What Are the Best Multifamily Investment Properties for Sale in New Orleans Right Now?
A negotiation play, a cash flow triplex, and a 7-unit with commercial upside
Every Wednesday our brokerage does something most agents don’t, we discuss the best deals.
Each deal on this list went through the same process: I pull the MLS data, plug the numbers into what I call the Deal Sheet, and let the math tell me whether it's worth a closer look. Cap rate, DSCR, cash flow, break-even occupancy, all modeled at current rates before I form an opinion.
Here's what made the cut this week.
527 S Galvez St, New Orleans, LA 70119 | $290,000
(Homesmart Realty South)
Double · Orleans Parish · Mid-City · 4bd/3ba · 1,644 sqft · $176/sqft · Built 1900 · Shotgun · Hardy Plank · Raised foundation · Ductless wall units · Off-street parking for two · Fenced · Security cameras · No current tenants · Estimated market rent ~$3,200/month · Sold as-is
The numbers at $290,000: Cap rate: 5.14% · Cash flow: -$225/month · DSCR: 0.85
The numbers at $250,000: Cap rate: 7.86% · Cash flow: ~$374/month · DSCR: 1.30 · Cash-on-cash: 8.97% · 20% down: $50,000
The case: The list price is not the deal price and the price history tells you everything you need to know.
This property hit the MLS in November 2025 at $350,000. Four price cuts and one expiration later it’s at $290,000. The seller has already come down to $60,000 and just re-listed without changing the price. That’s someone who wants out.
A $250,000 offer is $40,000 below current ask, aggressive, but not unreasonable given six months of market rejection. At $250,000 the numbers flip: 7.86% cap rate, positive cash flow, and a 8.97% cash-on-cash return.
The property itself is genuinely well-located: minutes from LSU Health, LCMC Health, and the VA Hospital, which drives consistent rental demand in this corridor. The 3bd/2ba unit has 12-foot ceilings, granite countertops, and wood floors.
Comparable units within a quarter mile are closing between $1,500–$1,850/month. The 1bd/1ba unit comps at $1,300–$1,400. Combined estimated market rent: ~$3,200/month. Off-street parking for two vehicles is a genuine differentiator in this area.
Watch for: No current tenants means no verified income, budget for lease-up time. Ductless wall units and window AC on a 1900 building means you’ll want a thorough mechanical inspection. Negotiate hard and inspect harder.
3221-33 Upperline St, New Orleans, LA 70125 | $389,000
(Galiano Realty)
Triplex · Orleans Parish · Broadmoor · 7bd/4ba · 4,016 sqft · $97/sqft · Built 1940 · Effective 2020 · Wood siding · All 3 units occupied · $4,940/month gross rent · Original hardwood floors · Central and window AC · Separate meters · Off-street parking · Sold as-is
The numbers: Cap rate: 7.36% · Gross rent: $4,940/month · Cash flow: ~$419/month · DSCR: 1.21 · Cash-on-cash: 6.47% · 20% down: $77,800
The case: Three occupied units generating $4,940/month on a $389,000 ask in Broadmoor. This is a cash flow play from day one: no lease-up risk, no vacancy to fill, no rent roll to stabilize.
The 2020 effective year on a 1940 building tells you meaningful work has been done. Original hardwood floors, separate meters, and off-street parking round out a clean operational profile.
At $97/sqft for a fully occupied triplex in a central New Orleans neighborhood with easy I-10 access this is a straightforward income property. The DSCR of 1.21 is workable but tight at current rates, factor that into your offer. A buyer who can negotiate a modest reduction or bring slightly more down improves the picture meaningfully.
Watch for: DSCR at 1.21 leaves limited cushion for vacancies or unexpected expenses. Window AC units in two of three units are worth noting on a 1940 building, obviously confirm the condition of all mechanical systems before closing. All units are occupied so showings require 24 hours notice.
2545 Agriculture St, New Orleans, LA 70122 | $489,000
(Snap Realty)
7 units · Orleans Parish · Gentilly · 7bd/7ba · 4,400 sqft · $111/sqft · Built 1958 · Effective 2015 · Raised foundation · Both roofs replaced post-Ida · Central HVAC · 6/7 units occupied · $5,570/month current gross rent · MU-1 zoning · Commercial ground floor potential · Off-street parking · Listed today · Sold as-is
The numbers: Cap rate: 8.28% · Gross rent: $5,570/month · Cash flow: ~$900/month · DSCR: 1.36 · Cash-on-cash: 11.04% · 20% down: $97,800
The case: Six of seven units are occupied generating $5,570/month in current gross rent. At 8.28% cap rate and $900/month cash flow on conventional financing this is the strongest performer on this week’s list by the numbers.
Both roofs were replaced post-Ida: the single biggest deferred maintenance item on a Gentilly multifamily is already off the table. The MU-1 zoning is where this deal gets interesting for a sophisticated investor: the ground floor of the 2551/2553 building is currently undeveloped and designated Medium Intensity Mixed Use.
That blank canvas can be built out as an additional residential unit or tailored for commercial use, either path adds income without touching the existing rent roll. The seller is also open to selling the two buildings separately, which creates a potential exit or partnership strategy for buyers who want to split the asset.
Watch for: Two units share one electric meter, confirm how costs are split and whether that creates management complexity. One unit is vacant, verify condition and budget for lease-up. Condition listed as fair on a 1958 building means due diligence on mechanicals is essential. Measurements are estimated and not guaranteed.
Every investor reads these differently. A first-time buyer sees Allen as a way to live for free. A portfolio investor sees Agriculture as the strongest yield on the list. Someone with patience and negotiating skill sees Galvez as the hidden play. What would you do with these?
If you have questions on any of these or want to run numbers on a specific scenario, reply to this email or reach out directly.
Want me to run a Deal Sheet on a property you're considering?
Reply to this email with the address and I'll send you the full breakdown.
🏠🏠🏠🏠🏠🏠🏠🏠 Philip Ewbank, Realtor Keller Williams Realty New Orleans 8601 Leake Ave, New Orleans, LA 70118 C: 504.335.7481 | O: 504.862.0100 Each office independently owned & operated. Licensed in the state of Louisiana. License #0995700196