Triplex with Original
For Sale
$600,000
2003 05 Pine Street, New Orleans, LA 70118
Three-unit property with hardwood floors, high ceilings, built-ins, and renovation needs throughout.
Property Size3,444 SF
Days on Market12
Property Features for 2003 05 Pine Street
General Information
Standard status
Active
Size
3,444 SF
Property subtype
Multi Family Home
Property Condition
Severity
Repairs Needed
Evidence
requires renovation
Additional Details
Multifamily Units
3
Building Details
Building Size
3,444 SF
Year Built
1960
Stories
2
Listing Agency:
Talbot Realty Group
(504) 237-3744
Listed By:
Ross Talbot · License #995709969
(504) 237-3744
Source:
Nolalivingrealty
Added: Aug 11
Changed: Aug 21
Last Checked: Aug 21 at 2:27PM
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 Talbot Realty Group
Investment Insights
Based on property information with market context.
This New Orleans triplex contains three residential units and is offered in its current condition, with renovations needed across the property. Existing architectural elements include hardwood flooring, high ceilings, original millwork, built-ins, decorative columns, wood paneling, and a fireplace. The building dates to 1960 and occupies a corner location.
Unit 2005 is currently occupied by a tenant who is moving out. All three units require renovation, providing a clear scope for restoring and repositioning the property while retaining its existing character.
Unit 2005 is currently occupied by a tenant who is moving out. All three units require renovation, providing a clear scope for restoring and repositioning the property while retaining its existing character.
Key Highlights
- Three‑unit triplex in New Orleans
- Built in 1960 with original architectural details
- Hardwood floors, high ceilings, millwork, and built‑ins
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
$43,610
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
7.27%
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%
$872,200
$872.2K
Cap Rate 7%
$623,000
$623.0K
Cap Rate 9%
$484,556
$484.6K
Market Conditions
NOI Build-Up for 3,444 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
$68.2K $19.80/SF
− Vacancy
−$5.9K −$1.71/SF
EGI
$62.3K $18.09/SF
− OpEx
−$18.7K −$5.43/SF
NOI
$43.6K $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%
$872,200
Cap Rate 7%
$623,000
Cap Rate 9%
$484,556
Alternative Uses
Best Use
Multifamily LT 5
$623.0K
$545.1K – $726.8K
NOI $43,610 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$572.6K
$501.1K – $668.1K
NOI $40,084 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$875.4K
$765.9K – $1.02M
NOI $61,275 @ 7.0% cap · market cap 10.21%
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
1,085
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 hardwood floors, high ceilings, built-ins, and renovation needs throughout.
Where is this triplex located?
The property is located at 2003 05 Pine Street New Orleans, LA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three‑unit triplex in New Orleans; Built in 1960 with original architectural details; Hardwood floors, high ceilings, millwork, and built‑ins
