Expanded Triplex with Balcony
2703-2705 Palmer Avenue New Orleans, LA 70118
2703-2705 Palmer Avenue, New Orleans, LA, 70118
$700,000
For Sale
$700,000
Triplex with one vacant five-bedroom unit plus two one-bedroom apartments, dual driveways, off-street parking, and a 2024 balcony addition.
Property Size3,191 SF
Price / SF$219.37
Days on Market45
Property Features for 2703-2705 Palmer Avenue
General Information
- Standard status
- Active
- Size
- 3,191 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1950
Listing agency
REVE, REALTORS
(504) 756-2088
Listed by
Kat Bosio · License #995683595
(504) 756-2088
Source
Compass
Added: Jun 9 Updated: Jul 21 at 4:23PM Checked: Jul 22 at 6:44AM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
This expanded triplex offers flexible live-in or rental income options, with two driveways and ample off-street parking. The 2703 side features a five-bedroom unit with two living areas, hardwood floors, in-unit laundry, and a 2024 balcony addition. The unit is currently vacant and ready for occupancy, with a recent rental history of $6,000 per month.
The 2705 side includes two one-bedroom apartments generating a combined $2,400 per month. Additional property highlights include a spacious backyard, fresh interior paint, recently replaced water heaters, and a roof approximately six years old.
Set on an oak-lined street just minutes from Tulane and Loyola Universities, the layout supports multiple ways to live, lease, or invest within one property.
The 2705 side includes two one-bedroom apartments generating a combined $2,400 per month. Additional property highlights include a spacious backyard, fresh interior paint, recently replaced water heaters, and a roof approximately six years old.
Set on an oak-lined street just minutes from Tulane and Loyola Universities, the layout supports multiple ways to live, lease, or invest within one property.
Key Highlights
- Triplex/expanded multi‑family: 1 vacant 5‑bedroom unit plus two 1‑bedroom apartments
- 2703 side unit has hardwood floors, in‑unit laundry, and a 2024 balcony addition
- Two 1‑bedroom apartments (2705 side) generate a combined $2,400/month
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.2k | $19.80 |
| − Vacancy | −$5.5k | −$1.71 |
| EGI | $57.7k | $18.09 |
| − OpEx | −$17.3k | −$5.43 |
| NOI | $40.4k | $12.66 |
3,191 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$577.2K
$505.1K – $673.4K
NOI $40,406 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$530.6K
$464.3K – $619.0K
NOI $37,140 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$811.0K
$709.7K – $946.2K
NOI $56,773 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Triplex with one vacant five-bedroom unit plus two one-bedroom apartments, dual driveways, off-street parking, and a 2024 balcony addition.
Where is this triplex located?
The property is located at 2703-2705 Palmer Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Triplex/expanded multi‑family: 1 vacant 5‑bedroom unit plus two 1‑bedroom apartments; 2703 side unit has hardwood floors, in‑unit laundry, and a 2024 balcony addition; Two 1‑bedroom apartments (2705 side) generate a combined $2,400/month
