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    Renovated 4-Unit Rental Property Title is generated by Realmo AI

    7923 FORSHEY Street, New Orleans, LA 70125

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    New
    For Sale
    $425,000

    MULTI_FAMILY - New Orleans, LA

    Property size:
    2,136 SF
    Price / SF:
    $198/SF
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 7923 FORSHEY Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    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

    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

    We can help!

    Listing Contact
    Spencer Rossie
    Spencer Rossie

    Listing agent Spencer Rossie License #995717650

    Listing office Century 21 J. Carter & Company 3540 S I-10 Service Rd W, Metairie, LA

    Listing date Jun 1, 2026

    MLS# 2560696 Listing URL

    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.

    HighLights

    • Renovated 4‑unit property built in 1940
    • Each unit has its own meter and washer/dryer
    • Public water source; roof type: shingle
    • All units are currently occupied, generating $4,800/month in rental income
    • Located in Flood Zone X
    • Cooling provided by window unit(s)

    Overview

    This renovated four-unit property is configured as a true multi-tenant rental, with each unit having its own meter and a washer/dryer connection. The building is currently fully occupied, producing $4,800 per month in rental income. Whether you’re an investor focused on cash flow or a buyer looking for a live-in arrangement, the layout supports renting multiple units while maintaining privacy and convenience.

    The property is located in New Orleans, just one block off Carrollton near Costco. It sits in Flood Zone X, which can be a practical consideration for insurance planning. Addressed at 7923 Forshey Street (70125), the location offers easy access to the surrounding commercial area.

    As an investment, this quadplex offers straightforward unit separation with individual metering and in-unit laundry, which can appeal to tenants seeking independence. For owner-occupants, the property can work well as a way to live in one unit while renting the remaining units to help offset carrying costs. The current occupancy can also be beneficial for buyers who prefer a ready-to-rent setup.

    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 $42.3k $19.80
    − Vacancy −$3.7k −$1.71
    EGI $38.6k $18.09
    − OpEx −$11.6k −$5.43
    NOI $27.0k $12.66
    2,136 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $386.4K
    $338.1K – $450.8K (±1% cap)
    NOI $27,047 @ 7.0% cap · market cap 6.36%
    Second Best
    Apartment 5plus
    $355.2K
    $310.8K – $414.4K (±1% cap)
    NOI $24,861 @ 7.0% cap · market cap 5.85%
    Theoretical Best
    Office A
    $542.9K
    $475.0K – $633.4K (±1% cap)
    NOI $38,003 @ 7.0% cap · market cap 8.94%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.112329
    Latitude
    29.961627

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    FAQs

    What type of property is this?
    Quadplex - Renovated quadplex with separate utilities and in-unit laundry, currently fully occupied for strong income potential.
    Where is this quadplex located?
    The property is located at 7923 FORSHEY Street New Orleans, LA.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Renovated 4‑unit property built in 1940; Each unit has its own meter and washer/dryer; Public water source; roof type: shingle
    (504) 810-2825
    We can help!
    Listing Contact
    Spencer Rossie
    Spencer Rossie
    Real Estate License ID: 995717650
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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