Triplex with Dual
For Sale
$700,000
2703-2705 PALMER Avenue, New Orleans, LA 70118
MULTI_FAMILY - New Orleans, LA
Property Size3,191 SF
Lot Size0.13 Acres
Price / SF$219.37
Days on Market49
Property Features for 2703-2705 PALMER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, Driveway
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Uptown
Standard status
Active
APN
615208605
Size
3,191 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
BURTHEVILLE SQ 122 LOT C 48X118/123 2703-05 PALMER DU-W FILE #92085 2/07 FILE #92085 2/07
Legal Description
BURTHEVILLE SQ 122 LOT C 48X118/123 2703-05 PALMER DU-W FILE #92085 2/07 FILE #92085 2/07
Utilities
Heating system
Central
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
3
Roof type
Shingle, Metal
Architectural style
Craftsman
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Katherine Bosio
(504) 300-0700
Added: Jun 12
Changed: Jul 30
Last Checked: Jul 30 at 7:06PM
MLS# 2560341
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.
Expanded triplex with a versatile, multi-unit configuration. The 2703 side features a five-bedroom unit with two living areas, hardwood floors, and in-unit laundry, plus a 2024 balcony addition. This unit is currently vacant and ready for occupancy, and the property remarks note a recent rental history of $6,000 per month. The 2705 side includes two one-bedroom apartments with a combined stated income of $2,400 per month.
Additional exterior and systems highlights include dual driveways providing ample off-street parking, a spacious backyard, fresh interior paint, recently replaced water heaters, and a roof reported to be approximately six years old.
Offered for sale as a residential income property at 2703–2705 Palmer Avenue in New Orleans, located minutes from Tulane and Loyola Universities.
Additional exterior and systems highlights include dual driveways providing ample off-street parking, a spacious backyard, fresh interior paint, recently replaced water heaters, and a roof reported to be approximately six years old.
Offered for sale as a residential income property at 2703–2705 Palmer Avenue in New Orleans, located minutes from Tulane and Loyola Universities.
Key Highlights
- Expanded Craftsman‑style multi‑family built in 1950 with a fenced exterior and spacious backyard.
- 2703 side: 5‑bedroom unit with two living areas, hardwood floors, in‑unit laundry, and a 2024 balcony addition.
- 2703 unit is currently vacant and has a recent rental history of $6,000/month.
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,158
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Expanded triplex layout includes a five-bedroom unit plus two one-bedroom apartments, with dual driveways and off-street parking.
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: Expanded Craftsman‑style multi‑family built in 1950 with a fenced exterior and spacious backyard.; 2703 side: 5‑bedroom unit with two living areas, hardwood floors, in‑unit laundry, and a 2024 balcony addition.; 2703 unit is currently vacant and has a recent rental history of $6,000/month.
