Renovated
For Sale
$647,500
2321 23 Chartres St, New Orleans, LA 70117
Four-unit property with updated kitchens, private baths, and one vacant unit ready for occupancy.
Property Size2,348 SF
Price / SF$275.77
Days on Market36
Property Features for 2321 23 Chartres St
General Information
Standard status
Active
Size
2,348 SF
Property subtype
Multi-Family
Building Details
Year Built
1923
Listing Agency:
Keller Williams Realty New Orleans
(504) 717-3893
Listed By:
Kimberly Schexnayder · License #995718687
Source:
Fiorellaavenue
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 31 at 6:25PM
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
Investment Insights
Based on property information with market context.
This renovated quadplex contains 2,348 square feet of living space on a 4,080-square-foot lot. Originally constructed in 1923, the property now offers four bedrooms and four bathrooms, with three units occupied and one available for immediate move-in. Interior improvements include hardwood-style flooring, crown molding, gray shaker cabinetry, granite countertops, full appliance packages, ceiling fans, and updated bathrooms with tub and shower combinations.
The property is located at 2321 23 Chartres St in New Orleans, within the Faubourg Marigny Triangle and three blocks from the French Quarter. The surrounding area is described as walkable and includes access to dining, live music, and other French Quarter amenities. DSCR financing qualification and creative financing are identified as available considerations.
The property is located at 2321 23 Chartres St in New Orleans, within the Faubourg Marigny Triangle and three blocks from the French Quarter. The surrounding area is described as walkable and includes access to dining, live music, and other French Quarter amenities. DSCR financing qualification and creative financing are identified as available considerations.
Key Highlights
- Four‑unit property with 2,348 SF of living space
- 4,080‑square‑foot lot at 2321 23 Chartres St
- Built in 1923 and extensively renovated
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
$29,732
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
4.59%
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%
$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
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
$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 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%
$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 4.59%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,328 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,874
Businesses Nearby
Explore this area
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
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 - Four-unit property with updated kitchens, private baths, and one vacant unit ready for occupancy.
Where is this quadplex located?
The property is located at 2321 23 Chartres St New Orleans, LA.
What is the asking price?
The asking price for this property is $647,500.
What are key features of this property?
This property features: Four‑unit property with 2,348 SF of living space; 4,080‑square‑foot lot at 2321 23 Chartres St; Built in 1923 and extensively renovated
