Spanish Revival
331 S NORMAN C FRANCIS Parkway New Orleans, LA 70119
New
331 S NORMAN C FRANCIS Parkway, New Orleans, LA, 70119
$539,000
For Sale
$539,000
MULTI_FAMILY - New Orleans, LA
Property Size3,031 SF
Price / SF$177.83
Days on Market2
Property Features for 331 S NORMAN C FRANCIS Parkway
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- 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
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
(504) 812-2954
104 Alden Place, New Orleans, LA
Listed by
James Henderson · License #995687251
(504) 812-2954
Added: Jul 16 Checked: Jul 17 at 5:06 am
MLS# 2567949
Listing URL
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 Spanish Revival fourplex includes four rental units: one 2-bedroom apartment, two 1-bedroom apartments, and one studio. The property has been well maintained and completed a major post-Katrina renovation. Additional capital improvements were completed between 2018 and 2020, including a new roof, HVAC systems, water heaters, foundation work, and other major upgrades.
The property is located in Mid-City in New Orleans, just blocks from the Canal Street streetcar line, providing convenient access to downtown and the French Quarter. A rear lot offers off-street parking for up to five vehicles, an added benefit for residents.
With a balanced unit mix across studio, one-bedroom, and two-bedroom layouts, the building supports straightforward occupancy planning for long-term rental operations.
The property is located in Mid-City in New Orleans, just blocks from the Canal Street streetcar line, providing convenient access to downtown and the French Quarter. A rear lot offers off-street parking for up to five vehicles, an added benefit for residents.
With a balanced unit mix across studio, one-bedroom, and two-bedroom layouts, the building supports straightforward occupancy planning for long-term rental operations.
Key Highlights
- Spanish‑style 4‑plex built in 1951 with a unit mix of 1 studio, two 1‑bedroom units, and one 2‑bedroom unit
- Major post‑Katrina renovation, with significant capital improvements completed between 2018 and 2020
- 2018–2020 upgrades include a new roof, HVAC systems, water heaters, and foundation work
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 | $60.0k | $19.80 |
| − Vacancy | −$5.2k | −$1.71 |
| EGI | $54.8k | $18.09 |
| − OpEx | −$16.4k | −$5.43 |
| NOI | $38.4k | $12.66 |
3,031 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Well-maintained four-unit Spanish Revival property with a rear lot for off-street parking up to five vehicles.
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: Spanish‑style 4‑plex built in 1951 with a unit mix of 1 studio, two 1‑bedroom units, and one 2‑bedroom unit; Major post‑Katrina renovation, with significant capital improvements completed between 2018 and 2020; 2018–2020 upgrades include a new roof, HVAC systems, water heaters, and foundation work
