Renovated 4-Unit
For Sale
$399,000
7923-29 FORSHEY Street, New Orleans, LA 70125
MULTI_FAMILY - New Orleans, LA
Property Size2,136 SF
Price / SF$186.80
Days on Market83
Property Features for 7923-29 FORSHEY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Oversized
Standard status
Active
APN
7923Forshey
Size
2,136 SF
Taxes and HOA fees
Tax Description
SQ 503 LOT 20A FORSHEY, 56 X 90, 7923-25 & 7927-29 FORSHEY
Legal Description
SQ 503 LOT 20A FORSHEY, 56 X 90, 7923-25 & 7927-29 FORSHEY
Utilities
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
Century 21 J. Carter & Company · Century 21 Real Estate
(504) 810-2825
Listed By:
Spencer Rossie · License #995717650
(504) 810-2825
Added: Jun 1
Changed: Jul 6
Last Checked: Aug 22 at 5:06PM
MLS# 2560696
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 renovated 4-unit multifamily property offers each unit with its own meter and washer/dryer hookups. The building is fully occupied, supporting current monthly rental income of $4,800.
The property is located at 7923-29 FORSHEY Street in New Orleans, near Costco and one block off Carrollton. It is identified as being in Flood Zone X.
The unit-by-unit metering and in-unit washer/dryer configuration can support tenant convenience and straightforward management for an owner-operator or investor. With all four units currently occupied, the property may appeal to buyers looking for an income-producing residential income asset with established in-place tenants.
The property is located at 7923-29 FORSHEY Street in New Orleans, near Costco and one block off Carrollton. It is identified as being in Flood Zone X.
The unit-by-unit metering and in-unit washer/dryer configuration can support tenant convenience and straightforward management for an owner-operator or investor. With all four units currently occupied, the property may appeal to buyers looking for an income-producing residential income asset with established in-place tenants.
Key Highlights
- Renovated 4‑unit property near Costco, about one block off Carrollton
- Each unit has its own meter plus in‑unit washer/dryer
- Fully occupied; rental income totals $4,800 per month
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 - Renovated 4-unit with individual meters and in-unit washer/dryer in Flood Zone X.
Where is this quadplex located?
The property is located at 7923-29 FORSHEY Street 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: Renovated 4‑unit property near Costco, about one block off Carrollton; Each unit has its own meter plus in‑unit washer/dryer; Fully occupied; rental income totals $4,800 per month
