3-Unit Triplex with
For Sale
$745,000
Pending
2320-24 Nashville Avenue, New Orleans, LA 70115
The property occupies a double lot and includes off-street parking on both sides.
Property Size4,828 SF
Days on Market68
Property Features for 2320-24 Nashville Avenue
General Information
Standard status
Pending
Size
4,828 SF
Property subtype
Multifamily / Triplex
Site & Location
Neighborhood
Audubon
Units
Unit Mix
1 x 4BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Amenities
courtyard
off-street parking
in-unit washer/dryer
Central Air
Central
4
8
Raised
Hardi Plank Type, Wood Siding
Porch, Screened, Courtyard
Building Details
Year Built
1921
Listing Agency:
McEnery Residential, LLC (MCEN02)
Listed By:
Rebecca T Waxman · License #995706680
(504) 261-6867
Source:
Compass
Added: Aug 24
Changed: Oct 28
Last Checked: Oct 28 at 3:29PM
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 McEnery Residential, LLC (MCEN02)
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,828-square-foot triplex contains three separately metered residences. The ground-floor apartment has four bedrooms, two bathrooms, original hardwood flooring, and substantial storage. Above it are two two-bedroom, one-bathroom units, each with an enclosed front porch. Renovations to the upper apartments were completed in 2015 and 2022, with cabinetry, stainless steel appliances, and granite countertops among the improvements.
Each residence has its own washer and dryer, and tenants pay their own utility costs. HVAC systems were updated within the past six years, and the property has two tankless water heaters. The double-lot site also includes a courtyard and off-street parking along both sides.
Each residence has its own washer and dryer, and tenants pay their own utility costs. HVAC systems were updated within the past six years, and the property has two tankless water heaters. The double-lot site also includes a courtyard and off-street parking along both sides.
Key Highlights
- Three units totaling 4,828 square feet on a double lot
- Unit mix: one 4‑bedroom, 2‑bathroom apartment and two 2‑bedroom, 1‑bathroom apartments
- Upper units renovated in 2015 and 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,497
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
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
Frequently Asked Questions
What type of property is this?
Triplex - The property occupies a double lot and includes off-street parking on both sides.
Where is this triplex located?
The property is located at 2320-24 Nashville Avenue 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: Three units totaling 4,828 square feet on a double lot; Unit mix: one 4‑bedroom, 2‑bathroom apartment and two 2‑bedroom, 1‑bathroom apartments; Upper units renovated in 2015 and 2022
