Renovated 4-Unit
For Sale
$399,000
7923-29 29 Forshey St, New Orleans, LA 70125
Individually metered units include private laundry appliances and the property is fully occupied.
Property Size2,136 SF
Price / SF$186.80
Days on Market43
Property Features for 7923-29 29 Forshey St
General Information
Standard status
Active
Size
2,136 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$57,600
Multifamily Units
4
Amenities
washer/dryer
Building Details
Year Built
1940
Listing Agency:
Century 21 J. Carter & Company
Listed By:
Spencer Rossie · License #995705482
(985) 351-6667
Source:
Fiorellaavenue
Added: Aug 25
Changed: Oct 1
Last Checked: Oct 4 at 2:50PM
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 Century 21 J. Carter & Company
Investment Insights
Based on property information with market context.
This renovated quadplex contains four units within a 2,136-square-foot property built in 1940. Each residence has a dedicated utility meter and its own washer and dryer, providing separate utility tracking and in-unit laundry. The property is fully occupied and designated Flood Zone X.
The asset is located at 7923-29 29 Forshey St in New Orleans, Louisiana, one block from Carrollton and near Costco. Its four-unit configuration supports an income-producing residential format, with the existing occupancy already in place.
The asset is located at 7923-29 29 Forshey St in New Orleans, Louisiana, one block from Carrollton and near Costco. Its four-unit configuration supports an income-producing residential format, with the existing occupancy already in place.
Key Highlights
- Four‑unit property totaling 2,136 SF
- Renovated improvements with 1940 construction
- Each unit has its own meter and washer/dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,047
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$540,940
$540.9K
Cap Rate 7%
$386,386
$386.4K
Cap Rate 9%
$300,522
$300.5K
Market Conditions
NOI Build-Up for 2,136 SF
Gross rent
$42.3K $19.80/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$38.6K $18.09/SF
− OpEx
−$11.6K −$5.43/SF
NOI
$27.0K $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 Rate 5%
$540,940
Cap Rate 7%
$386,386
Cap Rate 9%
$300,522
Alternative Uses
Best Use
Multifamily LT 5
$386.4K
$338.1K – $450.8K
NOI $27,047 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$355.2K
$310.8K – $414.4K
NOI $24,861 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$542.9K
$475.0K – $633.4K
NOI $38,003 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,147
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
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?
Quadplex - Individually metered units include private laundry appliances and the property is fully occupied.
Where is this quadplex located?
The property is located at 7923-29 29 Forshey St New Orleans, LA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Four‑unit property totaling 2,136 SF; Renovated improvements with 1940 construction; Each unit has its own meter and washer/dryer
