Jefferson Multifamily Property Near
For Sale
$6,255,000
261 Jules Avenue, Jefferson, LA 70121
Fully renovated, 100% occupied multifamily property near Ochsner Medical Center.
Property Size21,000 SF
Price / SF$297.86
Days on Market207
Property Features for 261 Jules Avenue
General Information
Standard status
Active
Size
21,000 SF
Property subtype
Multifamily
Net Operating Income
$460,217
Building Details
Building Size
21,000 SF
Year Built
1960
Listing Agency:
Urban Properties Real Estate, LLC
(703) 304-5335
Listed By:
Michael Bucher
(703) 304-5335
Source:
Urbanproperties
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 22 at 3:51AM
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 Urban Properties Real Estate, LLC
Investment Insights
Based on property information with market context.
This fully stabilized multifamily property is located in Jefferson, Louisiana, a growing submarket of Jefferson Parish. The property is situated within easy reach of Downtown New Orleans, Elmwood, and the Old Metairie and Veterans Avenue business districts. It is also located 2.5 blocks from Ochsner's main hospital on Jefferson Hwy, making it an attractive location for Ochsner's workforce. Nearby points of interest include the Jefferson Performing Arts Society, Veteran's Memorial Square, and numerous parks. The property features 37 units and is currently 100% occupied. The 3-story building includes an elevator. A full renovation was completed in 2022. On-site amenities include parking and laundry facilities. The property experienced 24% revenue growth in 2024, with strong long-term market fundamentals. Revenue growth is expected to accelerate when Ochsner's children's hospital and neuroscience center are complete. The property offers an appealing investment opportunity for establishing a multifamily property in a thriving community.
Key Highlights
- 100% Occupancy in a Growing Jefferson Parish Submarket Anchored by Ochsner Medical Center
- Achieved 24% Revenue Growth in 2024 with Strong Long‑Term Market Fundamentals
- Proximity to Ochsner's Main Hospital (2.5 blocks) - Attractive to Ochsner's Workforce
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
$244,416
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
3.91%
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%
$4,888,320
$4.9M
Cap Rate 7%
$3,491,657
$3.5M
Cap Rate 9%
$2,715,733
$2.7M
Market Conditions
NOI Build-Up for 21,000 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
$488.9K $23.28/SF
− Vacancy
−$44.5K −$2.12/SF
EGI
$444.4K $21.16/SF
− OpEx
−$200.0K −$9.52/SF
NOI
$244.4K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$4,888,320
Cap Rate 7%
$3,491,657
Cap Rate 9%
$2,715,733
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.06M – $4.07M
NOI $244,416 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.34M
$4.67M – $6.23M
NOI $373,625 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 70121, LA
11,523
Population
6,415
Households
1.8
Avg Household Size
46
Median Age
36%
College-Educated
88%
High-School Grad
3.3 sq mi
ZIP Area
3,492
Density / Sq Mi
$59,029
Median Household Income
$40,151
Median Earnings
$1,113
Median Rent
$237,200
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?
Apartment building - Fully renovated, 100% occupied multifamily property near Ochsner Medical Center.
Where is this apartment building located?
The property is located at 261 Jules Avenue Jefferson, LA.
What is the asking price?
The asking price for this property is $6,255,000.
What are key features of this property?
This property features: 100% Occupancy in a Growing Jefferson Parish Submarket Anchored by Ochsner Medical Center; Achieved **24% Revenue Growth in 2024** with Strong Long‑Term Market Fundamentals; Proximity to Ochsner's Main Hospital (2.5 blocks) - Attractive to Ochsner's Workforce
