Raised-Basement
For Sale
$1,075,000
3608 ELAINE Place, New Orleans, LA 70119
Multi-Family, Raised Basement, New Orleans, LA
Property Size4,193 SF
Price / SF$256.38
Days on Market92
Property Features for 3608 ELAINE Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Balcony, Fence, Porch
Fencing
Fenced
Subdivision
Faubourg St John
Lot features
Regular
Standard status
Active
APN
701193608ELAINEPL
Size
4,193 SF
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
rear patio
storage shed
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Crane Realtors
(504) 210-2014
Listed By:
Aaron Dare · License #995681183
(504) 899-8666
Added: Jun 3
Changed: Aug 26
Last Checked: Sep 2 at 1:06PM
MLS# 2560423
Copyright © 2026 New Orleans Metropolitan 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 4,193-square-foot duplex, built in 1926, combines a spacious upper-level residence with two independently entered lower-level areas. The primary living level includes living and dining rooms, a kitchen, multiple bedrooms and baths, a large primary suite with walk-in closet, and access to a rear deck with Bayou views. Central heating and central air support the interior, while a shingle roof, fenced grounds, rear patio, storage shed, porch, and driveway add practical features.
The property is located at 3608 Elaine Place in New Orleans’ Parkview neighborhood, just off Bayou St. John. City Park, restaurants, and neighborhood amenities are described as minutes away. Public water service is in place, and the separate exterior entrances provide distinct access to the lower-level spaces.
The property is located at 3608 Elaine Place in New Orleans’ Parkview neighborhood, just off Bayou St. John. City Park, restaurants, and neighborhood amenities are described as minutes away. Public water service is in place, and the separate exterior entrances provide distinct access to the lower-level spaces.
Key Highlights
- 4,193‑square‑foot duplex on Elaine Place in New Orleans’ Parkview neighborhood
- Built in 1926 with a raised‑basement configuration and two lower‑level spaces
- Upper level includes a primary suite, walk‑in closet, rear deck, and Bayou views
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
$53,094
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
4.94%
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%
$1,061,880
$1.1M
Cap Rate 7%
$758,486
$758.5K
Cap Rate 9%
$589,933
$589.9K
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
$83.0K $19.80/SF
− Vacancy
−$7.2K −$1.71/SF
EGI
$75.8K $18.09/SF
− OpEx
−$22.8K −$5.43/SF
NOI
$53.1K $12.66/SF
Area
ZIP 70119
Vacancy
8.64%
Lease Rate
$19.80 /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%
$1,061,880
Cap Rate 7%
$758,486
Cap Rate 9%
$589,933
Alternative Uses
Best Use
Multifamily LT 5
$758.5K
$663.7K – $884.9K
NOI $53,094 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$697.2K
$610.0K – $813.4K
NOI $48,802 @ 7.0% cap · market cap 4.54%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Flexible layout with separate entries, lower-level spaces, and off-street parking.
Where is this duplex located?
The property is located at 3608 ELAINE Place 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 duplex on Elaine Place in New Orleans’ Parkview neighborhood; Built in 1926 with a raised‑basement configuration and two lower‑level spaces; Upper level includes a primary suite, walk‑in closet, rear deck, and Bayou views
