Multifamily
For Sale
$239,000
2749 51 Saint Peter Street, New Orleans, LA 70119
Built in 1940, the property accommodates owner occupancy or long-term rental use.
Property Size1,303 SF
Days on Market72
Property Features for 2749 51 Saint Peter Street
General Information
Standard status
Active
Size
1,303 SF
Property subtype
Multi Family Home
Building Details
Building Size
1,303 SF
Year Built
1940
Stories
1
Abandoned
No
Listing Agency:
Homesmart Realty South
(504) 259-0954
Listed By:
Susan Tiblier · License #000005548
(504) 259-0954
Source:
Nolalivingrealty
Added: Jun 14
Changed: Aug 21
Last Checked: Aug 23 at 12:34PM
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 Homesmart Realty South
Investment Insights
Based on property information with market context.
This multifamily property was built in 1940 and is positioned for several residential strategies. The property information identifies owner occupancy and long-term rental investment as potential uses, with short-term rental use also identified for further consideration.
Located at 2749 51 Saint Peter Street in New Orleans, Louisiana, the property sits within a city known for dining, entertainment, shopping, and cultural attractions. Buyers considering short-term rentals should verify applicable local zoning requirements and regulations before proceeding.
Located at 2749 51 Saint Peter Street in New Orleans, Louisiana, the property sits within a city known for dining, entertainment, shopping, and cultural attractions. Buyers considering short-term rentals should verify applicable local zoning requirements and regulations before proceeding.
Key Highlights
- Built in 1940
- Located at 2749 51 Saint Peter Street, New Orleans, LA 70119
- Potential for owner occupancy
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
$15,165
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
6.35%
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%
$303,300
$303.3K
Cap Rate 7%
$216,643
$216.6K
Cap Rate 9%
$168,500
$168.5K
Market Conditions
NOI Build-Up for 1,303 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
$30.3K $23.28/SF
− Vacancy
−$2.8K −$2.12/SF
EGI
$27.6K $21.16/SF
− OpEx
−$12.4K −$9.52/SF
NOI
$15.2K $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%
$303,300
Cap Rate 7%
$216,643
Cap Rate 9%
$168,500
Alternative Uses
Best Use
Apartment 5plus
$216.6K
$189.6K – $252.8K
NOI $15,165 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$341.0K
$298.3K – $397.8K
NOI $23,867 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,890
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?
Multifamily property - Built in 1940, the property accommodates owner occupancy or long-term rental use.
Where is this multifamily property located?
The property is located at 2749 51 Saint Peter Street New Orleans, LA.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Built in 1940; Located at 2749 51 Saint Peter Street, New Orleans, LA 70119; Potential for owner occupancy
