Move-In Ready Chalmette
For Sale
$215,000
2918 PACKENHAM Drive, Chalmette, LA 70043
MULTI_FAMILY - Chalmette, LA
Property Size1,700 SF
Price / SF$126.47
Days on Market241
Property Features for 2918 PACKENHAM Drive
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Parking features
Driveway
Lot features
Regular
Standard status
Active
APN
8
Size
1,700 SF
Taxes and HOA fees
Tax Description
as per title
Legal Description
as per title
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Number of units
1
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Troy Lee · License #912124134
(504) 862-0100
Added: Dec 8, 2025
Changed: May 14
Last Checked: Aug 6 at 11:06AM
MLS# 2533854
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property, located in Chalmette, Louisiana, offers an opportunity for investors or owner-occupiers. The property is a move-in ready duplex. With a property size of 1700 square feet, this residential income property allows an owner to live on one side while renting out the other.
Key Highlights
- Opportunity for owner occupancy with rental income.
- Move‑in ready condition.
- Central heating and central air conditioning.
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
$18,656
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
8.68%
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%
$373,120
$373.1K
Cap Rate 7%
$266,514
$266.5K
Cap Rate 9%
$207,289
$207.3K
Market Conditions
NOI Build-Up for 1,700 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
$29.2K $17.16/SF
− Vacancy
−$2.5K −$1.48/SF
EGI
$26.7K $15.68/SF
− OpEx
−$8.0K −$4.70/SF
NOI
$18.7K $10.97/SF
Area
St. Bernard County, LA
Vacancy
8.64%
Lease Rate
$17.16 /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%
$373,120
Cap Rate 7%
$266,514
Cap Rate 9%
$207,289
Alternative Uses
Best Use
Multifamily LT 5
$266.5K
$233.2K – $310.9K
NOI $18,656 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$448.5K
$392.5K – $523.3K
NOI $31,396 @ 7.0% cap · market cap 14.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Explore this area
Business Placement
Demographics for 70043, LA
21,596
Population
8,782
Households
2.5
Avg Household Size
34
Median Age
15%
College-Educated
83%
High-School Grad
9.1 sq mi
ZIP Area
2,373
Density / Sq Mi
$57,065
Median Household Income
$37,969
Median Earnings
$1,091
Median Rent
$203,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Income-generating duplex in Chalmette, ideal for owner-occupancy.
Where is this duplex located?
The property is located at 2918 PACKENHAM Drive Chalmette, LA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Opportunity for owner occupancy with rental income.; Move‑in ready condition.; Central heating and central air conditioning.
