Triplex with Basement and
For Sale
$900,000
304-06 WALNUT Street, New Orleans, LA 70118
Multi-Family, Traditional, New Orleans, LA
Property Size3,590 SF
Lot Size0.08 Acres
Price / SF$250.70
Days on Market38
Property Features for 304-06 WALNUT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Garage
Patio and Porch features
Porch
Exterior features
Driveway Permeable Surface, Porch
Lot features
Regular
Subdivision
Upper Audubon
Standard status
Active
APN
306-WALNUTST
Size
3,590 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
GREENVILLE SQ 31 LOT R 2. WALNUT 30X120 3. 304-06 WALNUT ST
Legal Description
GREENVILLE SQ 31 LOT R 2. WALNUT 30X120 3. 304-06 WALNUT ST
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1926
Floors in Building
3
Number of units
3
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Sarah Keiffer · License #0995693332
(225) 270-0438
Added: Aug 9
Changed: Sep 14
Last Checked: Sep 15 at 3:06AM
MLS# 2571066
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.
This 3,590-square-foot triplex property, built in 1926, includes a two-story main structure with a basement and a front porch. The upper two levels contain two bedrooms and one bathroom, while the partially built-out basement adds three bedrooms and two bathrooms. Window-unit cooling, natural-gas heating, an asphalt roof, public water, garage parking, and a driveway are in place.
The property occupies a 30 x 120 lot at 304-06 Walnut Street in New Orleans, directly across from Audubon Park. Its X Flood Zone designation and two separate utility meters are documented site characteristics. The rear yard provides additional outdoor area, while the existing configuration offers space for renovation and reconfiguration subject to verification of zoning requirements, restrictions, and permitted uses.
The property occupies a 30 x 120 lot at 304-06 Walnut Street in New Orleans, directly across from Audubon Park. Its X Flood Zone designation and two separate utility meters are documented site characteristics. The rear yard provides additional outdoor area, while the existing configuration offers space for renovation and reconfiguration subject to verification of zoning requirements, restrictions, and permitted uses.
Key Highlights
- 3,590 square feet on a 30 x 120 lot
- Upper levels include 2 bedrooms and 1 bath
- Partially built‑out basement with 3 bedrooms and 2 baths
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
$45,458
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
5.05%
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%
$909,160
$909.2K
Cap Rate 7%
$649,400
$649.4K
Cap Rate 9%
$505,089
$505.1K
Market Conditions
NOI Build-Up for 3,590 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
$71.1K $19.80/SF
− Vacancy
−$6.1K −$1.71/SF
EGI
$64.9K $18.09/SF
− OpEx
−$19.5K −$5.43/SF
NOI
$45.5K $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%
$909,160
Cap Rate 7%
$649,400
Cap Rate 9%
$505,089
Alternative Uses
Best Use
Multifamily LT 5
$649.4K
$568.2K – $757.6K
NOI $45,458 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$596.9K
$522.3K – $696.4K
NOI $41,783 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$912.5K
$798.4K – $1.06M
NOI $63,872 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
654
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - New Orleans property with off-street parking, separate meters, and flexible interior space for renovation.
Where is this triplex located?
The property is located at 304-06 WALNUT Street New Orleans, LA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,590 square feet on a 30 x 120 lot; Upper levels include 2 bedrooms and 1 bath; Partially built‑out basement with 3 bedrooms and 2 baths
