Craftsman Triplex with Off-Street
For Sale
$700,000
2703-2705 PALMER Avenue, New Orleans, LA 70118
Multi-Family, Craftsman, New Orleans, LA
Property Size3,191 SF
Lot Size0.13 Acres
Price / SF$219.37
Days on Market117
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
Amenities
in-unit laundry
balcony
backyard
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) 756-2088
Added: Jun 12
Changed: Sep 16
Last Checked: Oct 6 at 3:06PM
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.
This 3,191-square-foot Craftsman triplex at 2703-2705 Palmer Avenue includes three separate residential units. The 2703 residence offers five bedrooms, two living areas, hardwood floors, in-unit laundry, and a balcony added in 2024. The 2705 portion contains two one-bedroom apartments. Central heating, central air, and window-unit cooling serve the property, which also features fresh interior paint and recently replaced water heaters.
Set on 0.1328 acres in New Orleans, the property includes dual driveways, off-street parking, a fenced backyard, and public water service. Tulane University and Loyola University are located nearby. Built in 1950, the property has both shingle and metal roofing, with the roof reported as approximately six years old.
Set on 0.1328 acres in New Orleans, the property includes dual driveways, off-street parking, a fenced backyard, and public water service. Tulane University and Loyola University are located nearby. Built in 1950, the property has both shingle and metal roofing, with the roof reported as approximately six years old.
Key Highlights
- 3,191 SF Craftsman triplex at 2703‑2705 Palmer Avenue
- Three‑unit configuration: one five‑bedroom residence and two one‑bedroom apartments
- 2024 balcony addition, hardwood floors, and in‑unit laundry in the 2703 residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,406
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,120
$808.1K
Cap Rate 7%
$577,229
$577.2K
Cap Rate 9%
$448,956
$449.0K
Market Conditions
NOI Build-Up for 3,191 SF
Gross rent
$63.2K $19.80/SF
− Vacancy
−$5.5K −$1.71/SF
EGI
$57.7K $18.09/SF
− OpEx
−$17.3K −$5.43/SF
NOI
$40.4K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,120
Cap Rate 7%
$577,229
Cap Rate 9%
$448,956
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
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,162
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - The three-unit layout combines a five-bedroom residence with two one-bedroom apartments and dual driveways.
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: 3,191 SF Craftsman triplex at 2703‑2705 Palmer Avenue; Three‑unit configuration: one five‑bedroom residence and two one‑bedroom apartments; 2024 balcony addition, hardwood floors, and in‑unit laundry in the 2703 residence
