Triplex with Commercial
For Sale
$499,000
1516 S CARROLLTON Avenue, New Orleans, LA 70118
Multi-Family, Traditional, New Orleans, LA
Property Size3,527 SF
Lot Size0.09 Acres
Price / SF$141.48
Days on Market354
Property Features for 1516 S CARROLLTON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Regular
Standard status
Active
APN
716205203
Size
3,527 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
SQ 194 LOT 5 S CARROLLTON 30 X 130 1516-18 SO CARROLLTON
Legal Description
SQ 194 LOT 5 S CARROLLTON 30 X 130 1516-18 SO CARROLLTON
Utilities
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Joyce Delery · License #995682342
(504) 400-5516
Added: Sep 22, 2025
Changed: Aug 19
Last Checked: Sep 10 at 5:06PM
MLS# 2530227
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex property contains 3,527 square feet on a 0.0895-acre lot and dates to 1910. The improvements feature shingle roofing, window-unit cooling, and access to public water service.
The property includes addresses 1516 and 1518 S Carrollton Avenue. The 1516 portion has a commercial zoning variance, while 1518 is currently residential. The property is located in New Orleans, Louisiana, within ZIP Code 70118. Purchasers should independently verify zoning and permitted uses.
The property includes addresses 1516 and 1518 S Carrollton Avenue. The 1516 portion has a commercial zoning variance, while 1518 is currently residential. The property is located in New Orleans, Louisiana, within ZIP Code 70118. Purchasers should independently verify zoning and permitted uses.
Key Highlights
- Triplex property with 3,527 square feet of building area
- 0.0895‑acre lot at 1516 and 1518 S Carrollton Avenue
- 1516 has a commercial zoning variance
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
$44,661
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
8.95%
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%
$893,220
$893.2K
Cap Rate 7%
$638,014
$638.0K
Cap Rate 9%
$496,233
$496.2K
Market Conditions
NOI Build-Up for 3,527 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
$69.8K $19.80/SF
− Vacancy
−$6.0K −$1.71/SF
EGI
$63.8K $18.09/SF
− OpEx
−$19.1K −$5.43/SF
NOI
$44.7K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /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%
$893,220
Cap Rate 7%
$638,014
Cap Rate 9%
$496,233
Alternative Uses
Best Use
Multifamily LT 5
$638.0K
$558.3K – $744.4K
NOI $44,661 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$586.4K
$513.1K – $684.2K
NOI $41,050 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$896.4K
$784.4K – $1.05M
NOI $62,751 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,515
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-building property with mixed commercial and residential zoning circumstances in New Orleans.
Where is this triplex located?
The property is located at 1516 S CARROLLTON Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Triplex property with 3,527 square feet of building area; 0.0895‑acre lot at 1516 and 1518 S Carrollton Avenue; 1516 has a commercial zoning variance
