Raised-Basement
For Sale
$550,000
2931 Saint Philip St, New Orleans, LA 70119
Four-unit property with varied layouts, outdoor areas, and central air in the Bayou St. John neighborhood.
Property Size2,990 SF
Price / SF$183.95
Days on Market16
Property Features for 2931 Saint Philip St
General Information
Standard status
Active
Size
2,990 SF
Property subtype
Residential Income
Listing Agency:
REMAX N.O. Properties
(504) 220-9941
Listed By:
Rachael Kansas · License #SALE.0995681754
(504) 220-9941
Source:
Exprealty
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 21 at 10:43AM
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 REMAX N.O. Properties
Investment Insights
Based on property information with market context.
This raised-basement quadplex contains four residential units arranged across two levels. The upper floor includes two two-bedroom apartments with high ceilings, central air, and strong natural light. Two lower-level basement units are configured as one-bedroom apartments with additional bonus spaces.
Outdoor features include both front and rear porches along with a backyard. The property has two water meters, with water service paid by the owner. Its Bayou St. John setting places the property within walking distance of Jazz Fest, the bayou, area restaurants, the Lafitte Greenway, and the Thursday farmers market.
Outdoor features include both front and rear porches along with a backyard. The property has two water meters, with water service paid by the owner. Its Bayou St. John setting places the property within walking distance of Jazz Fest, the bayou, area restaurants, the Lafitte Greenway, and the Thursday farmers market.
Key Highlights
- Four‑unit raised‑basement configuration
- Two upstairs 2‑bedroom units with high ceilings, central air, and natural light
- Two basement 1‑bedroom units with bonus spaces
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
$37,861
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
6.88%
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%
$757,220
$757.2K
Cap Rate 7%
$540,871
$540.9K
Cap Rate 9%
$420,678
$420.7K
Market Conditions
NOI Build-Up for 2,990 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
$59.2K $19.80/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$54.1K $18.09/SF
− OpEx
−$16.2K −$5.43/SF
NOI
$37.9K $12.66/SF
Area
ZIP 70119
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%
$757,220
Cap Rate 7%
$540,871
Cap Rate 9%
$420,678
Alternative Uses
Best Use
Multifamily LT 5
$540.9K
$473.3K – $631.0K
NOI $37,861 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$497.1K
$435.0K – $580.0K
NOI $34,800 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$782.4K
$684.6K – $912.8K
NOI $54,767 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,509
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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?
Quadplex - Four-unit property with varied layouts, outdoor areas, and central air in the Bayou St. John neighborhood.
Where is this quadplex located?
The property is located at 2931 Saint Philip St 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‑unit raised‑basement configuration; Two upstairs 2‑bedroom units with high ceilings, central air, and natural light; Two basement 1‑bedroom units with bonus spaces
