Multifamily Property with Separate
For Sale
$995,000
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$237.30
Days on Market65
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
Listed By:
Aaron Dare · License #995681183
(504) 210-2014
Source:
Fiorellaavenue
Added: Aug 15
Changed: Oct 2
Last Checked: Oct 7 at 2:21PM
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
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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 / Yr
$48,802
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
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
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 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 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$960.0K – $1.28M
NOI $76,802 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,860
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $995,000.
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
