Multi-Unit Residential Income
For Sale
$850,000
2109-11 CHARTRES Street, New Orleans, LA 70116
MULTI_FAMILY - New Orleans, LA
Property Size3,000 SF
Price / SF$283.33
Days on Market364
Property Features for 2109-11 CHARTRES Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Courtyard, Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Marigny Triangle
Standard status
Active
APN
2111 CHARTRES
Size
3,000 SF
Taxes and HOA fees
Tax Description
SQ 153 LOT F 20 CHARTRES
Legal Description
SQ 153 LOT F 20 CHARTRES
Utilities
Heating system
Ductless (Heating), Other (Heating), Central
Cooling system
Ductless, Central Air, Wall Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Joshua Walther · License #000076446
(504) 453-2277
Added: Sep 2, 2025
Changed: Aug 3
Last Checked: Aug 31 at 12:06PM
MLS# 2519622
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale multi-unit residential income property includes two updated 1-bedroom, 1-bath units and a spacious 2-bedroom, 1-bath owner’s residence located at the rear. The home features historic New Orleans architectural details such as fireplace mantels, hardwood floors, soaring ceilings with transoms, and original pocket doors. Recent updates are noted for the foundation, electrical, and plumbing systems. The property is currently operated as a short-term rental and is offered fully furnished.
An additional value-add is described as a 450-square-foot electrified detached brick workshop that remains undeveloped. The listing notes the property has an active B&B license and is versatile for multiple use scenarios.
The detached workshop provides supplemental enclosed space for potential studio, home office, or storage uses, while the three-residence layout supports flexible occupancy based on the operator’s needs.
An additional value-add is described as a 450-square-foot electrified detached brick workshop that remains undeveloped. The listing notes the property has an active B&B license and is versatile for multiple use scenarios.
The detached workshop provides supplemental enclosed space for potential studio, home office, or storage uses, while the three-residence layout supports flexible occupancy based on the operator’s needs.
Key Highlights
- HMC‑1 zoned property in the Marigny Triangle steps from Frenchmen Street and minutes to the French Quarter
- Two updated 1‑bed/1‑bath units plus a spacious 2‑bed/1‑bath owner’s residence at the rear
- Currently used as an STR with an active B&B license; offered fully furnished
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
$37,987
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
4.47%
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%
$759,740
$759.7K
Cap Rate 7%
$542,671
$542.7K
Cap Rate 9%
$422,078
$422.1K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$54.3K $18.09/SF
− OpEx
−$16.3K −$5.43/SF
NOI
$38.0K $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%
$759,740
Cap Rate 7%
$542,671
Cap Rate 9%
$422,078
Alternative Uses
Best Use
Multifamily LT 5
$542.7K
$474.8K – $633.1K
NOI $37,987 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$498.8K
$436.5K – $582.0K
NOI $34,917 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$762.5K
$667.2K – $889.6K
NOI $53,375 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,452
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?
Triplex - Turnkey triplex-style income property with updated units and an undeveloped electrified detached workshop.
Where is this triplex located?
The property is located at 2109-11 CHARTRES Street New Orleans, LA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: HMC‑1 zoned property in the Marigny Triangle steps from Frenchmen Street and minutes to the French Quarter; Two updated 1‑bed/1‑bath units plus a spacious 2‑bed/1‑bath owner’s residence at the rear; Currently used as an STR with an active B&B license; offered fully furnished
