Harahan Fourplex Investment
For Sale
$630,000
138-144 Normandy Avenue, Harahan, LA 70123
Turnkey fourplex in Harahan with income growth potential.
Property Size3,800 SF
Price / SF$165.79
Days on Market111
Property Features for 138-144 Normandy Avenue
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Multi Family Home
Building Details
Building Size
3,800 SF
Year Built
1975
Stories
2
Listing Agency:
Lepre Living Realty LLC
(504) 405-5221
Listed By:
Nathan Lepre · License #995696922
(504) 914-6510
Source:
Nolalivingrealty
Added: May 22
Changed: Sep 8
Last Checked: Jul 20 at 3:18AM
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 Lepre Living Realty LLC
Investment Insights
Based on property information with market context.
This fourplex is located in the community of Harahan, situated on a primarily single-family, residential street. The property offers income growth potential. Each of the four units includes 2 bedrooms and 1 full bath, spacious living rooms with large picture windows, generously sized kitchens with ample cabinetry and countertop space, central air and heat, in-unit laundry areas, tile and laminate wood flooring, crown molding, and ceiling fans. Outdoor amenities include off-street parking and a gated yard. The property is near the Mississippi River levee, and benefits from rental demand, river views, and access to outdoor recreation. The property size is 3800 square feet.
Key Highlights
- Turnkey fourplex in highly desirable Harahan location.
- Strong income growth potential with room for rental optimization.
- Four units, each with 2 bedrooms, 1 bath, in‑unit laundry, central air/heat.
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
$41,702
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
6.62%
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%
$834,040
$834.0K
Cap Rate 7%
$595,743
$595.7K
Cap Rate 9%
$463,356
$463.4K
Market Conditions
NOI Build-Up for 3,800 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
$65.2K $17.16/SF
− Vacancy
−$5.6K −$1.48/SF
EGI
$59.6K $15.68/SF
− OpEx
−$17.9K −$4.70/SF
NOI
$41.7K $10.97/SF
Area
ZIP 70123
Vacancy
8.64%
Lease Rate
$17.16 /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%
$834,040
Cap Rate 7%
$595,743
Cap Rate 9%
$463,356
Alternative Uses
Best Use
Multifamily LT 5
$595.7K
$521.3K – $695.0K
NOI $41,702 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,984 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$974.8K
$853.0K – $1.14M
NOI $68,237 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
Explore this area
Business Placement
Demographics for 70123, LA
27,346
Population
14,297
Households
1.9
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
7.6 sq mi
ZIP Area
3,598
Density / Sq Mi
$82,639
Median Household Income
$52,709
Median Earnings
$1,310
Median Rent
$318,000
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?
Quadplex - Turnkey fourplex in Harahan with income growth potential.
Where is this quadplex located?
The property is located at 138-144 Normandy Avenue Harahan, LA.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Turnkey fourplex in highly desirable Harahan location.; Strong income growth potential with room for rental optimization.; Four units, each with **2 bedrooms, 1 bath, in‑unit laundry, central air/heat.**
