12-Unit Apartment
For Sale
$800,000
1356 Flanders St, New Orleans, LA 70114
Property includes updated AC units, fresh exterior paint, and select unit upgrades.
Property Size6,100 SF
Price / SF$131.15
Days on Market36
Property Features for 1356 Flanders St
General Information
Standard status
Active
Size
6,100 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$109,200
Multifamily Units
12
Amenities
camera system
Building Details
Year Built
1967
Listing Agency:
eXp Realty, LLC
(504) 452-8439
Listed By:
Lauren Lawson · License #995704895
Source:
Dominionplace
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 30 at 8:48PM
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
Investment Insights
Based on property information with market context.
This 12-unit apartment building contains 6,100 square feet and was built in 1967. Property improvements include a newer roof, updated AC units, exterior paint, and a camera system. Selected apartments have received new flooring and include refrigerators and stoves.
Located at 1356 Flanders St in New Orleans, the property is designated X Flood Zone. The unit count, building improvements, and existing equipment provide a clear multifamily configuration for continued apartment operations.
Located at 1356 Flanders St in New Orleans, the property is designated X Flood Zone. The unit count, building improvements, and existing equipment provide a clear multifamily configuration for continued apartment operations.
Key Highlights
- 12‑unit apartment building with 6,100 square feet
- Built in 1967
- X Flood Zone designation
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
$70,997
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
8.87%
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%
$1,419,940
$1.4M
Cap Rate 7%
$1,014,243
$1.0M
Cap Rate 9%
$788,856
$788.9K
Market Conditions
NOI Build-Up for 6,100 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
$142.0K $23.28/SF
− Vacancy
−$12.9K −$2.12/SF
EGI
$129.1K $21.16/SF
− OpEx
−$58.1K −$9.52/SF
NOI
$71.0K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,419,940
Cap Rate 7%
$1,014,243
Cap Rate 9%
$788,856
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$887.5K – $1.18M
NOI $70,997 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,529 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 70114, LA
23,127
Population
11,860
Households
2
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
4,535
Density / Sq Mi
$41,435
Median Household Income
$31,743
Median Earnings
$1,113
Median Rent
$194,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Property includes updated AC units, fresh exterior paint, and select unit upgrades.
Where is this apartment building located?
The property is located at 1356 Flanders St New Orleans, LA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 12‑unit apartment building with 6,100 square feet; Built in 1967; X Flood Zone designation
