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    489 W RAILROAD Avenue Independence, LA 70443

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    For Sale
    $124,000

    MULTI_FAMILY - Independence, LA

    Property size:
    2,270 SF
    Price / SF:
    $54/SF
    Added:
    Mar 9, 2026
    Days on Market:
    47
    Last Refresh:
    Apr 24 at 8:06 am

    Property Features for 489 W RAILROAD Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Off Street
    Exterior features
    Balcony
    Standard status
    Active
    APN
    0INDY00000805
    Size
    2,270 SF

    Taxes and HOA fees

    Tax Description
    LOTS 30 & 34 SQ 24 INDEPENDENCE

    Utilities

    Water source
    Public

    Building Details

    Year built
    1915
    Floors in Building
    2
    Number of units
    2
    Roof type
    Membrane, Metal

    We can help!

    Listing Contact
    Bart Gillis
    Bart Gillis

    Listing agent Bart Gillis

    Listing office Keller Williams Realty Services 1522 W. Causeway Approach, Mandeville, LA

    Listing date Mar 9, 2026

    MLS# 2546546 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.

    Overview

    Historic Storefront Multi-Family Opportunity

    This historic masonry storefront in Independence, Louisiana, presents a unique opportunity for redevelopment. The building, situated on two city lots, has been gutted and partially renovated, offering a blank slate for a 2-unit multi-family investment. Renovations include new windows, new electrical panels, a new water supply line, a new 10-year roof coating, and spray foam insulation under the roof decking. The property also features a newly redesigned apartment floor plan upstairs. Each floor offers approximately 1135 square feet of living space, totaling 2270 square feet. This property is located on West Railroad Avenue and is positioned to be part of the revitalization of historic main street Louisiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hy Kwality Hair Salon

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Hotel & Motel Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    State
    Louisiana
    Longitude
    -90.500748
    Latitude
    30.63419

    Nearby Similar for Sale

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      Historic Storefront in Revitalizing Independence

      Renovated commercial space with redevelopment potential on two city lots.
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    • $200,000
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      Independence LA Duplex Investment

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    • $75,000
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      Independence Duplex: Renovation Opportunity

      Duplex in Independence, LA with renovation and rental income potential.
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      Independence Duplex: Investment Opportunity

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    FAQs

    What type of property is this?
    Duplex - Revitalized historic storefront, ideal for multi-family investment.
    Where is this duplex located?
    The property is located at 489 W RAILROAD Avenue Independence, LA.
    What is the asking price?
    The asking price for this property is $124,000.
    What are key features of this property?
    This property features: Two City Lots: Offers expanded redevelopment possibilities.; Renovated: Featuring new windows, electrical panels, water supply line, and 10‑year roof coating.; Redesigned Apartment Floor Plan: Enjoy the newly designed upstairs apartment layout.
    (985) 727-7000
    We can help!
    Listing Contact
    Bart Gillis
    Bart Gillis
    Learn More
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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.

    More about this property
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