Renovated Quadplex With Owner’s
For Sale
$570,000
2831-33 Palmer Avenue, New Orleans, LA 70118
Raised-basement multifamily property with off-street parking, a rear studio, and a vacant residence ready for occupancy.
Property Size2,961 SF
Price / SF$192.50
Days on Market231
Property Features for 2831-33 Palmer Avenue
General Information
Standard status
Active
Size
2,961 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
Central Air, Window Unit(s)
Central, Other Heat
2
5
6
Yes
Other
Balcony,
Block, Stucco, Wood Siding
, Porch
Building Details
Year Built
1935
Listing Agency:
Talbot Realty Group
(504) 975-9763
Listed By:
Shaun Talbot · License #000006983
(504) 975-9763
Source:
Compass
Added: Jan 13
Changed: Aug 31
Last Checked: Aug 31 at 12:31AM
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 Talbot Realty Group
Investment Insights
Based on property information with market context.
This 1935 raised-basement quadplex contains a recently renovated second-floor three-bedroom residence with two full bathrooms, a fully equipped kitchen, and a rear balcony. The ground level includes two two-bedroom, one-bath apartments, while a one-bedroom garage studio occupies the rear. Residents also have access to off-street parking and a small landscaped rear yard.
Located at 2831-33 Palmer Avenue in New Orleans’ Uptown University District, the property is within walking distance of Tulane University, Loyola University, and Ursuline School. The apartments are occupied by long-term tenants on month-to-month terms, while the owner’s residence is vacant. The property has been held by the same family for over 75 years.
Located at 2831-33 Palmer Avenue in New Orleans’ Uptown University District, the property is within walking distance of Tulane University, Loyola University, and Ursuline School. The apartments are occupied by long-term tenants on month-to-month terms, while the owner’s residence is vacant. The property has been held by the same family for over 75 years.
Key Highlights
- Four‑unit layout with a 3‑bedroom, 2‑bath owner’s residence
- Two ground‑floor 2‑bedroom, 1‑bath apartments
- Rear 1‑bedroom garage studio
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
$37,494
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
6.58%
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%
$749,880
$749.9K
Cap Rate 7%
$535,629
$535.6K
Cap Rate 9%
$416,600
$416.6K
Market Conditions
NOI Build-Up for 2,961 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
$58.6K $19.80/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$53.6K $18.09/SF
− OpEx
−$16.1K −$5.43/SF
NOI
$37.5K $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%
$749,880
Cap Rate 7%
$535,629
Cap Rate 9%
$416,600
Alternative Uses
Best Use
Multifamily LT 5
$535.6K
$468.7K – $624.9K
NOI $37,494 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$492.3K
$430.8K – $574.4K
NOI $34,463 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$752.6K
$658.5K – $878.0K
NOI $52,681 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,485
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Raised-basement multifamily property with off-street parking, a rear studio, and a vacant residence ready for occupancy.
Where is this quadplex located?
The property is located at 2831-33 Palmer Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Four‑unit layout with a 3‑bedroom, 2‑bath owner’s residence; Two ground‑floor 2‑bedroom, 1‑bath apartments; Rear 1‑bedroom garage studio
