Corner-Lot Triplex with Owner’s
For Sale
$1,050,000
1502 General Pershing St, New Orleans, LA 70115
Three-unit property with two lower apartments, a larger owner’s residence, porches, and a backyard.
Property Size4,173 SF
Price / SF$251.62
Days on Market15
Property Features for 1502 General Pershing St
General Information
Standard status
Active
Size
4,173 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1BA + bonus room, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Gross Income
$32,400
Amenities
front porch
back porch
backyard
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 606-0466
Listed By:
Charlotte Dorion · License #995705288
Source:
Dominionplace
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 8:50PM
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 4,173-square-foot triplex, built in 1940, combines two lower-level apartments with an upper-level owner’s residence. The main residence includes a spacious foyer, living and dining rooms, a chef’s kitchen with breakfast area, island, pantry, built-in china cabinet, and substantial storage. Three bedrooms include Jack-and-Jill access to a full bath, while a third bedroom or office has its own attached full bath. A utility room completes the residence.
Apartment A offers two bedrooms, one bathroom, a living-dining combination, and a gated porch. Apartment B includes two bedrooms, one bathroom, a bonus room, and gated parking for two cars. Front and rear porches, a large backyard, and the corner-lot setting add outdoor space. The property is at 1502 General Pershing St in New Orleans, one block from St. Charles Avenue and Napoleon Avenue, with restaurants, bars, the streetcar, Audubon Park and Zoo, the French Quarter, CBD, and downtown New Orleans nearby.
Apartment A offers two bedrooms, one bathroom, a living-dining combination, and a gated porch. Apartment B includes two bedrooms, one bathroom, a bonus room, and gated parking for two cars. Front and rear porches, a large backyard, and the corner-lot setting add outdoor space. The property is at 1502 General Pershing St in New Orleans, one block from St. Charles Avenue and Napoleon Avenue, with restaurants, bars, the streetcar, Audubon Park and Zoo, the French Quarter, CBD, and downtown New Orleans nearby.
Key Highlights
- 4,173‑square‑foot triplex on a corner lot
- Built in 1940
- Two lower apartments, each with 2 bedrooms and 1 bathroom
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
$35,868
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
3.42%
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%
$717,360
$717.4K
Cap Rate 7%
$512,400
$512.4K
Cap Rate 9%
$398,533
$398.5K
Market Conditions
NOI Build-Up for 4,173 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
$56.1K $13.44/SF
− Vacancy
−$4.8K −$1.16/SF
EGI
$51.2K $12.28/SF
− OpEx
−$15.4K −$3.68/SF
NOI
$35.9K $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%
$717,360
Cap Rate 7%
$512,400
Cap Rate 9%
$398,533
Alternative Uses
Best Use
Multifamily LT 5
$512.4K
$448.4K – $597.8K
NOI $35,868 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$454.2K
$397.4K – $529.9K
NOI $31,795 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$1.10M
$963.3K – $1.28M
NOI $77,067 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,841
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-unit property with two lower apartments, a larger owner’s residence, porches, and a backyard.
Where is this triplex located?
The property is located at 1502 General Pershing St New Orleans, LA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 4,173‑square‑foot triplex on a corner lot; Built in 1940; Two lower apartments, each with 2 bedrooms and 1 bathroom
