Craftsman Quadplex with
For Sale
$599,000
846 ROOSEVELT Place, New Orleans, LA 70119
Multi-Family, Craftsman, New Orleans, LA
Property Size3,306 SF
Price / SF$181.19
Days on Market180
Property Features for 846 ROOSEVELT Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Balcony, Porch
Lot features
Regular
Subdivision
Parkview
Standard status
Active
APN
207206004
Size
3,306 SF
Taxes and HOA fees
Tax Description
SQ 468 D PT LOT 12 LOT 10 OR 10 A ROOSEVELT PL 35 X 109
Legal Description
SQ 468 D PT LOT 12 LOT 10 OR 10 A ROOSEVELT PL 35 X 109
Utilities
Cooling system
Window Unit(s)
Water source
Public
Amenities
balcony
fenced backyard
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
Crane Realtors
(504) 210-2014
Listed By:
Aaron Dare · License #995681183
(504) 899-8666
Added: Mar 6
Changed: Aug 26
Last Checked: Sep 2 at 10:06PM
MLS# 2544051
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 1920, this 3,306-square-foot Craftsman quadplex retains original wood flooring, wood windows, historic mantels, detailed millwork, coved ceilings, and exposed brick. The four residences include lower units with shotgun-style layouts, large kitchens, a rear independent room, and a second pass-through bedroom. Upper units provide separate bedrooms and access to a shared balcony. A porch, fenced backyard, window-unit cooling, public water, and a shingle roof complete the property. The roof was replaced in 2022.
Located in New Orleans, the property is within walking distance of Bayou St. John and City Park. Its configuration supports continued multifamily use or an owner-occupancy arrangement with other units contributing rental income.
Located in New Orleans, the property is within walking distance of Bayou St. John and City Park. Its configuration supports continued multifamily use or an owner-occupancy arrangement with other units contributing rental income.
Key Highlights
- 3,306‑square‑foot four‑unit Craftsman property built in 1920
- Original wood floors, windows, mantels, millwork, coved ceilings, and exposed brick
- Roof replaced in 2022 with shingle roofing
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
$41,862
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
6.99%
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%
$837,240
$837.2K
Cap Rate 7%
$598,029
$598.0K
Cap Rate 9%
$465,133
$465.1K
Market Conditions
NOI Build-Up for 3,306 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
$65.5K $19.80/SF
− Vacancy
−$5.7K −$1.71/SF
EGI
$59.8K $18.09/SF
− OpEx
−$17.9K −$5.43/SF
NOI
$41.9K $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%
$837,240
Cap Rate 7%
$598,029
Cap Rate 9%
$465,133
Alternative Uses
Best Use
Multifamily LT 5
$598.0K
$523.3K – $697.7K
NOI $41,862 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$549.7K
$481.0K – $641.3K
NOI $38,478 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$865.1K
$756.9K – $1.01M
NOI $60,555 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,857
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 - Historic four-unit property with preserved architectural elements, separate bedroom layouts, and access to a fenced backyard.
Where is this quadplex located?
The property is located at 846 ROOSEVELT Place New Orleans, LA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,306‑square‑foot four‑unit Craftsman property built in 1920; Original wood floors, windows, mantels, millwork, coved ceilings, and exposed brick; Roof replaced in 2022 with shingle roofing
