Renovated Quadplex with
For Sale
$645,000
2321 23 CHARTRES Street New, New Orleans, LA 70117
Renovated four-unit property with three occupied units and one move-in-ready vacancy.
Property Size2,348 SF
Lot Size0.09 Acres
Price / SF$274.70
Days on Market126
Property Features for 2321 23 CHARTRES Street New
General Information
Standard status
Active
Size
2,348 SF
Lot size
0.09 Acres
Property subtype
Quadruplex
Occupancy
75%
Additional Details
Multifamily Units
4
Amenities
Central
Central Air
Porch, Shingle
Building Details
Year Built
1923
Listing Agency:
HODC LLC dba Keller Williams Realty New Orleans
(504) 717-3893
Listed By:
Kimberly Schexnayder · License #995718687
(504) 717-3893
Source:
Kw
Added: Apr 8
Changed: Aug 10
Last Checked: Aug 10 at 4:45PM
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 HODC LLC dba Keller Williams Realty New Orleans
Investment Insights
Based on property information with market context.
Built in 1923 and extensively renovated, this quadplex contains 4 bedrooms and 4 bathrooms across 2,348 sq. ft. of living space on a 4,080 sq. ft. lot. Three units are occupied, while the fourth is vacant and ready for occupancy. Individual units include hardwood-style flooring, crown molding, updated kitchens with gray shaker cabinetry, granite countertops, and full appliance packages. Each residence also offers open living and dining areas, multiple windows, ceiling fans, and a private bathroom with a granite vanity and tub/shower combination. Central air serves the property, which also includes a porch and shingle exterior.
The property is located at 2321 23 CHARTRES Street in New Orleans, Louisiana, within the Faubourg Marigny Triangle and 3 blocks from the French Quarter. The surrounding area is described as a walkable corridor near dining and live music venues.
The property is located at 2321 23 CHARTRES Street in New Orleans, Louisiana, within the Faubourg Marigny Triangle and 3 blocks from the French Quarter. The surrounding area is described as a walkable corridor near dining and live music venues.
Key Highlights
- Quadplex built in 1923 and extensively renovated
- 2,348 sq. ft. of living space on a 4,080 sq. ft. lot
- 4 bedrooms and 4 bathrooms
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
4.61%
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 4.61%
Second Best
Apartment 5plus
$390.4K
$341.6K – $455.5K
NOI $27,328 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 three occupied units and one move-in-ready vacancy.
Where is this quadplex located?
The property is located at 2321 23 CHARTRES Street New New Orleans, LA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Quadplex built in 1923 and extensively renovated; 2,348 sq. ft. of living space on a 4,080 sq. ft. lot; 4 bedrooms and 4 bathrooms
