Quadplex with Owner’s
2831 PALMER Avenue, New Orleans, LA 70118
For Sale
$550,000
Three occupied rental apartments accompany a vacant, renovated three-bedroom residence with a rear balcony and off-street parking.
Property Size2,961 SF
Days on Market40
Property Features for 2831 PALMER Avenue
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Listing Agency:
Talbot Realty Group
Listed By:
Shaun K Talbot · License LA #000006983
(504) 525-9763
Source:
Ewbank.kw
Added: Oct 1
Changed: Nov 8
Last Checked: Nov 8 at 2:35AM
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
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Investment Insights
Based on property information with market context.
This 1930 quadplex combines a second-floor, three-bedroom owner’s residence with three ground-level rental units: two two-bedroom, one-bath apartments and a one-bedroom garage studio. The residence has a fully equipped kitchen, two full bathrooms, and a rear balcony; it is vacant and ready for occupancy. The property also includes off-street parking and a small landscaped rear yard for residents.
The building is in New Orleans’ University District, within walking distance of Tulane University, Loyola University, and Ursuline School. Rental apartments have month-to-month terms, and the tenants are described as long-term with stable occupancy.
The building is in New Orleans’ University District, within walking distance of Tulane University, Loyola University, and Ursuline School. Rental apartments have month-to-month terms, and the tenants are described as long-term with stable occupancy.
Key Highlights
- Four residential units: a three‑bedroom residence, two two‑bedroom apartments, and a one‑bedroom garage studio
- Second‑floor residence was recently renovated and is vacant
- Owner’s residence includes a fully equipped kitchen, two full bathrooms, and a rear balcony
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,494
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
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
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 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 6.82%
Second Best
Apartment 5plus
$492.3K
$430.8K – $574.4K
NOI $34,463 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$752.6K
$658.5K – $878.0K
NOI $52,681 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,485
Businesses Nearby
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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
$451,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Quadplexes in New Orleans, LA
Properties on Market for Quadplexes in New Orleans
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Three occupied rental apartments accompany a vacant, renovated three-bedroom residence with a rear balcony and off-street parking.
Where is this quadplex located?
The property is located at 2831 PALMER Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four residential units: a three‑bedroom residence, two two‑bedroom apartments, and a one‑bedroom garage studio; Second‑floor residence was recently renovated and is vacant; Owner’s residence includes a fully equipped kitchen, two full bathrooms, and a rear balcony
