9-Unit Apartment
For Sale
$1,200,000
2222 FLORIDA Avenue, Kenner, LA 70062
Nine two-bedroom residences offer individual entrances, separate utility metering, and on-site parking.
Property Size6,572 SF
Days on Market9
Property Features for 2222 FLORIDA Avenue
General Information
Standard status
Active
Size
6,572 SF
Property subtype
Apartment
Units
Unit Mix
9 x 2BR/1BA
Multifamily Units
9
Additional Details
Utilities to Site
Yes
Building Details
Building Size
6,572 SF
Year Built
1960
Listing Agency:
Amanda Miller Realty, LLC
(504) 250-0059
Listed By:
Amanda Miller · License #995687438
Source:
Burkbrokerage
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 3:56AM
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 Amanda Miller Realty, LLC
Investment Insights
Based on property information with market context.
This 9-unit apartment property was built in 1960 and contains nine two-bedroom, one-bath residences. Individual entrances support a straightforward residential layout, while on-site parking adds convenience for occupants. Gas, water, and electric service are separately metered for each unit.
Eight of the nine units are occupied and collecting rent. The property is in Kenner, near major thoroughfares, shopping, dining, and the New Orleans International Airport.
Eight of the nine units are occupied and collecting rent. The property is in Kenner, near major thoroughfares, shopping, dining, and the New Orleans International Airport.
Key Highlights
- 9‑unit apartment property built in 1960
- Each unit includes 2 bedrooms and 1 bathroom
- 8 of 9 units are occupied and collecting rent
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
$67,422
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
5.62%
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%
$1,348,440
$1.3M
Cap Rate 7%
$963,171
$963.2K
Cap Rate 9%
$749,133
$749.1K
Market Conditions
NOI Build-Up for 6,572 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
$134.9K $20.52/SF
− Vacancy
−$12.3K −$1.87/SF
EGI
$122.6K $18.65/SF
− OpEx
−$55.2K −$8.39/SF
NOI
$67.4K $10.26/SF
Area
Jefferson County, LA
Vacancy
9.10%
Lease Rate
$20.52 /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%
$1,348,440
Cap Rate 7%
$963,171
Cap Rate 9%
$749,133
Alternative Uses
Best Use
Apartment 5plus
$963.2K
$842.8K – $1.12M
NOI $67,422 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.52M – $2.02M
NOI $121,372 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 70062, LA
16,627
Population
6,679
Households
2.5
Avg Household Size
38
Median Age
18%
College-Educated
77%
High-School Grad
7.1 sq mi
ZIP Area
2,342
Density / Sq Mi
$55,293
Median Household Income
$33,499
Median Earnings
$1,150
Median Rent
$197,500
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?
Apartment building - Nine two-bedroom residences offer individual entrances, separate utility metering, and on-site parking.
Where is this apartment building located?
The property is located at 2222 FLORIDA Avenue Kenner, LA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9‑unit apartment property built in 1960; Each unit includes 2 bedrooms and 1 bathroom; 8 of 9 units are occupied and collecting rent
