Two-Unit Duplex With Modern
For Sale
$364,900
Pending
308 RIESS Place, Chalmette, LA 70043
Multi-Family, Traditional, Chalmette, LA
Property Size1,812 SF
Days on Market215
Property Features for 308 RIESS Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Off Street
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Standard status
Pending
APN
304207500003
Size
1,812 SF
Taxes and HOA fees
Tax Description
LOT 3 SQ. 75 TRIST SUB. 50X100=5000
Legal Description
LOT 3 SQ. 75 TRIST SUB. 50X100=5000
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
2024
Floors in Building
1
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Jacques Alfonso · License #995690060
(504) 228-3803
Added: Jan 30
Changed: Aug 25
Last Checked: Sep 2 at 5:06PM
MLS# 2540149
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.
Built in 2024, this 1,812-square-foot duplex contains two matching residences, each with three bedrooms and two bathrooms. Both units feature kitchens with quartz work surfaces, shaker cabinetry, tile backsplashes, open shelving, and stainless appliances. Stained concrete flooring, in-unit laundry, central heating and central air, and separate water meters support everyday functionality and straightforward ownership. The property also includes a shingle and asphalt roof, public water service, fencing, driveway parking, and additional off-street parking.
Located at 308 Riess Place in Chalmette, the property is two blocks from Our Lady of Prompt Succor Church and School and offers access to nearby restaurants, schools, and shopping. The matched unit configuration provides flexibility for an owner occupant or rental operation without relying on materially different layouts.
Located at 308 Riess Place in Chalmette, the property is two blocks from Our Lady of Prompt Succor Church and School and offers access to nearby restaurants, schools, and shopping. The matched unit configuration provides flexibility for an owner occupant or rental operation without relying on materially different layouts.
Key Highlights
- Two matching units, each with 3 bedrooms and 2 bathrooms
- 1,812 square feet across a duplex built in 2024
- Quartz countertops, shaker cabinets, tiled backsplashes, and stainless appliances
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
$19,885
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
5.45%
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%
$397,700
$397.7K
Cap Rate 7%
$284,071
$284.1K
Cap Rate 9%
$220,944
$220.9K
Market Conditions
NOI Build-Up for 1,812 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
$31.1K $17.16/SF
− Vacancy
−$2.7K −$1.48/SF
EGI
$28.4K $15.68/SF
− OpEx
−$8.5K −$4.70/SF
NOI
$19.9K $10.97/SF
Area
St. Bernard County, LA
Vacancy
8.64%
Lease Rate
$17.16 /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%
$397,700
Cap Rate 7%
$284,071
Cap Rate 9%
$220,944
Alternative Uses
Best Use
Multifamily LT 5
$284.1K
$248.6K – $331.4K
NOI $19,885 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$265.6K
$232.4K – $309.8K
NOI $18,589 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$478.1K
$418.3K – $557.7K
NOI $33,464 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 70043, LA
21,596
Population
8,782
Households
2.5
Avg Household Size
34
Median Age
15%
College-Educated
83%
High-School Grad
9.1 sq mi
ZIP Area
2,373
Density / Sq Mi
$57,065
Median Household Income
$37,969
Median Earnings
$1,091
Median Rent
$203,800
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?
Duplex - Recently constructed duplex with matched layouts, separate water metering, private laundry, and fenced off-street parking.
Where is this duplex located?
The property is located at 308 RIESS Place Chalmette, LA.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Two matching units, each with 3 bedrooms and 2 bathrooms; 1,812 square feet across a duplex built in 2024; Quartz countertops, shaker cabinets, tiled backsplashes, and stainless appliances
