2024-Built
New
For Sale
$445,000
2119 3rd St, Lake Charles, LA 70601
Occupied three-home property with city-approved capacity for four additional units and developer plans available with purchase.
Property Size3,000 SF
Price / SF$148.33
Days on Market2
Property Features for 2119 3rd St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Building Details
Year Built
2024
Buildings
3
Listing Agency:
Kaizen Home Sales and Services
Listed By:
Jeff Papania · License #18592
(337) 292-5181
Source:
Athomerealtyla
Added: Sep 12
Last Checked: Sep 12 at 2:48PM
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 Kaizen Home Sales and Services
Investment Insights
Based on property information with market context.
This triplex consists of three detached single-family homes on one lot, completed in 2024. Each residence offers three bedrooms and two bathrooms, and all three units are currently occupied. The property contains 3,000 square feet.
The city has approved the included land for four additional units, providing a defined expansion component. The developer will provide plans to the purchaser. Showings require a minimum of 48 hours’ notice.
The city has approved the included land for four additional units, providing a defined expansion component. The developer will provide plans to the purchaser. Showings require a minimum of 48 hours’ notice.
Key Highlights
- Three single‑family units on one lot
- Each home includes 3 bedrooms and 2 bathrooms
- Built in 2024 with all units occupied
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
$19,813
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
4.45%
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%
$396,260
$396.3K
Cap Rate 7%
$283,043
$283.0K
Cap Rate 9%
$220,144
$220.1K
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
$30.6K $10.20/SF
− Vacancy
−$2.3K −$0.77/SF
EGI
$28.3K $9.44/SF
− OpEx
−$8.5K −$2.83/SF
NOI
$19.8K $6.60/SF
Area
Calcasieu County, LA
Vacancy
7.50%
Lease Rate
$10.20 /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%
$396,260
Cap Rate 7%
$283,043
Cap Rate 9%
$220,144
Alternative Uses
Best Use
Multifamily LT 5
$283.0K
$247.7K – $330.2K
NOI $19,813 @ 7.0% cap · market cap 4.45%
Second Best
Apartment 5plus
$250.4K
$219.1K – $292.2K
NOI $17,531 @ 7.0% cap · market cap 3.94%
Theoretical Best
Specialty Retail
$646.7K
$565.8K – $754.4K
NOI $45,266 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 70601, LA
34,571
Population
16,811
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
16.1 sq mi
ZIP Area
2,147
Density / Sq Mi
$49,545
Median Household Income
$34,044
Median Earnings
$938
Median Rent
$164,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Occupied three-home property with city-approved capacity for four additional units and developer plans available with purchase.
Where is this triplex located?
The property is located at 2119 3rd St Lake Charles, LA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Three single‑family units on one lot; Each home includes 3 bedrooms and 2 bathrooms; Built in 2024 with all units occupied
