Townhouse-Style
For Sale
$688,000
229-235 W Esplanade Avenue, Metairie, LA 70005
Brick multifamily property with four individually configured residences and private outdoor areas.
Property Size4,516 SF
Days on Market13
Property Features for 229-235 W Esplanade Avenue
General Information
Standard status
Active
Size
4,516 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
4
Amenities
dedicated laundry room
fenced private patio
Building Details
Building Size
4,516 SF
Year Built
1977
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Compass Metro
(504) 251-7442
Listed By:
Robin Stewart · License #70826
(504) 251-7442
Source:
Nolalivingrealty
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 2:20PM
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 Compass Metro
Investment Insights
Based on property information with market context.
Built in 1977, this brick quadplex contains four townhouse-style residences arranged across two levels. Each unit provides separate living and dining areas, a half bath on the lower level, a full bath upstairs, and a dedicated laundry room. Tile and wood flooring run throughout the units, eliminating carpet, and each residence includes a fenced private patio.
The property is located on W Esplanade Avenue near Lake Avenue restaurants and shops. Veterans Boulevard provides access to shopping, groceries, and daily services, while lakefront walking and exercise trails are minutes away.
The property is located on W Esplanade Avenue near Lake Avenue restaurants and shops. Veterans Boulevard provides access to shopping, groceries, and daily services, while lakefront walking and exercise trails are minutes away.
Key Highlights
- Four townhouse‑style units in a brick quadplex
- Two‑level layouts with separate living and dining areas
- Each unit includes a downstairs half bath and upstairs full bath
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
$48,292
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
7.02%
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%
$965,840
$965.8K
Cap Rate 7%
$689,886
$689.9K
Cap Rate 9%
$536,578
$536.6K
Market Conditions
NOI Build-Up for 4,516 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
$73.2K $16.20/SF
− Vacancy
−$4.2K −$0.92/SF
EGI
$69.0K $15.28/SF
− OpEx
−$20.7K −$4.58/SF
NOI
$48.3K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$965,840
Cap Rate 7%
$689,886
Cap Rate 9%
$536,578
Alternative Uses
Best Use
Multifamily LT 5
$689.9K
$603.7K – $804.9K
NOI $48,292 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$600.4K
$525.3K – $700.4K
NOI $42,026 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$1.06M
$925.4K – $1.23M
NOI $74,028 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 70005, LA
25,431
Population
12,447
Households
2
Avg Household Size
45
Median Age
50%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
6,055
Density / Sq Mi
$86,048
Median Household Income
$53,258
Median Earnings
$1,160
Median Rent
$381,000
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?
Quadplex - Brick multifamily property with four individually configured residences and private outdoor areas.
Where is this quadplex located?
The property is located at 229-235 W Esplanade Avenue Metairie, LA.
What is the asking price?
The asking price for this property is $688,000.
What are key features of this property?
This property features: Four townhouse‑style units in a brick quadplex; Two‑level layouts with separate living and dining areas; Each unit includes a downstairs half bath and upstairs full bath
