Security System
in the unit
Asphalt
Other
Courtyard
Slab: Traditional
Brick, Stucco
Building Details
Year Built
1936
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 610-0679
Listed By:
Nathalie Dubois · License #995703042
(504) 610-0679
Source:
Compass
Added: Feb 2, 2024
Changed: Aug 30
Last Checked: Aug 30 at 10:14PM
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 Berkshire Hathaway HomeServices Preferred, REALTOR
Investment Insights
Based on property information with market context.
This 2,490-square-foot triplex contains three separate residences. The upper-level unit offers three bedrooms, two full baths, a large living room, dining area, spacious kitchen, in-unit washer and dryer, and new HVAC. A recently updated shared bathroom serves the residence. The first floor includes a two-bedroom, one-bath unit with separate bedroom entrances and a one-bedroom, one-bath unit featuring living and dining areas, a large kitchen, and extensive closet space.
The property occupies the corner of Nashville Avenue and Freret and includes off-street parking, a detached shed with shared laundry equipment, and an additional storage shed. The roof is 2 years old. Tulane, Loyola University, and the Freret Corridor are identified as nearby destinations. All three units are leased.
The property occupies the corner of Nashville Avenue and Freret and includes off-street parking, a detached shed with shared laundry equipment, and an additional storage shed. The roof is 2 years old. Tulane, Loyola University, and the Freret Corridor are identified as nearby destinations. All three units are leased.
Key Highlights
- Three‑unit property totaling 2,490 SF
- Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry
- First‑floor residences include 2‑bedroom and 1‑bedroom layouts
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
$21,402
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
3.25%
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%
$428,040
$428.0K
Cap Rate 7%
$305,743
$305.7K
Cap Rate 9%
$237,800
$237.8K
Market Conditions
NOI Build-Up for 2,490 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
$33.5K $13.44/SF
− Vacancy
−$2.9K −$1.16/SF
EGI
$30.6K $12.28/SF
− OpEx
−$9.2K −$3.68/SF
NOI
$21.4K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$428,040
Cap Rate 7%
$305,743
Cap Rate 9%
$237,800
Alternative Uses
Best Use
Multifamily LT 5
$305.7K
$267.5K – $356.7K
NOI $21,402 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$271.0K
$237.2K – $316.2K
NOI $18,972 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$656.9K
$574.8K – $766.4K
NOI $45,985 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 leased residences near Tulane, Loyola University, and the Freret Corridor offer varied layouts with shared laundry and storage.
Where is this triplex located?
The property is located at 2202-00 Nashville Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,490 SF; Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry; First‑floor residences include 2‑bedroom and 1‑bedroom layouts
