Three-Unit Triplex with
New
For Sale
$745,000
2320-24 NASHVILLE Avenue, New Orleans, LA 70115
Multi-Family, Traditional, New Orleans, LA
Property Size4,828 SF
Price / SF$154.31
Days on Market1
Property Features for 2320-24 NASHVILLE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Courtyard, Fence, Porch, Porch Screened In
Fencing
Fenced
Lot features
Oversized
Subdivision
Uptown
Standard status
Active
APN
615107503
Size
4,828 SF
Taxes and HOA fees
Tax Description
HURSTVILLE SQ 85 LOTS 5 6 PT 16-17 NASH 60 X 130 2320-24 NASHVILLE 3-PLEX-W
Legal Description
HURSTVILLE SQ 85 LOTS 5 6 PT 16-17 NASH 60 X 130 2320-24 NASHVILLE 3-PLEX-W
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
courtyard
off-street parking
washer/dryer
enclosed front porch
tankless water heaters
Building Details
Year built
1921
Floors in Building
2
Number of units
3
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Rebecca Waxman · License #995706680
(504) 261-6867
Added: Aug 24
Last Checked: Aug 24 at 11:06PM
MLS# 2572863
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 4,828-square-foot triplex contains three residential units on a double lot at 2320-24 Nashville Avenue in New Orleans. The lower residence offers four bedrooms, two bathrooms, original hardwood flooring, and substantial storage. Each upper residence includes two bedrooms, one full bathroom, and an enclosed front porch. Renovations completed in 2015 and 2022 added cabinetry, stainless steel appliances, and granite countertops to the upstairs units.
Exterior features include a fenced courtyard, screened porch elements, and off-street parking on both sides of the property. Every unit is separately metered, has its own washer and dryer, and places utility responsibility with its occupants. Central heating and cooling serve the units, HVAC systems have been updated within the past six years, and two tankless water heaters have been installed. The home was built in 1921 and uses a public water supply with an asphalt shingle roof.
Exterior features include a fenced courtyard, screened porch elements, and off-street parking on both sides of the property. Every unit is separately metered, has its own washer and dryer, and places utility responsibility with its occupants. Central heating and cooling serve the units, HVAC systems have been updated within the past six years, and two tankless water heaters have been installed. The home was built in 1921 and uses a public water supply with an asphalt shingle roof.
Key Highlights
- Three‑unit property with 4,828 SF of living area
- Lower unit includes 4 bedrooms, 2 bathrooms, original hardwood floors, and extensive storage
- Two upper units each offer 2 bedrooms, 1 full bathroom, and an enclosed front porch
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
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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 - Separately metered units include private laundry and off-street parking.
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‑unit property with 4,828 SF of living area; Lower unit includes 4 bedrooms, 2 bathrooms, original hardwood floors, and extensive storage; Two upper units each offer 2 bedrooms, 1 full bathroom, and an enclosed front porch
