5-Unit Apartment
For Sale
$657,000
3508 Cleveland Ave, New Orleans, LA 70119
Fully leased multifamily property with separate electric metering for each residence.
Property Size2,730 SF
Price / SF$240.66
Days on Market27
Property Features for 3508 Cleveland Ave
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
5
Building Details
Year Built
1921
Listing Agency:
1st BMG REALTY, L.L.C.
(504) 271-3621
Listed By:
Brian Gros · License #995691235
Source:
Dominionplace
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 30 at 8:09PM
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 1st BMG REALTY, L.L.C.
Investment Insights
Based on property information with market context.
This five-unit apartment property was built in 1921 and is currently occupied across all units. Individual electric meters serve the residences, allowing utility usage to be tracked separately. The roof is approximately 2.5 years old.
The property is located at 3508 Cleveland Ave in New Orleans, near Canal Street and N Carrolton Ave. Its five-unit configuration and existing occupancy provide a straightforward multifamily asset profile for investors evaluating an in-place residential property.
The property is located at 3508 Cleveland Ave in New Orleans, near Canal Street and N Carrolton Ave. Its five-unit configuration and existing occupancy provide a straightforward multifamily asset profile for investors evaluating an in-place residential property.
Key Highlights
- Five‑unit multifamily property
- All units currently rented
- Separate electric meters for each unit
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
$31,774
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
4.84%
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%
$635,480
$635.5K
Cap Rate 7%
$453,914
$453.9K
Cap Rate 9%
$353,044
$353.0K
Market Conditions
NOI Build-Up for 2,730 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
$63.6K $23.28/SF
− Vacancy
−$5.8K −$2.12/SF
EGI
$57.8K $21.16/SF
− OpEx
−$26.0K −$9.52/SF
NOI
$31.8K $11.64/SF
Area
ZIP 70119
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$635,480
Cap Rate 7%
$453,914
Cap Rate 9%
$353,044
Alternative Uses
Best Use
Apartment 5plus
$453.9K
$397.2K – $529.6K
NOI $31,774 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.4K
$625.1K – $833.4K
NOI $50,005 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,435
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased multifamily property with separate electric metering for each residence.
Where is this apartment building located?
The property is located at 3508 Cleveland Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $657,000.
What are key features of this property?
This property features: Five‑unit multifamily property; All units currently rented; Separate electric meters for each unit
