Three-Unit Multifamily
For Sale
$289,000
2217 Willow St, New Orleans, LA 70113
All units are rented to program tenants, with appliances included in the sale.
Property Size2,082 SF
Price / SF$138.81
Days on Market16
Property Features for 2217 Willow St
General Information
Standard status
Active
Size
2,082 SF
Property subtype
Residential Income
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 908-5637
Listed By:
Joseph Sobol
(504) 908-5637
Source:
Exprealty
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 10 at 10:12AM
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 Berkshire Hathaway HomeServices Preferred, REALTOR
Investment Insights
Based on property information with market context.
This 2,082-square-foot triplex at 2217 Willow St in New Orleans includes three occupied units, all rented to program tenants. Appliances convey with the sale, and the property includes separate metering details: Unit A has its own meter, while Unit B7C shares a meter. The owner pays water and electricity for the property.
The roof dates to 2022. Sewer work and HANO-compliant upgrades are scheduled for 2025 and 2026. The property is tenant occupied, and showings require 24 hours’ notice.
The roof dates to 2022. Sewer work and HANO-compliant upgrades are scheduled for 2025 and 2026. The property is tenant occupied, and showings require 24 hours’ notice.
Key Highlights
- 2,082‑square‑foot triplex at 2217 Willow St, New Orleans, LA
- All three units are rented to program tenants
- Roof dates to 2022
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
$26,363
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
9.12%
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%
$527,260
$527.3K
Cap Rate 7%
$376,614
$376.6K
Cap Rate 9%
$292,922
$292.9K
Market Conditions
NOI Build-Up for 2,082 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
$41.2K $19.80/SF
− Vacancy
−$3.6K −$1.71/SF
EGI
$37.7K $18.09/SF
− OpEx
−$11.3K −$5.43/SF
NOI
$26.4K $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%
$527,260
Cap Rate 7%
$376,614
Cap Rate 9%
$292,922
Alternative Uses
Best Use
Multifamily LT 5
$376.6K
$329.5K – $439.4K
NOI $26,363 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$346.2K
$302.9K – $403.9K
NOI $24,232 @ 7.0% cap · market cap 8.38%
Theoretical Best
Office A
$529.2K
$463.0K – $617.4K
NOI $37,042 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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 - All units are rented to program tenants, with appliances included in the sale.
Where is this triplex located?
The property is located at 2217 Willow St New Orleans, LA.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 2,082‑square‑foot triplex at 2217 Willow St, New Orleans, LA; All three units are rented to program tenants; Roof dates to 2022
