Multifamily Property with Guest
New
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 Market5
Property Features for 1228 Pine St
General Information
Standard status
Active
Size
3,125 SF
Property subtype
Multi-Family
Additional Details
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
Last Checked: Sep 13 at 1:57PM
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
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 = 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
$36,371
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
3.32%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,480
Businesses Nearby
Explore this area
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
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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
