Three-Unit Multifamily
New
For Sale
$485,000
2424 Valence St, New Orleans, LA 70115
Two-story configuration with a detached studio apartment, private kitchens, and in-unit laundry throughout.
Property Size2,749 SF
Price / SF$176.43
Days on Market4
Property Features for 2424 Valence St
General Information
Standard status
Active
Size
2,749 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
front porch
upstairs balcony
in-unit laundry
Building Details
Year Built
1940
Buildings
2
Listing Agency:
Luxe Realty Brokerage Corporation
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 13 at 8:05AM
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 Luxe Realty Brokerage Corporation
Investment Insights
Based on property information with market context.
This 2,749-square-foot triplex, built in 1940, combines a two-story main residence with two living spaces and a detached studio-style apartment. Each of the three units includes two bedrooms, one bathroom, a kitchen, and in-unit laundry. The rear apartment is unfinished and offers the next owner an opportunity to complete the space. Exterior features include a front porch and an upstairs balcony.
The property is located at 2424 Valence St in New Orleans, two doors from Freret Street. MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure are identified as nearby destinations within walking distance. The layout offers three separate living spaces within a single multifamily property, including the detached rear unit.
The property is located at 2424 Valence St in New Orleans, two doors from Freret Street. MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure are identified as nearby destinations within walking distance. The layout offers three separate living spaces within a single multifamily property, including the detached rear unit.
Key Highlights
- Three total living spaces, including two units in the main home and a detached rear apartment
- 2,749 square feet across a property built in 1940
- Each unit includes 2 bedrooms, 1 bath, a kitchen, and in‑unit laundry
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
$23,628
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
4.87%
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%
$472,560
$472.6K
Cap Rate 7%
$337,543
$337.5K
Cap Rate 9%
$262,533
$262.5K
Market Conditions
NOI Build-Up for 2,749 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
$36.9K $13.44/SF
− Vacancy
−$3.2K −$1.16/SF
EGI
$33.8K $12.28/SF
− OpEx
−$10.1K −$3.68/SF
NOI
$23.6K $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%
$472,560
Cap Rate 7%
$337,543
Cap Rate 9%
$262,533
Alternative Uses
Best Use
Multifamily LT 5
$337.5K
$295.4K – $393.8K
NOI $23,628 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$299.2K
$261.8K – $349.1K
NOI $20,945 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$725.3K
$634.6K – $846.2K
NOI $50,769 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,724
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Two-story configuration with a detached studio apartment, private kitchens, and in-unit laundry throughout.
Where is this triplex located?
The property is located at 2424 Valence St New Orleans, LA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Three total living spaces, including two units in the main home and a detached rear apartment; 2,749 square feet across a property built in 1940; Each unit includes 2 bedrooms, 1 bath, a kitchen, and in‑unit laundry
