Tenant-Occupied
For Sale
$300,000
1236 38 Carrollton Ave, Metairie, LA 70005
Two occupied rental units create an established residential income configuration.
Property Size2,438 SF
Price / SF$123.05
Days on Market29
Property Features for 1236 38 Carrollton Ave
General Information
Standard status
Active
Size
2,438 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1960
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Anne Favret · License #995705535
Source:
Fiorellaavenue
Added: Aug 4
Changed: Aug 31
Last Checked: Aug 31 at 6:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REVE, REALTORS
Investment Insights
Based on property information with market context.
This duplex contains two separate residential units and is currently tenant-occupied, providing an established rental setup. The property size is listed at 2,438, and the building dates to 1960.
The property information identifies convenient access to Downtown New Orleans, employment centers, healthcare facilities, Louis Armstrong New Orleans International Airport, shopping, dining, and major transportation corridors. Its two-unit configuration offers a compact multifamily format for residential income ownership.
The property information identifies convenient access to Downtown New Orleans, employment centers, healthcare facilities, Louis Armstrong New Orleans International Airport, shopping, dining, and major transportation corridors. Its two-unit configuration offers a compact multifamily format for residential income ownership.
Key Highlights
- Two separate residential units
- Both units are tenant‑occupied
- Property size listed at 2,438
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
$26,071
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
8.69%
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%
$521,420
$521.4K
Cap Rate 7%
$372,443
$372.4K
Cap Rate 9%
$289,678
$289.7K
Market Conditions
NOI Build-Up for 2,438 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
$39.5K $16.20/SF
− Vacancy
−$2.3K −$0.92/SF
EGI
$37.2K $15.28/SF
− OpEx
−$11.2K −$4.58/SF
NOI
$26.1K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$521,420
Cap Rate 7%
$372,443
Cap Rate 9%
$289,678
Alternative Uses
Best Use
Multifamily LT 5
$372.4K
$325.9K – $434.5K
NOI $26,071 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$324.1K
$283.6K – $378.1K
NOI $22,688 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$570.9K
$499.6K – $666.1K
NOI $39,964 @ 7.0% cap · market cap 13.32%
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
871
Businesses Nearby
Explore this area
Business Placement
Demographics for 70005, LA
25,431
Population
12,447
Households
2
Avg Household Size
45
Median Age
50%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
6,055
Density / Sq Mi
$86,048
Median Household Income
$53,258
Median Earnings
$1,160
Median Rent
$381,000
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 - Two occupied rental units create an established residential income configuration.
Where is this duplex located?
The property is located at 1236 38 Carrollton Ave Metairie, LA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two separate residential units; Both units are tenant‑occupied; Property size listed at 2,438
