Renovated 4-Unit Apartment
For Sale
$334,900
3605 Thomas Dr, Houma, LA 70363
Occupied residences feature updated finishes and recently replaced major property systems.
Property Size3,152 SF
Price / SF$106.25
Days on Market194
Property Features for 3605 Thomas Dr
General Information
Standard status
Active
Size
3,152 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Asking Price
$334,900
Gross Income
$50,400
Average Monthly Rent
$1,050
Additional Details
Multifamily Units
4
Building Details
Year Renovated
2024
Buildings
1
Listing Agency:
Harris Real Estate Services
(225) 390-1278
Listed By:
Geneva Harris · License #995702921
(225) 390-1278
Source:
Exprealty
Added: Feb 10
Changed: Aug 21
Last Checked: Aug 22 at 12:00PM
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 Harris Real Estate Services
Investment Insights
Based on property information with market context.
Located at 3605 Thomas Dr in Houma, Louisiana, this 3,152-square-foot quadplex contains four residential units and was renovated throughout in 2024. The property is fully occupied with tenants in place. Each unit offers two bedrooms and one bathroom, along with granite countertops, water-resistant flooring, and updated appliances.
Recent improvements include new HVAC systems, new hot water heaters, and a new roof. The combination of completed renovations, occupied units, and consistent residential configuration provides a straightforward multifamily property profile for an investor seeking an operating asset.
Recent improvements include new HVAC systems, new hot water heaters, and a new roof. The combination of completed renovations, occupied units, and consistent residential configuration provides a straightforward multifamily property profile for an investor seeking an operating asset.
Key Highlights
- Four‑unit quadplex totaling 3,152 square feet
- Fully occupied with tenants already in place
- Renovated throughout in 2024
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
$23,705
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
7.08%
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%
$474,100
$474.1K
Cap Rate 7%
$338,643
$338.6K
Cap Rate 9%
$263,389
$263.4K
Market Conditions
NOI Build-Up for 3,152 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
$37.1K $11.76/SF
− Vacancy
−$3.2K −$1.02/SF
EGI
$33.9K $10.74/SF
− OpEx
−$10.2K −$3.22/SF
NOI
$23.7K $7.52/SF
Area
Terrebonne County, LA
Vacancy
8.64%
Lease Rate
$11.76 /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%
$474,100
Cap Rate 7%
$338,643
Cap Rate 9%
$263,389
Alternative Uses
Best Use
Multifamily LT 5
$338.6K
$296.3K – $395.1K
NOI $23,705 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$294.5K
$257.7K – $343.5K
NOI $20,612 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$868.9K
$760.3K – $1.01M
NOI $60,821 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 70363, LA
25,319
Population
10,449
Households
2.4
Avg Household Size
36
Median Age
8%
College-Educated
75%
High-School Grad
78.4 sq mi
ZIP Area
323
Density / Sq Mi
$44,828
Median Household Income
$33,176
Median Earnings
$1,054
Median Rent
$143,800
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 - Occupied residences feature updated finishes and recently replaced major property systems.
Where is this quadplex located?
The property is located at 3605 Thomas Dr Houma, LA.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,152 square feet; Fully occupied with tenants already in place; Renovated throughout in 2024
