Updated Triplex with Short-Term
341 South Cortez Street New Orleans, LA 70119
341 South Cortez Street, New Orleans, LA, 70119
$799,000
Pending
For Sale
$799,000
Pending
Three income-producing units on a corner lot with a two-car garage, plus an active short-term rental license.
Property Size3,600 SF
Days on Market20
Property Features for 341 South Cortez Street
General Information
- Standard status
- Pending
- Size
- 3,600 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1912
Listing agency
McCarthy Group REALTORS
(504) 554-5306
Listed by
Nikala Fitzsimmons · License #995718960
(504) 554-5306
Source
Compass
Added: Jul 4 Updated: Jul 21 at 9:38AM Checked: Jul 22 at 10:36AM
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 McCarthy Group REALTORS
Investment Insights
Based on property information with market context.
This updated triplex at 341 South Cortez Street offers three rental units under one roof, with fresh interior paint and modern improvements while retaining classic architectural character from its original 1900s construction. The upper level features a 3-bedroom, 3-bathroom residence with 10-foot ceilings. The downstairs configuration includes a 2-bedroom, 2-bathroom unit with 9-foot ceilings, along with a separate studio apartment.
Set on an approximately 46' x 100' corner lot, the property includes a fenced side yard and outdoor space. Parking and storage are supported by a two-car garage with ample storage and a temperature-controlled storage room just off the garage.
An active short-term rental license with a special exemption is included with the property, providing flexibility for use as a turnkey rental asset or an owner-occupied investment with rental income.
Set on an approximately 46' x 100' corner lot, the property includes a fenced side yard and outdoor space. Parking and storage are supported by a two-car garage with ample storage and a temperature-controlled storage room just off the garage.
An active short-term rental license with a special exemption is included with the property, providing flexibility for use as a turnkey rental asset or an owner-occupied investment with rental income.
Key Highlights
- Updated 2‑story triplex at 341 S. Cortez St. built in 1912, offering approximately 3,600 sq ft total living space
- 3 income‑producing units: a 3‑bed/3‑bath upper level, a 2‑bed/2‑bath downstairs unit, and a separate studio apartment
- Central heating and central air across the property; upper level features 10 ft ceilings and the downstairs unit has 9 ft ceilings
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.3k | $19.80 |
| − Vacancy | −$6.2k | −$1.71 |
| EGI | $65.1k | $18.09 |
| − OpEx | −$19.5k | −$5.43 |
| NOI | $45.6k | $12.66 |
3,600 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$651.2K
$569.8K – $759.8K
NOI $45,585 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$598.6K
$523.8K – $698.3K
NOI $41,900 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$942.0K
$824.3K – $1.10M
NOI $65,940 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Gray Line Bus
Corporate Office
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three income-producing units on a corner lot with a two-car garage, plus an active short-term rental license.
Where is this triplex located?
The property is located at 341 South Cortez 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: Updated 2‑story triplex at 341 S. Cortez St. built in 1912, offering approximately 3,600 sq ft total living space; 3 income‑producing units: a 3‑bed/3‑bath upper level, a 2‑bed/2‑bath downstairs unit, and a separate studio apartment; Central heating and central air across the property; upper level features 10 ft ceilings and the downstairs unit has 9 ft ceilings
