Renovated
For Sale
$925,000
2921 Lepage Street, New Orleans, LA 70119
Historic multifamily property with varied layouts, a courtyard, and garden-style outdoor space.
Property Size3,056 SF
Price / SF$302.68
Days on Market342
Property Features for 2921 Lepage Street
General Information
Standard status
Active
Size
3,056 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Amenities
courtyard
garden-style yard
Central Air, Wall Unit(s), Window Unit(s)
Central, Wall Furnace
2
3
6
1
Shared
4
Asphalt
Other
Courtyard
Pillar/Post/Pier
Wood Siding
Porch
Building Details
Year Built
1913
Buildings
1
Listing Agency:
Wurth Real Estate Services
(504) 813-8466
Listed By:
Shelley Lawrence · License #000028441
(504) 813-8466
Source:
Compass
Added: Sep 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:18PM
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 3,056-square-foot triplex, built in 1913, contains three refreshed residences with distinct layouts. The first-floor flat offers three bedrooms, wood flooring, and an open kitchen. Upstairs, a separate-entry apartment includes two bedrooms, a sunroom, and a loft bedroom beneath the eaves. A one-bedroom third unit faces the rear yard. Central air, wall-mounted and window units, a porch, wood siding, and pier-and-post construction are also included.
Outdoor areas include a sizable courtyard and landscaped yard. The property is situated in New Orleans’ Esplanade Triangle area, near the Fairgrounds and a block from Esplanade Avenue. Bayou St. John and City Park are within walking distance, while the Fairgrounds hosts New Orleans Jazz Fest. The three-unit configuration supports varied occupancy arrangements, including living in one residence while leasing the other two.
Outdoor areas include a sizable courtyard and landscaped yard. The property is situated in New Orleans’ Esplanade Triangle area, near the Fairgrounds and a block from Esplanade Avenue. Bayou St. John and City Park are within walking distance, while the Fairgrounds hosts New Orleans Jazz Fest. The three-unit configuration supports varied occupancy arrangements, including living in one residence while leasing the other two.
Key Highlights
- 3,056‑square‑foot triplex built in 1913
- Three‑unit layout with 3‑bedroom, 2‑bedroom‑plus‑loft, and 1‑bedroom residences
- Freshly renovated units with wood floors, open kitchen, and sunroom
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
4.18%
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
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%
$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 4.18%
Second Best
Apartment 5plus
$508.1K
$444.6K – $592.8K
NOI $35,568 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$799.7K
$699.7K – $932.9K
NOI $55,976 @ 7.0% cap · market cap 6.05%
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 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?
Triplex - Historic multifamily property with varied layouts, a courtyard, and garden-style outdoor space.
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 $925,000.
What are key features of this property?
This property features: 3,056‑square‑foot triplex built in 1913; Three‑unit layout with 3‑bedroom, 2‑bedroom‑plus‑loft, and 1‑bedroom residences; Freshly renovated units with wood floors, open kitchen, and sunroom
