Craftsman Triplex with Off-Street
For Sale
$460,000
Pending
939 Picheloup Place, New Orleans, LA 70119
Three-unit residential property with period woodwork, private rear patios, and a covered front porch.
Property Size2,073 SF
Days on Market244
Property Features for 939 Picheloup Place
General Information
Standard status
Pending
Size
2,073 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Amenities
wood floors
5-panel doors
patio areas
shared porch
off-street parking
Central Air, Window Unit(s)
Central, Other Heat
2
3
4
Other
Pillar/Post/Pier
Vinyl Siding
Porch
Building Details
Year Built
1921
Construction
Craftsman
Listing Agency:
LaNasa Realty, Inc
(213) 448-6144
Listed By:
Anna Finch · License #995716795
(213) 448-6144
Source:
Compass
Added: Dec 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:46PM
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 LaNasa Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1921, this 2,073-square-foot triplex contains two one-bedroom residences at ground level and a two-bedroom camelback apartment above. Interior character includes wood flooring and five-panel doors, while the property also features central air, window units, and a combination of central and other heat sources.
The downstairs residences each have a separate rear patio, and the building includes a shared front porch. Off-street parking is generally used by the upper unit. The roof was replaced 4 years ago, and the water heaters are newer. The property is located at 939 Picheloup Place in New Orleans, one block from City Park and Bayou St. John.
The downstairs residences each have a separate rear patio, and the building includes a shared front porch. Off-street parking is generally used by the upper unit. The roof was replaced 4 years ago, and the water heaters are newer. The property is located at 939 Picheloup Place in New Orleans, one block from City Park and Bayou St. John.
Key Highlights
- 2,073‑square‑foot triplex built in 1921
- Unit mix includes two one‑bedroom units and one two‑bedroom camelback apartment
- Craftsman details include wood floors and five‑panel doors
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
$26,249
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
5.71%
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%
$524,980
$525.0K
Cap Rate 7%
$374,986
$375.0K
Cap Rate 9%
$291,656
$291.7K
Market Conditions
NOI Build-Up for 2,073 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
$41.0K $19.80/SF
− Vacancy
−$3.5K −$1.71/SF
EGI
$37.5K $18.09/SF
− OpEx
−$11.2K −$5.43/SF
NOI
$26.2K $12.66/SF
Area
ZIP 70119
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%
$524,980
Cap Rate 7%
$374,986
Cap Rate 9%
$291,656
Alternative Uses
Best Use
Multifamily LT 5
$375.0K
$328.1K – $437.5K
NOI $26,249 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.1K
NOI $24,127 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$542.4K
$474.6K – $632.9K
NOI $37,971 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with period woodwork, private rear patios, and a covered front porch.
Where is this triplex located?
The property is located at 939 Picheloup Place New Orleans, LA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 2,073‑square‑foot triplex built in 1921; Unit mix includes two one‑bedroom units and one two‑bedroom camelback apartment; Craftsman details include wood floors and five‑panel doors
