Multifamily Property with Separate
For Sale
$1,075,000
3608 Elaine Pl, New Orleans, LA 70119
Flexible residence with multiple living areas, lower-level spaces, outdoor areas, and off-street parking near Bayou St. John.
Property Size4,193 SF
Price / SF$256.38
Days on Market18
Property Features for 3608 Elaine Pl
General Information
Standard status
Active
Size
4,193 SF
Property subtype
Multi-Family
Amenities
rear patio
storage shed
Building Details
Year Built
1926
Listing Agency:
Crane Realtors
(504) 210-2014
Listed By:
Aaron Dare · License #995681183
Source:
Fiorellaavenue
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 30 at 8:03PM
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 Crane Realtors
Investment Insights
Based on property information with market context.
Built in 1926, this 4,193-square-foot multifamily property offers a layered layout with several living areas and distinct points of entry. The upper floor includes living and dining rooms, a kitchen, multiple bedrooms and baths, and a primary suite with a walk-in closet, private bathroom, and access to a rear deck overlooking Bayou St. John. Two lower-level areas each have their own exterior entrance while also connecting to the interior, creating a configuration suited to varied residential arrangements.
Exterior features include a rear patio, storage shed, and off-street parking. The property is positioned near Bayou St. John and within minutes of City Park, restaurants, and neighborhood amenities. Its combination of interior separation, outdoor space, and substantial floor area supports a range of multifamily living configurations.
Exterior features include a rear patio, storage shed, and off-street parking. The property is positioned near Bayou St. John and within minutes of City Park, restaurants, and neighborhood amenities. Its combination of interior separation, outdoor space, and substantial floor area supports a range of multifamily living configurations.
Key Highlights
- 4,193‑square‑foot multifamily property built in 1926
- Two lower‑level spaces with separate exterior entrances and interior access
- Upper‑level primary suite includes a walk‑in closet, private bathroom, and rear deck access
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
$48,802
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
4.54%
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%
$976,040
$976.0K
Cap Rate 7%
$697,171
$697.2K
Cap Rate 9%
$542,244
$542.2K
Market Conditions
NOI Build-Up for 4,193 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
$97.6K $23.28/SF
− Vacancy
−$8.9K −$2.12/SF
EGI
$88.7K $21.16/SF
− OpEx
−$39.9K −$9.52/SF
NOI
$48.8K $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%
$976,040
Cap Rate 7%
$697,171
Cap Rate 9%
$542,244
Alternative Uses
Best Use
Apartment 5plus
$697.2K
$610.0K – $813.4K
NOI $48,802 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$960.0K – $1.28M
NOI $76,802 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,860
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?
Multifamily property - Flexible residence with multiple living areas, lower-level spaces, outdoor areas, and off-street parking near Bayou St. John.
Where is this multifamily property located?
The property is located at 3608 Elaine Pl New Orleans, LA.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 4,193‑square‑foot multifamily property built in 1926; Two lower‑level spaces with separate exterior entrances and interior access; Upper‑level primary suite includes a walk‑in closet, private bathroom, and rear deck access
