Two-Story Multifamily
For Sale
$350,000
1688 N Claiborne Ave, New Orleans, LA 70116
Split-level building with an upstairs balcony and interior suited to renovation and reconfiguration.
Property Size2,288 SF
Price / SF$152.97
Days on Market48
Property Features for 1688 N Claiborne Ave
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
READY FOR NEW OWNER RENOVATION
Building Details
Year Built
1960
Stories
2
Listing Agency:
Rim Brokers, Inc.
Listed By:
Wilfred Jeanpierre · License #000032255
(504) 237-8318
Source:
Fiorellaavenue
Added: Jul 19
Changed: Aug 29
Last Checked: Sep 1 at 9:54PM
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 Rim Brokers, Inc.
Investment Insights
Based on property information with market context.
This 2,288-square-foot multifamily property is arranged across two stories in a split-level configuration. Built in 1960, the structure requires renovation and insulation work, with the interior offering flexibility for a new floor plan.
The property includes an upstairs balcony and can be redesigned for either single-family or multifamily use, as supported by the existing layout. Its size and two-level configuration provide substantial interior area for an owner-directed renovation program.
The property includes an upstairs balcony and can be redesigned for either single-family or multifamily use, as supported by the existing layout. Its size and two-level configuration provide substantial interior area for an owner-directed renovation program.
Key Highlights
- 2,288‑square‑foot multifamily property
- Two‑story split‑level configuration
- Upstairs balcony
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
$26,630
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
7.61%
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%
$532,600
$532.6K
Cap Rate 7%
$380,429
$380.4K
Cap Rate 9%
$295,889
$295.9K
Market Conditions
NOI Build-Up for 2,288 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
$53.3K $23.28/SF
− Vacancy
−$4.8K −$2.12/SF
EGI
$48.4K $21.16/SF
− OpEx
−$21.8K −$9.52/SF
NOI
$26.6K $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%
$532,600
Cap Rate 7%
$380,429
Cap Rate 9%
$295,889
Alternative Uses
Best Use
Apartment 5plus
$380.4K
$332.9K – $443.8K
NOI $26,630 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$581.5K
$508.8K – $678.5K
NOI $40,707 @ 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
1,425
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Multifamily property - Split-level building with an upstairs balcony and interior suited to renovation and reconfiguration.
Where is this multifamily property located?
The property is located at 1688 N Claiborne Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,288‑square‑foot multifamily property; Two‑story split‑level configuration; Upstairs balcony
