Fourplex with Off-Street
For Sale
$539,000
331 S NORMAN C FRANCIS Parkway, New Orleans, LA 70119
Multifamily, New Orleans, LA
Property Size3,031 SF
Price / SF$177.83
Days on Market100
Property Features for 331 S NORMAN C FRANCIS Parkway
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 4
Parking features
Parking Lot, Off Street
Standard status
Active
APN
331
Size
3,031 SF
Taxes and HOA fees
Tax Description
1. SQ 686 HF PT LOTS 3 4 2. 22 6X120 HF PT LOTS 3 4 22 6X120 3. 329-331 S NORMAN C FRANCIS PKW
Legal Description
1. SQ 686 HF PT LOTS 3 4 2. 22 6X120 HF PT LOTS 3 4 22 6X120 3. 329-331 S NORMAN C FRANCIS PKW
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Number of units
4
Building materials
Stucco, Vinyl Siding
Architectural style
Spanish
Listing Agency:
James Henderson Properties
Listed By:
James A Henderson · License #995687251
(504) 812-2954
Added: Jul 16
Changed: Oct 23
Last Checked: Oct 23 at 3:06PM
MLS# 2567949
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,031-square-foot Spanish-style fourplex in Mid-City, New Orleans, contains four apartments: one studio, two one-bedroom units, and one two-bedroom unit. Built in 1951, the property has stucco and vinyl siding, central heating and central air, plus public water and sewer. A major renovation followed Katrina, with additional work from 2018 to 2020 that included a new roof, HVAC systems, water heaters, and foundation improvements.
A rear lot accommodates off-street parking for up to five vehicles. The Canal Street streetcar line is a few blocks away.
A rear lot accommodates off-street parking for up to five vehicles. The Canal Street streetcar line is a few blocks away.
Key Highlights
- Four apartments: one 2‑bedroom, two 1‑bedroom, and one studio
- 3,031 square feet
- Built in 1951 with Spanish architectural style
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,380
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$767,600
$767.6K
Cap Rate 7%
$548,286
$548.3K
Cap Rate 9%
$426,444
$426.4K
Market Conditions
NOI Build-Up for 3,031 SF
Gross rent
$60.0K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$54.8K $18.09/SF
− OpEx
−$16.4K −$5.43/SF
NOI
$38.4K $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 Rate 5%
$767,600
Cap Rate 7%
$548,286
Cap Rate 9%
$426,444
Alternative Uses
Best Use
Multifamily LT 5
$548.3K
$479.8K – $639.7K
NOI $38,380 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$504.0K
$441.0K – $588.0K
NOI $35,277 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$793.1K
$694.0K – $925.3K
NOI $55,518 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,358
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
Frequently Asked Questions
What type of property is this?
Quadplex - Four apartments comprise a studio, two one-bedroom layouts, and one two-bedroom unit.
Where is this quadplex located?
The property is located at 331 S NORMAN C FRANCIS Parkway New Orleans, LA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Four apartments: one 2‑bedroom, two 1‑bedroom, and one studio; 3,031 square feet; Built in 1951 with Spanish architectural style
