Historic Raised-Basement
2851 Maurepas Street New Orleans, LA 70119
2851 Maurepas Street, New Orleans, LA, 70119
$599,000
For Sale
$599,000
Fully rented fourplex with four units, separate electric and gas meters, and one water meter.
Property Size3,244 SF
Price / SF$184.65
Days on Market558
Property Features for 2851 Maurepas Street
General Information
- Standard status
- Active
- Size
- 3,244 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1937
Listing agency
FQR Realtors
(504) 603-6577
Listed by
Jacob Freedman · License #995703560
(504) 603-6577
Source
Compass
Added: Jan 9, 2025 Updated: Jul 21 at 2:41AM Checked: Jul 21 at 8:10AM
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 FQR Realtors
Investment Insights
Based on property information with market context.
This historic raised-basement fourplex is fully rented, with long-term tenants occupying all four units. Each unit features a living area or den, two bedrooms in a shotgun-style layout, one bath, a large kitchen, and laundry. The top right and bottom right units were renovated in 2022, with central HVAC in the top unit and split units in the bottom unit.
The property is located in the Fairgrounds/Bayou St. John area of New Orleans, in an X flood zone. The building has separate electric and gas meters and one shared water meter. The owners have completed ongoing maintenance and upgrades, including a new roof and updated electrical system.
There is a possibility of adding a grate over an existing curb cut to allow limited parking for a smaller vehicle; the buyer would need to verify feasibility.
The property is located in the Fairgrounds/Bayou St. John area of New Orleans, in an X flood zone. The building has separate electric and gas meters and one shared water meter. The owners have completed ongoing maintenance and upgrades, including a new roof and updated electrical system.
There is a possibility of adding a grate over an existing curb cut to allow limited parking for a smaller vehicle; the buyer would need to verify feasibility.
Key Highlights
- Fully rented fourplex (4 units) with total current rent of $5,700/month and long‑term tenants
- 4 units each feature a living area/den, 2 bedrooms (shotgun style), 1 bath, large kitchen, and in‑unit laundry
- Renovations include two units renovated in 2022, with central HVAC in the top unit and split units in the bottom unit
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.2k | $19.80 |
| − Vacancy | −$5.5k | −$1.71 |
| EGI | $58.7k | $18.09 |
| − OpEx | −$17.6k | −$5.43 |
| NOI | $41.1k | $12.66 |
3,244 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$586.8K
$513.5K – $684.6K
NOI $41,077 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$539.4K
$472.0K – $629.3K
NOI $37,756 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$848.9K
$742.8K – $990.3K
NOI $59,420 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Fully rented fourplex with four units, separate electric and gas meters, and one water meter.
Where is this quadplex located?
The property is located at 2851 Maurepas Street New Orleans, LA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Fully rented fourplex (4 units) with total current rent of $5,700/month and long‑term tenants; 4 units each feature a living area/den, 2 bedrooms (shotgun style), 1 bath, large kitchen, and in‑unit laundry; Renovations include two units renovated in 2022, with central HVAC in the top unit and split units in the bottom unit
