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 Market60
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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
Listed By:
Charlotte Dorion · License #000044739
(504) 237-8615
Source:
Dominionplace
Added: Aug 17
Changed: Oct 12
Last Checked: Oct 7 at 3:13PM
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 / Yr
$35,868
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,841
Businesses Nearby
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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
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
