Spanish Revival
For Sale
$539,000
331 S NORMAN C FRANCIS Parkway, New Orleans, LA 70119
MULTI_FAMILY - New Orleans, LA
Property Size3,031 SF
Price / SF$177.83
Days on Market23
Property Features for 331 S NORMAN C FRANCIS Parkway
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Lot features
Regular
Standard status
Active
APN
331
Size
3,031 SF
Taxes and HOA fees
Tax Description
1. SQ 686 HF PT LOTS 3 4 2. 22 6X120 HF PT LOTS 3 4 22 6X120 3. 329-331 S NORMAN C FRANCIS PKW
Legal Description
1. SQ 686 HF PT LOTS 3 4 2. 22 6X120 HF PT LOTS 3 4 22 6X120 3. 329-331 S NORMAN C FRANCIS PKW
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
4
Roof type
Flat
Architectural style
Spanish
Listing Agency:
James Henderson Properties
(504) 812-2954
Listed By:
James Henderson · License #995687251
(504) 812-2954
Added: Jul 16
Last Checked: Aug 7 at 2:06PM
MLS# 2567949
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 Spanish Revival fourplex includes four rental units: one 2-bedroom apartment, two 1-bedroom apartments, and one studio. The property has been well maintained and completed a major post-Katrina renovation. Additional capital improvements were completed between 2018 and 2020, including a new roof, HVAC systems, water heaters, foundation work, and other major upgrades.
The property is located in Mid-City in New Orleans, just blocks from the Canal Street streetcar line, providing convenient access to downtown and the French Quarter. A rear lot offers off-street parking for up to five vehicles, an added benefit for residents.
With a balanced unit mix across studio, one-bedroom, and two-bedroom layouts, the building supports straightforward occupancy planning for long-term rental operations.
The property is located in Mid-City in New Orleans, just blocks from the Canal Street streetcar line, providing convenient access to downtown and the French Quarter. A rear lot offers off-street parking for up to five vehicles, an added benefit for residents.
With a balanced unit mix across studio, one-bedroom, and two-bedroom layouts, the building supports straightforward occupancy planning for long-term rental operations.
Key Highlights
- Spanish‑style 4‑plex built in 1951 with a unit mix of 1 studio, two 1‑bedroom units, and one 2‑bedroom unit
- Major post‑Katrina renovation, with significant capital improvements completed between 2018 and 2020
- 2018–2020 upgrades include a new roof, HVAC systems, water heaters, and foundation work
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
$38,380
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
7.12%
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%
$767,600
$767.6K
Cap Rate 7%
$548,286
$548.3K
Cap Rate 9%
$426,444
$426.4K
Market Conditions
NOI Build-Up for 3,031 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
$60.0K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$54.8K $18.09/SF
− OpEx
−$16.4K −$5.43/SF
NOI
$38.4K $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%
$767,600
Cap Rate 7%
$548,286
Cap Rate 9%
$426,444
Alternative Uses
Best Use
Multifamily LT 5
$548.3K
$479.8K – $639.7K
NOI $38,380 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$504.0K
$441.0K – $588.0K
NOI $35,277 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$793.1K
$694.0K – $925.3K
NOI $55,518 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,358
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit Spanish Revival property with a rear lot for off-street parking up to five vehicles.
Where is this quadplex located?
The property is located at 331 S NORMAN C FRANCIS Parkway New Orleans, LA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Spanish‑style 4‑plex built in 1951 with a unit mix of 1 studio, two 1‑bedroom units, and one 2‑bedroom unit; Major post‑Katrina renovation, with significant capital improvements completed between 2018 and 2020; 2018–2020 upgrades include a new roof, HVAC systems, water heaters, and foundation work
