Renovated 4-Unit
For Sale
$640,000
1428 HICKORY Avenue, Harahan, LA 70123
Fully renovated townhouse-style apartments with separate water and electric metering in a commercial corridor near Elmwood Shopping Center.
Property Size4,000 SF
Days on Market137
Property Features for 1428 HICKORY Avenue
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Quadruplex
Occupancy
100%
Financials
Gross Income
$72,000
Average Monthly Rent
$1,500
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Building Details
Building Size
4,000 SF
Year Built
1982
Buildings
1
Listing Agency:
Bridgewater Realty Advisors, LLC
(504) 535-5680
Listed By:
Cameron Griffin · License #995696437
Source:
Ewbank.kw
Added: Apr 17
Changed: Aug 30
Last Checked: Aug 30 at 1:22PM
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 Bridgewater Realty Advisors, LLC
Investment Insights
Based on property information with market context.
This C-1-zoned quadplex contains four separately metered residences within a 4,600-square-foot property. Each apartment is arranged as a two-story townhouse with 2 bedrooms and 1.5 bathrooms, along with stainless steel appliances and updated interior finishes. The building is fully renovated and 100% occupied.
Located at 1428 Hickory Ave in Harahan, the property sits directly adjacent to Elmwood Shopping Center and within the New Orleans metro area. The surrounding corridor includes new development and job growth, while the individual water and electric meters provide separate utility measurement for each residence.
Located at 1428 Hickory Ave in Harahan, the property sits directly adjacent to Elmwood Shopping Center and within the New Orleans metro area. The surrounding corridor includes new development and job growth, while the individual water and electric meters provide separate utility measurement for each residence.
Key Highlights
- Four‑unit property totaling 4,600 square feet
- Each residence offers a two‑story townhouse layout with 2 bedrooms and 1.5 bathrooms
- 100% occupied
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
$43,897
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
6.86%
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%
$877,940
$877.9K
Cap Rate 7%
$627,100
$627.1K
Cap Rate 9%
$487,744
$487.7K
Market Conditions
NOI Build-Up for 4,000 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
$68.6K $17.16/SF
− Vacancy
−$5.9K −$1.48/SF
EGI
$62.7K $15.68/SF
− OpEx
−$18.8K −$4.70/SF
NOI
$43.9K $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%
$877,940
Cap Rate 7%
$627,100
Cap Rate 9%
$487,744
Alternative Uses
Best Use
Multifamily LT 5
$627.1K
$548.7K – $731.6K
NOI $43,897 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$586.2K
$513.0K – $683.9K
NOI $41,036 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.03M
$897.9K – $1.20M
NOI $71,829 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
989
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 - Fully renovated townhouse-style apartments with separate water and electric metering in a commercial corridor near Elmwood Shopping Center.
Where is this quadplex located?
The property is located at 1428 HICKORY Avenue Harahan, LA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four‑unit property totaling 4,600 square feet; Each residence offers a two‑story townhouse layout with 2 bedrooms and 1.5 bathrooms; 100% occupied
