Five-Unit Arts and Crafts Apartment
For Sale
$475,000
2835 37 General Pershing Street, New Orleans, LA 70115
Historic multifamily property with updated interiors, shared laundry, gated access, and a mix of one-bedroom and studio residences.
Property Size3,914 SF
Days on Market16
Property Features for 2835 37 General Pershing Street
General Information
Standard status
Active
Size
3,914 SF
Property subtype
Multi Family Home
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 1BR/1BA, 1 x studio
Multifamily Units
5
Amenities
front porch
balcony
gated entrance
shared laundry room
Building Details
Building Size
3,914 SF
Year Built
1912
Buildings
1
Stories
2
Construction
Arts and Crafts
Tenancy
Multi
Listing Agency:
Barrios Real Estate Group, Inc.
(504) 628-2373
Listed By:
Alison Barrios · License #995695451
(504) 628-2373
Source:
Nolalivingrealty
Added: Jul 27
Changed: Aug 3
Last Checked: Aug 11 at 1:28PM
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 Barrios Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1912, this Arts and Crafts multifamily property contains five residences: four one-bedroom, one-bath apartments in the original building and a studio in a rear addition. The front units feature spacious kitchens, high ceilings, wood flooring, and preserved architectural details alongside modern improvements. A broad front porch serves the lower apartments, while the upper residences share a divided balcony. The rear addition includes a communal laundry room and gated access from Willow Street.
The property is in New Orleans’ Uptown neighborhood near Claiborne Avenue and Napoleon Avenue. Universities, bus service, Ochsner Baptist Hospital, and the surrounding medical corridor are accessible from the property, with connections to I-10, downtown New Orleans, and Jefferson Parish via Claiborne Avenue. The building is being sold subject to existing leases. One unit has exclusive driveway use, while the corner lot generally supports street parking for residents and guests.
The property is in New Orleans’ Uptown neighborhood near Claiborne Avenue and Napoleon Avenue. Universities, bus service, Ochsner Baptist Hospital, and the surrounding medical corridor are accessible from the property, with connections to I-10, downtown New Orleans, and Jefferson Parish via Claiborne Avenue. The building is being sold subject to existing leases. One unit has exclusive driveway use, while the corner lot generally supports street parking for residents and guests.
Key Highlights
- Five‑unit configuration with four 1 bed/1 bath apartments and one studio
- 1912 Arts and Crafts building with original details and modern updates
- Large kitchens, high ceilings, and wood floors in the main‑building apartments
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
$29,822
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
6.28%
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%
$596,440
$596.4K
Cap Rate 7%
$426,029
$426.0K
Cap Rate 9%
$331,356
$331.4K
Market Conditions
NOI Build-Up for 3,914 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
$59.6K $15.24/SF
− Vacancy
−$5.4K −$1.39/SF
EGI
$54.2K $13.85/SF
− OpEx
−$24.4K −$6.23/SF
NOI
$29.8K $7.62/SF
Area
ZIP 70115
Vacancy
9.10%
Lease Rate
$15.24 /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%
$596,440
Cap Rate 7%
$426,029
Cap Rate 9%
$331,356
Alternative Uses
Best Use
Apartment 5plus
$426.0K
$372.8K – $497.0K
NOI $29,822 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$903.6K – $1.20M
NOI $72,284 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,717
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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?
Apartment building - Historic multifamily property with updated interiors, shared laundry, gated access, and a mix of one-bedroom and studio residences.
Where is this apartment building located?
The property is located at 2835 37 General Pershing Street New Orleans, LA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five‑unit configuration with four 1 bed/1 bath apartments and one studio; 1912 Arts and Crafts building with original details and modern updates; Large kitchens, high ceilings, and wood floors in the main‑building apartments
