Triplex with
For Sale
$799,000
Pending
2921 LEPAGE Street, New Orleans, LA 70116
MULTI_FAMILY - New Orleans, LA
Property Size3,056 SF
Days on Market108
Property Features for 2921 LEPAGE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Courtyard, Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Fairgrounds
Standard status
Pending
APN
2921
Size
3,056 SF
Taxes and HOA fees
Tax Description
1. SQS 1525-1526 LOTS A-PTS 2. K L M 35/27 X 125/135 3. TP/FR 14/RM S/R
Legal Description
1. SQS 1525-1526 LOTS A-PTS 2. K L M 35/27 X 125/135 3. TP/FR 14/RM S/R
Utilities
Heating system
Central
Cooling system
Central Air, Window Unit(s), Wall Unit(s), Ductless
Water source
Public
Amenities
landscaped grounds
outdoor oasis
Building Details
Year built
1913
Floors in Building
2
Number of units
3
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Helene Barnett
(504) 289-1062
Added: May 7
Changed: Aug 14
Last Checked: Aug 22 at 10:06PM
MLS# 2557123
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Triplex property built in 1913 with Victorian style, featuring freshly painted interiors and gleaming hardwood floors throughout. The three-unit layout totals 5 bedrooms and 3.5 baths, with separate unit configurations that include a formal dining room, a loft-access bedroom, and a one-bedroom unit with direct exterior access to the outdoor courtyard area. Historic details such as mantles, original ceiling medallions, a southern porch, and French doors add character.
The property includes a fenced exterior and a courtyard for shared outdoor use. Central heating is supported by multiple cooling systems, including ductless, wall, window units, and central air. Public water serves the building, and the roof is shingle.
Located at 2921 LePage Street in New Orleans (70116, Orleans Parish), the home is described as being near Bayou St. John, City Park, the NO Museum of Arts, and the Fairgrounds, with Esplanade Avenue also referenced for dining and retail options.
The property includes a fenced exterior and a courtyard for shared outdoor use. Central heating is supported by multiple cooling systems, including ductless, wall, window units, and central air. Public water serves the building, and the roof is shingle.
Located at 2921 LePage Street in New Orleans (70116, Orleans Parish), the home is described as being near Bayou St. John, City Park, the NO Museum of Arts, and the Fairgrounds, with Esplanade Avenue also referenced for dining and retail options.
Key Highlights
- Built in 1913 Victorian‑style triplex
- Three units totaling 5 bedrooms and 3.5 baths
- Exterior courtyard plus fenced lot
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
$38,697
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
4.84%
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%
$773,940
$773.9K
Cap Rate 7%
$552,814
$552.8K
Cap Rate 9%
$429,967
$430.0K
Market Conditions
NOI Build-Up for 3,056 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
$60.5K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$55.3K $18.09/SF
− OpEx
−$16.6K −$5.43/SF
NOI
$38.7K $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%
$773,940
Cap Rate 7%
$552,814
Cap Rate 9%
$429,967
Alternative Uses
Best Use
Multifamily LT 5
$552.8K
$483.7K – $645.0K
NOI $38,697 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$508.1K
$444.6K – $592.8K
NOI $35,568 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$776.7K
$679.6K – $906.2K
NOI $54,371 @ 7.0% cap · market cap 6.80%
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
1,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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 - Triplex on a fenced lot with courtyard, offering three units totaling 5 bedrooms and 3.5 baths.
Where is this triplex located?
The property is located at 2921 LEPAGE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Built in 1913 Victorian‑style triplex; Three units totaling 5 bedrooms and 3.5 baths; Exterior courtyard plus fenced lot
