Renovated Four-Unit
For Sale
$600,000
2321 CHARTRES Street, New Orleans, LA 70117
Multi-Family, Traditional, New Orleans, LA
Property Size2,348 SF
Lot Size0.09 Acres
Price / SF$255.54
Days on Market157
Property Features for 2321 CHARTRES Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Courtyard, Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Marigny
Standard status
Active
APN
701172321CHARTRESSTR1
Size
2,348 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
Sq 151 Lot R 1
Legal Description
Sq 151 Lot R 1
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1923
Floors in Building
1
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Kimberly Schexnayder · License #995718687
(504) 717-3893
Added: Apr 7
Changed: Sep 4
Last Checked: Sep 10 at 8:06AM
MLS# 2551726
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated quadplex was originally built in 1923 and contains approximately 2,348 square feet on a 4,080-square-foot lot. The property includes four bedrooms and four bathrooms, with each unit offering an updated kitchen, living area, private bedroom and bath, and natural light. Central heating and cooling serve the building, while exterior features include a courtyard, porch, fence, public water, and a shingle roof.
Three units are occupied and one is vacant and ready for occupancy. The property is located at 2321 Chartres Street in New Orleans, three blocks from the French Quarter and near Frenchmen Street, restaurants, live music, and other Faubourg Marigny amenities.
Three units are occupied and one is vacant and ready for occupancy. The property is located at 2321 Chartres Street in New Orleans, three blocks from the French Quarter and near Frenchmen Street, restaurants, live music, and other Faubourg Marigny amenities.
Key Highlights
- Four‑unit quadplex with approximately 2,348 square feet
- Originally built in 1923 and extensively renovated
- Three units occupied; one vacant and ready for occupancy
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
4.96%
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 4.96%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,328 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
75%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Renovated four-unit property with central HVAC, a courtyard, a porch, and fenced outdoor space.
Where is this quadplex located?
The property is located at 2321 CHARTRES Street New Orleans, LA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four‑unit quadplex with approximately 2,348 square feet; Originally built in 1923 and extensively renovated; Three units occupied; one vacant and ready for occupancy
