Renovated 3-Unit
For Sale
$529,000
Pending
2908 Audubon Street, New Orleans, LA 70125
Updated multifamily property with private laundry, modern mechanical systems, and separate residential units.
Property Size3,315 SF
Days on Market304
Property Features for 2908 Audubon Street
General Information
Standard status
Pending
Size
3,315 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
3
Amenities
in-unit washer/dryer
Central Air
Central
1
4
7
In unit
Asphalt
Other
2
Balcony
Pillar/Post/Pier
Concrete, Stucco
Porch
Building Details
Year Built
1950
Listing Agency:
The McEnery Company
(504) 644-6545
Listed By:
Mo Alhindi · License #995714229
(504) 644-6545
Source:
Compass
Added: Nov 1, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:24PM
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 The McEnery Company
Investment Insights
Based on property information with market context.
This 3,315-square-foot triplex, built in 1950, contains three residential units, each equipped with its own washer and dryer. The property has undergone extensive renovation, including new flooring, appliances, HVAC equipment, air-conditioning systems, ductwork, electrical updates, attic insulation, roofing, and exterior improvements. Central air serves the units, while porches and a balcony add outdoor space.
Site work includes a new concrete driveway, privacy fencing, sod, and landscaping. The building combines concrete and stucco exterior materials with a pillar/post/pier foundation. Located at 2908 Audubon Street in New Orleans, the property is positioned for continued multifamily use or owner occupancy with rental support, as described in the property information.
Site work includes a new concrete driveway, privacy fencing, sod, and landscaping. The building combines concrete and stucco exterior materials with a pillar/post/pier foundation. Located at 2908 Audubon Street in New Orleans, the property is positioned for continued multifamily use or owner occupancy with rental support, as described in the property information.
Key Highlights
- 3,315‑square‑foot triplex with three residential units
- Each unit includes an in‑unit washer and dryer
- New HVAC units, AC equipment, and ductwork
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
$41,976
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
7.93%
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%
$839,520
$839.5K
Cap Rate 7%
$599,657
$599.7K
Cap Rate 9%
$466,400
$466.4K
Market Conditions
NOI Build-Up for 3,315 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
$65.6K $19.80/SF
− Vacancy
−$5.7K −$1.71/SF
EGI
$60.0K $18.09/SF
− OpEx
−$18.0K −$5.43/SF
NOI
$42.0K $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 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%
$839,520
Cap Rate 7%
$599,657
Cap Rate 9%
$466,400
Alternative Uses
Best Use
Multifamily LT 5
$599.7K
$524.7K – $699.6K
NOI $41,976 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$551.2K
$482.3K – $643.1K
NOI $38,583 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$842.6K
$737.2K – $983.0K
NOI $58,979 @ 7.0% cap · market cap 11.15%
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
1,083
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
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 - Updated multifamily property with private laundry, modern mechanical systems, and separate residential units.
Where is this triplex located?
The property is located at 2908 Audubon Street New Orleans, LA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 3,315‑square‑foot triplex with three residential units; Each unit includes an in‑unit washer and dryer; New HVAC units, AC equipment, and ductwork
