New Orleans Fourplex Investment
For Sale
Contact for pricing
2201 Annette St, New Orleans, LA 70119
Fully occupied fourplex in a rapidly developing New Orleans neighborhood.
Property Size3,016 SF
Price / SF$157.49
Days on Market915
Property Features for 2201 Annette St
General Information
Standard status
Active
Size
3,016 SF
Property subtype
Multifamily
Zoning
HU-RD2
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1970
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Elifin Realty - New Orleans, LA
Listed By:
Benji Azar · License #LA
Source:
Crexi
Added: Feb 19, 2024
Changed: Aug 11
Last Checked: Aug 22 at 10:45AM
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 Elifin Realty - New Orleans, LA
Investment Insights
Based on property information with market context.
Located on Annette Street, this fully occupied fourplex offers an investment opportunity in a rapidly growing and transforming New Orleans neighborhood. The property has a building size of approximately 3,016 square feet. The multifamily zoning (HU-RD2) distinguishes this property within the neighborhood. The complex is positioned to generate strong cash flow, with potential for increased rents through cosmetic and amenity upgrades. The location near St Bernard Avenue places it in an area with ongoing new construction and renovations, appealing to tenants. Its location provides convenient access, approximately 3 minutes, to I-10. Residents benefit from the property's proximity to key city attractions, including the Faubourg Marigny, the Fairgrounds, St Roch Market, and the French Quarter.
Key Highlights
- 100% Occupied Fourplex: Provides immediate and strong cash flow.
- Multifamily Zoning (HU‑RD2): Allows for potential expansion or redevelopment.
- Value‑Add Potential: Increase rents through cosmetic and amenity upgrades.
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
$38,190
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
8.04%
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%
$763,800
$763.8K
Cap Rate 7%
$545,571
$545.6K
Cap Rate 9%
$424,333
$424.3K
Market Conditions
NOI Build-Up for 3,016 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
$59.7K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$54.6K $18.09/SF
− OpEx
−$16.4K −$5.43/SF
NOI
$38.2K $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%
$763,800
Cap Rate 7%
$545,571
Cap Rate 9%
$424,333
Alternative Uses
Best Use
Multifamily LT 5
$545.6K
$477.4K – $636.5K
NOI $38,190 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$501.5K
$438.8K – $585.1K
NOI $35,103 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$789.2K
$690.5K – $920.7K
NOI $55,243 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
799
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 - Fully occupied fourplex in a rapidly developing New Orleans neighborhood.
Where is this quadplex located?
The property is located at 2201 Annette St New Orleans, LA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 100% Occupied Fourplex: Provides immediate and strong cash flow.; Multifamily Zoning (HU‑RD2): Allows for potential expansion or redevelopment.; Value‑Add Potential: Increase rents through cosmetic and amenity upgrades.
