Renovated Triplex with Off-Street
New
For Sale
$745,000
2320-24 Nashville Ave, New Orleans, LA 70115
Three separately metered residences with private laundry and updated mechanical systems.
Property Size4,828 SF
Price / SF$154.31
Days on Market6
Property Features for 2320-24 Nashville Ave
General Information
Standard status
Active
Size
4,828 SF
Property subtype
Multi-Family
Building Details
Year Built
1921
Listing Agency:
Century 21 Action Realty, Inc.
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 4:04PM
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 Century 21 Action Realty, Inc.
Investment Insights
Based on property information with market context.
This New Orleans triplex contains 4,828 square feet across three residences and was built in 1921. The ground-level unit includes four bedrooms, two bathrooms, original hardwood flooring, and substantial storage. Each of the two upper units has two bedrooms, one full bathroom, and an enclosed front porch. Improvements completed in 2015 and 2022 include cabinetry, stainless steel appliances, and granite countertops in the upper residences.
Set on a double lot at 2320-24 Nashville Avenue, the property includes off-street parking on both sides and a courtyard area. Every residence has its own washer and dryer, with separate utility metering for each unit. HVAC systems have been updated within the past six years, and two tankless water heaters serve the property.
Set on a double lot at 2320-24 Nashville Avenue, the property includes off-street parking on both sides and a courtyard area. Every residence has its own washer and dryer, with separate utility metering for each unit. HVAC systems have been updated within the past six years, and two tankless water heaters serve the property.
Key Highlights
- Triplex with 4,828 square feet on a double lot
- Unit mix includes one 4‑bedroom, 2‑bath residence and two 2‑bedroom, 1‑bath residences
- Upper units renovated in 2015 and 2022 with stainless steel appliances and granite countertops
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
$41,497
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
5.57%
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%
$829,940
$829.9K
Cap Rate 7%
$592,814
$592.8K
Cap Rate 9%
$461,078
$461.1K
Market Conditions
NOI Build-Up for 4,828 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
$64.9K $13.44/SF
− Vacancy
−$5.6K −$1.16/SF
EGI
$59.3K $12.28/SF
− OpEx
−$17.8K −$3.68/SF
NOI
$41.5K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$829,940
Cap Rate 7%
$592,814
Cap Rate 9%
$461,078
Alternative Uses
Best Use
Multifamily LT 5
$592.8K
$518.7K – $691.6K
NOI $41,497 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$525.5K
$459.8K – $613.1K
NOI $36,786 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,164 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,657
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 separately metered residences with private laundry and updated mechanical systems.
Where is this triplex located?
The property is located at 2320-24 Nashville Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Triplex with 4,828 square feet on a double lot; Unit mix includes one 4‑bedroom, 2‑bath residence and two 2‑bedroom, 1‑bath residences; Upper units renovated in 2015 and 2022 with stainless steel appliances and granite countertops
