Multifamily
For Sale
$239,000
2749 51 Saint Peter St, New Orleans, LA 70119
Supports owner occupancy, long-term rental use, and potential short-term rental use subject to local requirements.
Property Size1,303 SF
Price / SF$183.42
Days on Market38
Property Features for 2749 51 Saint Peter St
General Information
Standard status
Active
Size
1,303 SF
Property subtype
Multi-Family
Building Details
Year Built
1940
Listing Agency:
Homesmart Realty South
(504) 259-0954
Listed By:
Susan Tiblier · License #000005548
Source:
Dominionplace
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 30 at 8:23PM
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.
Located at 2749 51 Saint Peter St in New Orleans, this multifamily property was built in 1940 and offers a residential asset with multiple possible operating approaches. The property information identifies owner occupancy and long-term rental use among the options under consideration, while short-term rental use remains subject to local zoning and regulatory requirements.
The property is situated in New Orleans, with dining, entertainment, shopping, and cultural attractions described in the surrounding area. Buyers evaluating short-term rental plans should independently confirm applicable city requirements before proceeding.
The property is situated in New Orleans, with dining, entertainment, shopping, and cultural attractions described in the surrounding area. Buyers evaluating short-term rental plans should independently confirm applicable city requirements before proceeding.
Key Highlights
- Multifamily property at 2749 51 Saint Peter St, New Orleans, LA 70119
- Built in 1940
- Owner occupancy is identified as a potential use
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 - Supports owner occupancy, long-term rental use, and potential short-term rental use subject to local requirements.
Where is this multifamily property located?
The property is located at 2749 51 Saint Peter St 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: Multifamily property at 2749 51 Saint Peter St, New Orleans, LA 70119; Built in 1940; Owner occupancy is identified as a potential use
