Renovated 4-Plex With Updated
For Sale
$334,900
3605 Thomas Dr, Houma, LA 70363
MULTI_FAMILY - Houma, LA
Property Size3,152 SF
Lot Size0.00 Acres
Price / SF$106.25
Days on Market193
Property Features for 3605 Thomas Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
6
Appliances
Microwave, Range/Oven, Refrigerator
Subdivision
Village East
Elementary school district
Terrebonne Parish
Middle school district
Terrebonne Parish
High school district
Terrebonne Parish
Standard status
Active
Size
3,152 SF
Lot size
0.00 Acres
Taxes and HOA fees
Tax Description
Lot 13 Block 1 Adden. 4 Village East Subd.
Legal Description
Lot 13 Block 1 Adden. 4 Village East Subd.
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Building materials
Other Siding, Frame
Listing Agency:
Harris Real Estate Services · ERA Real Estate
(225) 390-1278
Listed By:
Geneva Harris · License #995702921
(225) 390-1278
Added: Feb 10
Changed: Jul 2
Last Checked: Aug 22 at 9:06PM
MLS# 2026002430
Copyright © 2026 Greater Baton Rouge 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 turnkey 4-plex at 3605 Thomas Dr has been renovated top to bottom in 2024 and is currently fully occupied. The property consists of four units, each with 2 bedrooms and 1 bathroom. Interior improvements include granite countertops, water-resistant flooring, and updated appliances. Major building systems and exterior components have also been refreshed, with new HVAC units, new hot water heaters, and a new roof. The property size is listed as 3,152 square feet.
The asset is located in Houma, Louisiana, in Village East within Terrebonne Parish (70363). With stable tenants already in place, the offering is positioned for investors looking for an income-producing residential income property without waiting for new renovations to be completed.
Financially, the listing states $4,200 per month in rental income and includes an appraisal value range of $350,000 to $400,000. The property is offered for sale at $334,900. Given the unit mix, in-place occupancy, and the scope of 2024 renovations, this 4-plex should appeal to buyers who want a maintained multi-family structure with consistent operating readiness and documented updates to key systems.
The asset is located in Houma, Louisiana, in Village East within Terrebonne Parish (70363). With stable tenants already in place, the offering is positioned for investors looking for an income-producing residential income property without waiting for new renovations to be completed.
Financially, the listing states $4,200 per month in rental income and includes an appraisal value range of $350,000 to $400,000. The property is offered for sale at $334,900. Given the unit mix, in-place occupancy, and the scope of 2024 renovations, this 4-plex should appeal to buyers who want a maintained multi-family structure with consistent operating readiness and documented updates to key systems.
Key Highlights
- Fully renovated 4‑plex at 3605 Thomas Dr in Houma, LA, with stable tenants already in place
- Fully occupied with reliable, on‑time tenants generating $4,200/month rental income
- 2024 renovations include granite countertops, water‑resistant flooring, and updated appliances in 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
$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
Turnkey business
Opportunity
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully renovated four-unit income property with updated HVAC and new roof, fully occupied with reliable tenants.
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: Fully renovated 4‑plex at 3605 Thomas Dr in Houma, LA, with stable tenants already in place; Fully occupied with reliable, on‑time tenants generating $4,200/month rental income; 2024 renovations include granite countertops, water‑resistant flooring, and updated appliances in each unit
