Four-Unit Multifamily
For Sale
$575,000
2321/23 CHARTRES Street, New Orleans, LA 70117
All four residences are occupied and configured with one bedroom and one bathroom apiece.
Property Size2,348 SF
Price / SF$244.89
Days on Market24
Property Features for 2321/23 CHARTRES Street
General Information
Standard status
Active
Size
2,348 SF
Property subtype
Quadruplex
Occupancy
100%
Site & Location
Neighborhood
Marigny
Additional Details
Asking Price
$575,000
Tenant in Place
Yes
Building Details
Building Size
2,348 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Keller Williams Realty New Orleans
Listed By:
Kimberly Schexnayder · License #995718687
(504) 717-3893
Source:
Joliburrell
Added: Oct 6
Changed: Oct 26
Last Checked: Oct 26 at 3:23PM
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 Keller Williams Realty New Orleans
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Investment Insights
Based on property information with market context.
This 2,348-square-foot multifamily property contains four one-bedroom, one-bathroom residences. Built in 1920, the building is fully occupied, with rental activity across all four units.
The property is in the Faubourg Marigny Triangle, three blocks from the French Quarter. Frenchmen Street, the French Market, restaurants, cafes, live music venues, and the Mississippi riverfront are also within walking distance.
The property qualifies for DSCR financing. An existing mortgage may be assumable for a qualified buyer, subject to lender approval and the current loan terms.
The property is in the Faubourg Marigny Triangle, three blocks from the French Quarter. Frenchmen Street, the French Market, restaurants, cafes, live music venues, and the Mississippi riverfront are also within walking distance.
The property qualifies for DSCR financing. An existing mortgage may be assumable for a qualified buyer, subject to lender approval and the current loan terms.
Key Highlights
- Four occupied units, each with one bedroom and one bathroom
- 2,348‑square‑foot building constructed in 1920
- Located in the Faubourg Marigny Triangle, three blocks from the French Quarter
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,732
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$594,640
$594.6K
Cap Rate 7%
$424,743
$424.7K
Cap Rate 9%
$330,356
$330.4K
Market Conditions
NOI Build-Up for 2,348 SF
Gross rent
$46.5K $19.80/SF
− Vacancy
−$4.0K −$1.71/SF
EGI
$42.5K $18.09/SF
− OpEx
−$12.7K −$5.43/SF
NOI
$29.7K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$594,640
Cap Rate 7%
$424,743
Cap Rate 9%
$330,356
Alternative Uses
Best Use
Multifamily LT 5
$424.7K
$371.7K – $495.5K
NOI $29,732 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,328 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,874
Businesses Nearby
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Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - All four residences are occupied and configured with one bedroom and one bathroom apiece.
Where is this quadplex located?
The property is located at 2321/23 CHARTRES Street New Orleans, LA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four occupied units, each with one bedroom and one bathroom; 2,348‑square‑foot building constructed in 1920; Located in the Faubourg Marigny Triangle, three blocks from the French Quarter
