Four-Unit Residential Property with
For Sale
$560,000
2917 Lepage St, New Orleans, LA 70119
Two-bedroom and one-bedroom units feature hardwood floors, large kitchens, and additional garage space.
Property Size2,210 SF
Price / SF$253.39
Days on Market40
Property Features for 2917 Lepage St
General Information
Standard status
Active
Size
2,210 SF
Property subtype
Residential Income
Building Details
Tenancy
Multi
Listing Agency:
Wurth Real Estate Services
(504) 866-7000
Listed By:
Charles Conforto · License #995701540
(504) 259-7021
Source:
Exprealty
Added: Jul 27
Changed: Aug 20
Last Checked: Sep 1 at 10:49PM
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 Wurth Real Estate Services
Investment Insights
Based on property information with market context.
This 2,210-square-foot fourplex at 2917 Lepage St in New Orleans includes two 2-bedroom, 1-bath units and two 1-bedroom, 1-bath units. The units feature hardwood floors and large kitchens with ample cabinet and counter space. Two garages provide additional storage or tenant parking.
The property is steps from fair grounds and Jazz Fest, placing the four-unit residential asset near established local destinations. Its configuration also allows for varied occupancy across the unit mix, with garage space supporting resident storage or parking needs.
The property is steps from fair grounds and Jazz Fest, placing the four-unit residential asset near established local destinations. Its configuration also allows for varied occupancy across the unit mix, with garage space supporting resident storage or parking needs.
Key Highlights
- 2,210‑square‑foot fourplex with two 2‑bedroom and two 1‑bedroom units
- Each unit includes 1 bath
- Hardwood floors throughout the units
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
$27,984
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
5.00%
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%
$559,680
$559.7K
Cap Rate 7%
$399,771
$399.8K
Cap Rate 9%
$310,933
$310.9K
Market Conditions
NOI Build-Up for 2,210 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
$43.8K $19.80/SF
− Vacancy
−$3.8K −$1.71/SF
EGI
$40.0K $18.09/SF
− OpEx
−$12.0K −$5.43/SF
NOI
$28.0K $12.66/SF
Area
ZIP 70119
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%
$559,680
Cap Rate 7%
$399,771
Cap Rate 9%
$310,933
Alternative Uses
Best Use
Multifamily LT 5
$399.8K
$349.8K – $466.4K
NOI $27,984 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$367.5K
$321.5K – $428.7K
NOI $25,722 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$578.3K
$506.0K – $674.7K
NOI $40,480 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,236
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two-bedroom and one-bedroom units feature hardwood floors, large kitchens, and additional garage space.
Where is this quadplex located?
The property is located at 2917 Lepage St New Orleans, LA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 2,210‑square‑foot fourplex with two 2‑bedroom and two 1‑bedroom units; Each unit includes 1 bath; Hardwood floors throughout the units
