Triplex With Separate Utility
For Sale
$349,950
2357-59 Annunciation Street, New Orleans, LA 70130
Three individually metered units support continued multifamily use, renovation, or owner occupancy.
Property Size2,748 SF
Price / SF$127.35
Days on Market129
Property Features for 2357-59 Annunciation Street
General Information
Standard status
Active
Size
2,748 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
Central Air, Window Unit(s)
Other Heat
2
3
5
Asphalt
Pillar/Post/Pier
Other
Porch
Building Details
Year Built
1900
Listing Agency:
McCarthy Group REALTORS
(504) 236-3833
Listed By:
Jake Zakris · License #995699616
(504) 236-3833
Source:
Compass
Added: Apr 25
Changed: Aug 31
Last Checked: Aug 31 at 2:04AM
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 McCarthy Group REALTORS
Investment Insights
Based on property information with market context.
Built in 1900, this 2,748-square-foot triplex contains three separate units with individual electric, water, and gas meters. The property features 12- to 13-foot ceilings, abundant natural light, a porch, and a pillar/post/pier foundation. Its asphalt exterior complements the existing residential configuration.
The front residence at 2357 Annunciation is arranged as a 3-bedroom, 1-bath unit and has received partial work including insulation, electrical improvements, plumbing work, and plaster removal. The rear portion of 2357 includes a studio apartment. Unit 2359 has partial sheetrock and includes one bedroom downstairs, with upstairs space identified for two additional bedrooms, offices, or gamerooms.
The property sits on a large lot in the Garden District and can remain a multifamily property, be renovated and repositioned, or be explored for conversion to a single-family residence.
The front residence at 2357 Annunciation is arranged as a 3-bedroom, 1-bath unit and has received partial work including insulation, electrical improvements, plumbing work, and plaster removal. The rear portion of 2357 includes a studio apartment. Unit 2359 has partial sheetrock and includes one bedroom downstairs, with upstairs space identified for two additional bedrooms, offices, or gamerooms.
The property sits on a large lot in the Garden District and can remain a multifamily property, be renovated and repositioned, or be explored for conversion to a single-family residence.
Key Highlights
- Three separate units, each with its own electric, water, and gas meters
- 2,748‑square‑foot triplex built in 1900
- 12- to 13‑foot ceilings and abundant natural light
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
$31,984
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
9.14%
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%
$639,680
$639.7K
Cap Rate 7%
$456,914
$456.9K
Cap Rate 9%
$355,378
$355.4K
Market Conditions
NOI Build-Up for 2,748 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
$64.0K $23.28/SF
− Vacancy
−$5.8K −$2.12/SF
EGI
$58.2K $21.16/SF
− OpEx
−$26.2K −$9.52/SF
NOI
$32.0K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$639,680
Cap Rate 7%
$456,914
Cap Rate 9%
$355,378
Alternative Uses
Best Use
Multifamily LT 5
$497.1K
$435.0K – $580.0K
NOI $34,797 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$456.9K
$399.8K – $533.1K
NOI $31,984 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$698.5K
$611.2K – $814.9K
NOI $48,892 @ 7.0% cap · market cap 13.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 individually metered units support continued multifamily use, renovation, or owner occupancy.
Where is this triplex located?
The property is located at 2357-59 Annunciation Street New Orleans, LA.
What is the asking price?
The asking price for this property is $349,950.
What are key features of this property?
This property features: Three separate units, each with its own electric, water, and gas meters; 2,748‑square‑foot triplex built in 1900; 12- to 13‑foot ceilings and abundant natural light
