Tenant-Occupied Multifamily
For Sale
$250,000
1870-72 North Roman Street, New Orleans, LA 70116
Wood-sided multifamily property with central air and construction completed in 2008.
Property Size1,948 SF
Price / SF$128.34
Days on Market391
Property Features for 1870-72 North Roman Street
General Information
Standard status
Active
Size
1,948 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
Central Air
Central
1
2
4
Asphalt
Pillar/Post/Pier
Wood Siding
Building Details
Year Built
2008
Tenancy
Multi
Listing Agency:
Keller Williams Realty Services
(985) 318-2615
Listed By:
Shannon Wells-Guidry · License #995691606
(985) 318-2615
Source:
Compass
Added: Aug 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:13AM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
This multifamily property was constructed in 2008 and includes central air and central heating. Exterior features include wood siding, asphalt surfaces, and pillar/post/pier construction.
The property is tenant occupied, and showings require at least 48 hours’ advance notice. Access is limited to appointments conducted by a licensed real-estate agent, with no unscheduled contact with tenants.
The property is tenant occupied, and showings require at least 48 hours’ advance notice. Access is limited to appointments conducted by a licensed real-estate agent, with no unscheduled contact with tenants.
Key Highlights
- Tenant occupied; showings require at least 48 hours’ advance notice
- Showings available only through a licensed real‑estate agent
- Constructed in 2008
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
$22,672
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
9.07%
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%
$453,440
$453.4K
Cap Rate 7%
$323,886
$323.9K
Cap Rate 9%
$251,911
$251.9K
Market Conditions
NOI Build-Up for 1,948 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
$45.3K $23.28/SF
− Vacancy
−$4.1K −$2.12/SF
EGI
$41.2K $21.16/SF
− OpEx
−$18.6K −$9.52/SF
NOI
$22.7K $11.64/SF
Area
New Orleans, LA
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%
$453,440
Cap Rate 7%
$323,886
Cap Rate 9%
$251,911
Alternative Uses
Best Use
Apartment 5plus
$323.9K
$283.4K – $377.9K
NOI $22,672 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.1K
$433.2K – $577.6K
NOI $34,658 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,266
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Multifamily property - Wood-sided multifamily property with central air and construction completed in 2008.
Where is this multifamily property located?
The property is located at 1870-72 North Roman Street New Orleans, LA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Tenant occupied; showings require at least 48 hours’ advance notice; Showings available only through a licensed real‑estate agent; Constructed in 2008
