University Area Triplex with
For Sale
$575,000
1620 Broadway St, New Orleans, LA 70118
Three-unit property with a four-bedroom upper residence and two one-bedroom apartments.
Property Size3,311 SF
Lot Size0.12 Acres
Price / SF$173.66
Days on Market41
Property Features for 1620 Broadway St
General Information
Standard status
Active
Size
3,311 SF
Lot size
0.12 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 2 x 1BR/2BA
Multifamily Units
3
Amenities
front porch
in-unit laundry
shared laundry room
carport
off-street parking
Building Details
Year Built
1926
Listing Agency:
REVE, REALTORS
(504) 610-5637
Listed By:
Joey Walker · License #995699523
Source:
Dominionplace
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 11:48AM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
Built in 1926, this 3,311-square-foot triplex includes a spacious upper unit with four bedrooms, two bathrooms, open living and dining areas, a kitchen, in-unit laundry, a front porch, and backyard access. Two ground-level apartments each provide one bedroom and two bathrooms, while a separate shared laundry room serves the lower units.
The property occupies an oversized 45' x 120' lot at 1620 Broadway St in New Orleans. Site improvements include a long driveway, carport, and off-street parking. The units were not re-leased after prior tenants moved out, leaving the next owner to update the interiors. The property also has a new roof in 2026 and additional updates completed over the years.
The property occupies an oversized 45' x 120' lot at 1620 Broadway St in New Orleans. Site improvements include a long driveway, carport, and off-street parking. The units were not re-leased after prior tenants moved out, leaving the next owner to update the interiors. The property also has a new roof in 2026 and additional updates completed over the years.
Key Highlights
- 3,311‑square‑foot triplex built in 1926
- Upper unit includes 4 bedrooms, 2 bathrooms, in‑unit laundry, and backyard access
- Two ground‑level apartments, each with 1 bedroom and 2 bathrooms
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
$41,926
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
7.29%
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%
$838,520
$838.5K
Cap Rate 7%
$598,943
$598.9K
Cap Rate 9%
$465,844
$465.8K
Market Conditions
NOI Build-Up for 3,311 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
$65.6K $19.80/SF
− Vacancy
−$5.7K −$1.71/SF
EGI
$59.9K $18.09/SF
− OpEx
−$18.0K −$5.43/SF
NOI
$41.9K $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%
$838,520
Cap Rate 7%
$598,943
Cap Rate 9%
$465,844
Alternative Uses
Best Use
Multifamily LT 5
$598.9K
$524.1K – $698.8K
NOI $41,926 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$550.5K
$481.7K – $642.3K
NOI $38,536 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$841.5K
$736.4K – $981.8K
NOI $58,908 @ 7.0% cap · market cap 10.24%
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
1,118
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
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 a four-bedroom upper residence and two one-bedroom apartments.
Where is this triplex located?
The property is located at 1620 Broadway St New Orleans, LA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,311‑square‑foot triplex built in 1926; Upper unit includes 4 bedrooms, 2 bathrooms, in‑unit laundry, and backyard access; Two ground‑level apartments, each with 1 bedroom and 2 bathrooms
