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 Market8
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
(985) 351-6667
Listed By:
Spencer Rossie · License #995705482
Source:
Fiorellaavenue
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 30 at 8:37PM
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 = 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
$27,047
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
6.78%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
