Triplex With Off-Street
For Sale
$350,000
1617 North Broad Street, New Orleans, LA 70119
Three-unit property with individual laundry, central air, storage, and access to the Fairgrounds area.
Property Size2,612 SF
Price / SF$133
Days on Market178
Property Features for 1617 North Broad Street
General Information
Standard status
Active
Size
2,612 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
3
Amenities
in-unit washer and dryer
off-street parking
storage
Central Air
Central
2
3
5
1
in unit
4
Asphalt
Pillar/Post/Pier, Slab: Traditional
Wood Siding
Porch
Building Details
Year Built
1920
Listing Agency:
Crescent City Living, LLC
(504) 975-4252
Listed By:
Leslie Heindel · License #995688679
(504) 975-4252
Source:
Compass
Added: Mar 6
Changed: Aug 30
Last Checked: Aug 30 at 6:42PM
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 Crescent City Living, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this 2,612-square-foot triplex includes three residential units, each with an in-unit washer and dryer. Central air serves the property, while more than 700 square feet of storage provides additional functional space. The exterior features wood siding, a porch, and off-street parking. The roof was installed in 2019, and the exterior was repainted within the last couple of years.
The property is located at 1617 North Broad Street in New Orleans, near the Fairgrounds and Jazz Fest. It is designated as being in an X flood zone. The three-unit configuration supports an owner-occupant arrangement, with the ability to occupy one unit while leasing the others.
The property is located at 1617 North Broad Street in New Orleans, near the Fairgrounds and Jazz Fest. It is designated as being in an X flood zone. The three-unit configuration supports an owner-occupant arrangement, with the ability to occupy one unit while leasing the others.
Key Highlights
- Three‑unit property totaling 2,612 square feet
- Over 700 sq ft of storage space
- Roof installed in 2019
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
$30,401
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
8.69%
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%
$608,020
$608.0K
Cap Rate 7%
$434,300
$434.3K
Cap Rate 9%
$337,789
$337.8K
Market Conditions
NOI Build-Up for 2,612 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
$60.8K $23.28/SF
− Vacancy
−$5.5K −$2.12/SF
EGI
$55.3K $21.16/SF
− OpEx
−$24.9K −$9.52/SF
NOI
$30.4K $11.64/SF
Area
ZIP 70119
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%
$608,020
Cap Rate 7%
$434,300
Cap Rate 9%
$337,789
Alternative Uses
Best Use
Multifamily LT 5
$472.5K
$413.4K – $551.2K
NOI $33,074 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$434.3K
$380.0K – $506.7K
NOI $30,401 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$683.5K
$598.0K – $797.4K
NOI $47,843 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 individual laundry, central air, storage, and access to the Fairgrounds area.
Where is this triplex located?
The property is located at 1617 North Broad Street New Orleans, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,612 square feet; Over 700 sq ft of storage space; Roof installed in 2019
