Renovated Short-Term Rental
For Sale
$459,999
2614 BANKS Street, New Orleans, LA 70119
Renovated 5-bedroom, 2.5-bath home with transferable CSTR permit and active short-term rental operation.
Property Size1,746 SF
Price / SF$263.46
Days on Market257
Property Features for 2614 BANKS Street
General Information
Standard status
Active
Size
1,746 SF
Property subtype
General Commercial
Zoning
MU-1
Additional Details
Business Included
Yes
Amenities
backyard
hot tub
fire pit
3
MU-1
Parking.
Driveway, Off Street.
Rectangular
22x100
Rectangular.
Building Details
Year Built
1936
Listing Agency:
Collab Realty, LLC
(504) 920-2970
Listed By:
Baxter Stewart · License #000075256
(504) 251-3498
Source:
Xome
Added: Dec 23, 2025
Changed: Sep 2
Last Checked: Sep 5 at 6:08AM
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 Collab Realty, LLC
Investment Insights
Based on property information with market context.
This renovated 5-bedroom, 2.5-bath short-term rental home is currently operating as a Commercial Short-Term Rental (CSTR). It has an active, transferable CSTR permit and was renovated three years ago. The property features new Hardie siding, recent foundation and pier work, and durable, low-maintenance vinyl plank flooring. Outside, the backyard includes a hot tub and a fire pit.
The home is situated on Banks Street in Mid-City New Orleans, described as an oak-lined stretch, with nearby access to the BioDistrict New Orleans and Downtown and the French Quarter. Public remarks also note it is one block from a new Trader Joe’s.
The property is commercially zoned MU-1 and is reported to generate approximately $85,000 annually through its current CSTR operation.
The home is situated on Banks Street in Mid-City New Orleans, described as an oak-lined stretch, with nearby access to the BioDistrict New Orleans and Downtown and the French Quarter. Public remarks also note it is one block from a new Trader Joe’s.
The property is commercially zoned MU-1 and is reported to generate approximately $85,000 annually through its current CSTR operation.
Key Highlights
- Renovated 5‑bedroom, 2.5‑bath home operating as a Commercial Short‑Term Rental (CSTR)
- Approximately $85,000 in annual CSTR revenue, with an active, transferable CSTR permit
- Commercially zoned MU‑1 with driveway and off‑street parking
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
$20,321
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
4.42%
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%
$406,420
$406.4K
Cap Rate 7%
$290,300
$290.3K
Cap Rate 9%
$225,789
$225.8K
Market Conditions
NOI Build-Up for 1,746 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
$40.6K $23.28/SF
− Vacancy
−$3.7K −$2.12/SF
EGI
$36.9K $21.16/SF
− OpEx
−$16.6K −$9.52/SF
NOI
$20.3K $11.64/SF
Area
ZIP 70119
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%
$406,420
Cap Rate 7%
$290,300
Cap Rate 9%
$225,789
Alternative Uses
Best Use
Apartment 5plus
$290.3K
$254.0K – $338.7K
NOI $20,321 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$456.9K
$399.8K – $533.0K
NOI $31,981 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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?
Short term rental property - Renovated 5-bedroom, 2.5-bath home with transferable CSTR permit and active short-term rental operation.
Where is this short term rental property located?
The property is located at 2614 BANKS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $459,999.
What are key features of this property?
This property features: Renovated 5‑bedroom, 2.5‑bath home operating as a Commercial Short‑Term Rental (CSTR); Approximately $85,000 in annual CSTR revenue, with an active, transferable CSTR permit; Commercially zoned MU‑1 with driveway and off‑street parking
