Fountainbleau 4-Plex Investment
For Sale
$575,000
Pending
2933 Pine St, New Orleans, LA 70118
Two-story 4-plex in Fountainbleau area, great investment opportunity.
Property Size3,908 SF
Days on Market726
Property Features for 2933 Pine St
General Information
Standard status
Pending
Size
3,908 SF
Property subtype
Residential Income
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Karianne Chassee · License #995712774
(225) 456-1363
Source:
Exprealty
Added: Oct 28, 2024
Changed: Oct 14
Last Checked: Oct 21 at 1:42AM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
Located in the Fountainbleau area of New Orleans, adjacent to Dominican High School, the two-story 4-plex at 2933 Pine Street presents an investment opportunity. The property features four units. The two ground-floor shotgun units each include 2 bedrooms and 2 bathrooms. The upper shotgun units also have 2 bedrooms, each with one bathroom and a rear deck. Each unit is equipped with washer and dryer hookups and a central HVAC system. Renovations were completed around 2015, and hardwood floors were added to the lower units in 2018. All four units are currently rented. One unit includes off-street parking for one car. The property size is 3908 square feet. The property may be eligible for 3.5% down financing through FHA. The seller is offering the possibility of financing the purchase via a bond for deed with attractive terms. One unit could be owner-occupied, with rental income from the other three units covering the mortgage.
Key Highlights
- Four‑unit (4‑plex) property offering immediate rental income from all units.
- Located in the desirable Fountainbleau area of New Orleans, adjacent to Dominican High School.
- Potential for owner occupancy with rental income from remaining units to cover mortgage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,485
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$989,700
$989.7K
Cap Rate 7%
$706,929
$706.9K
Cap Rate 9%
$549,833
$549.8K
Market Conditions
NOI Build-Up for 3,908 SF
Gross rent
$77.4K $19.80/SF
− Vacancy
−$6.7K −$1.71/SF
EGI
$70.7K $18.09/SF
− OpEx
−$21.2K −$5.43/SF
NOI
$49.5K $12.66/SF
Area
New Orleans, LA
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 Rate 5%
$989,700
Cap Rate 7%
$706,929
Cap Rate 9%
$549,833
Alternative Uses
Best Use
Multifamily LT 5
$706.9K
$618.6K – $824.8K
NOI $49,485 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$649.8K
$568.6K – $758.1K
NOI $45,485 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$993.3K
$869.1K – $1.16M
NOI $69,530 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,083
Businesses Nearby
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Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two-story 4-plex in Fountainbleau area, great investment opportunity.
Where is this quadplex located?
The property is located at 2933 Pine St New Orleans, LA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four‑unit (4‑plex) property offering immediate rental income from all units.; Located in the desirable Fountainbleau area of New Orleans, adjacent to Dominican High School.; Potential for owner occupancy with rental income from remaining units to cover mortgage.
