Spanish-Style Quadplex with
For Sale
$539,000
331 S NORMAN C FRANCIS Parkway, New Orleans, LA 70119
Multi-Family, Spanish, New Orleans, LA
Property Size3,031 SF
Price / SF$177.83
Days on Market96
Property Features for 331 S NORMAN C FRANCIS Parkway
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street
Lot features
Regular
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
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
4
Roof type
Flat
Architectural style
Spanish
Listing Agency:
James Henderson Properties
Listed By:
James Henderson
(504) 812-2954
Added: Jul 16
Changed: Sep 15
Last Checked: Oct 19 at 11:06AM
MLS# 2567949
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.
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Investment Insights
Based on property information with market context.
This Spanish-style quadplex contains 3,031 square feet across four apartments: one two-bedroom unit, two one-bedroom units, and one studio. The property was substantially renovated after Hurricane Katrina, with additional capital work completed from 2018 through 2020. Improvements included a new roof, HVAC systems, water heaters, foundation work, and other major upgrades. Central heating and central air conditioning serve the building, while public water and a flat roof are also in place.
The property is located at 331 S Norman C Francis Parkway in New Orleans, near the Canal Street streetcar line. A rear lot provides off-street parking for up to five vehicles. The address is in ZIP code 70119 and offers access to downtown, the French Quarter, and City Park. The four-unit layout supports a range of occupancy arrangements, including owner occupancy in one apartment with the remaining units available for rental use.
The property is located at 331 S Norman C Francis Parkway in New Orleans, near the Canal Street streetcar line. A rear lot provides off-street parking for up to five vehicles. The address is in ZIP code 70119 and offers access to downtown, the French Quarter, and City Park. The four-unit layout supports a range of occupancy arrangements, including owner occupancy in one apartment with the remaining units available for rental use.
Key Highlights
- Four‑unit layout with one 2‑bedroom, two 1‑bedroom, and one studio apartment
- 3,031 square feet on 331 S Norman C Francis Parkway
- Capital improvements completed between 2018 and 2020, including roof, HVAC, water heaters, and foundation work
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 - Renovated four-unit property with central HVAC, off-street parking, and access to the Canal Street streetcar line.
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‑unit layout with one 2‑bedroom, two 1‑bedroom, and one studio apartment; 3,031 square feet on 331 S Norman C Francis Parkway; Capital improvements completed between 2018 and 2020, including roof, HVAC, water heaters, and foundation work
