Triplex with Detached
New
For Sale
$350,000
1626 28 Katlan St, Metairie, LA 70001
Three-unit multifamily property with two-story and detached residential components in Metairie.
Property Size2,556 SF
Price / SF$136.93
Days on Market2
Property Features for 1626 28 Katlan St
General Information
Standard status
Active
Size
2,556 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$43,200
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Riverside Realty, Inc.
(985) 307-1208
Listed By:
April Brown
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 9
Last Checked: Sep 10 at 6:27AM
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 Riverside Realty, Inc.
Investment Insights
Based on property information with market context.
This Metairie triplex comprises two residential units within a two-story building and a separate rear residence. Each unit in the main structure includes two bedrooms and one bathroom, while the detached residence provides one bedroom and one bathroom. The configuration creates three distinct living spaces within the property.
Built in 1950, the property is located on Katlan Street in Metairie, with access to shopping, dining, major thoroughfares, and the broader New Orleans area. The separate-building layout provides a combination of shared-site and detached residential improvements for multifamily ownership.
Built in 1950, the property is located on Katlan Street in Metairie, with access to shopping, dining, major thoroughfares, and the broader New Orleans area. The separate-building layout provides a combination of shared-site and detached residential improvements for multifamily ownership.
Key Highlights
- Three separate residential units on one property
- Two 2‑bedroom, 1‑bath units in a two‑story building
- Detached rear residence with 1 bedroom 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
$27,333
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
7.81%
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%
$546,660
$546.7K
Cap Rate 7%
$390,471
$390.5K
Cap Rate 9%
$303,700
$303.7K
Market Conditions
NOI Build-Up for 2,556 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
$41.4K $16.20/SF
− Vacancy
−$2.4K −$0.92/SF
EGI
$39.0K $15.28/SF
− OpEx
−$11.7K −$4.58/SF
NOI
$27.3K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$546,660
Cap Rate 7%
$390,471
Cap Rate 9%
$303,700
Alternative Uses
Best Use
Multifamily LT 5
$390.5K
$341.7K – $455.6K
NOI $27,333 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$598.6K
$523.7K – $698.3K
NOI $41,899 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 70001, LA
40,068
Population
19,103
Households
2.1
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
6.5 sq mi
ZIP Area
6,164
Density / Sq Mi
$70,187
Median Household Income
$43,662
Median Earnings
$1,145
Median Rent
$313,300
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 multifamily property with two-story and detached residential components in Metairie.
Where is this triplex located?
The property is located at 1626 28 Katlan St Metairie, 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 separate residential units on one property; Two 2‑bedroom, 1‑bath units in a two‑story building; Detached rear residence with 1 bedroom and 1 bathroom
