Renovated Three-Unit
For Sale
$700,000
3101 Palmyra Street, New Orleans, LA 70119
Furnished units feature updated finishes, appliances, separate entrances, and access to the streetcar line.
Property Size4,623 SF
Price / SF$151.42
Days on Market175
Property Features for 3101 Palmyra Street
General Information
Standard status
Active
Size
4,623 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Furnished
Yes
Public Transit
Yes
Multifamily Units
3
Amenities
Central Air, Other
Central, Other Heat
2
3
8
Asphalt
Pillar/Post/Pier
Stucco
Porch
Building Details
Year Built
1924
Listing Agency:
WISEMOVE, L.L.C.
(334) 303-1605
Listed By:
Austin Thompson · License #995706529
(334) 303-1605
Source:
Compass
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 31 at 2:12AM
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 WISEMOVE, L.L.C.
Investment Insights
Based on property information with market context.
This three-unit triplex was rebuilt 3 years ago with extensive updates throughout, including bathrooms, flooring, windows, roof, walls, and deck. The property includes modern finishes, updated appliances, furnishings, central air, central heat, stucco exterior, and a porch. Three separate entrances and interior connections between the units support flexible occupancy arrangements. The property was originally built in 1924 and measures 4,623 SF.
Positioned on a corner lot in New Orleans, the property offers access to the streetcar line. Furnished interiors and the multi-unit configuration support immediate tenant occupancy or short-term rental use, as stated in the property information.
Positioned on a corner lot in New Orleans, the property offers access to the streetcar line. Furnished interiors and the multi-unit configuration support immediate tenant occupancy or short-term rental use, as stated in the property information.
Key Highlights
- Three‑unit property rebuilt 3 years ago
- 4,623 SF property originally built in 1924
- Major updates include bathrooms, flooring, windows, roof, walls, and deck
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
$58,539
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
8.36%
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%
$1,170,780
$1.2M
Cap Rate 7%
$836,271
$836.3K
Cap Rate 9%
$650,433
$650.4K
Market Conditions
NOI Build-Up for 4,623 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
$91.5K $19.80/SF
− Vacancy
−$7.9K −$1.71/SF
EGI
$83.6K $18.09/SF
− OpEx
−$25.1K −$5.43/SF
NOI
$58.5K $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%
$1,170,780
Cap Rate 7%
$836,271
Cap Rate 9%
$650,433
Alternative Uses
Best Use
Multifamily LT 5
$836.3K
$731.7K – $975.7K
NOI $58,539 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$768.7K
$672.6K – $896.8K
NOI $53,806 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,679 @ 7.0% cap · market cap 12.10%
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
2,348
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 - Furnished units feature updated finishes, appliances, separate entrances, and access to the streetcar line.
Where is this triplex located?
The property is located at 3101 Palmyra Street New Orleans, LA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Three‑unit property rebuilt 3 years ago; 4,623 SF property originally built in 1924; Major updates include bathrooms, flooring, windows, roof, walls, and deck
