Contemporary Duplex with Rooftop
For Sale
$575,000
3609-11 Marais Street, New Orleans, LA 70117
Two updated residences offer flexible layouts, private laundry, and a low-maintenance outdoor area in New Orleans’ Bywater/St. Claude corridor.
Property Size2,387 SF
Price / SF$240.89
Days on Market121
Property Features for 3609-11 Marais Street
General Information
Standard status
Active
Size
2,387 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
in-unit laundry
private rooftop deck
yard
Central Air
Central
1
4
5
In-Unit
Other
2
Balcony
Pillar/Post/Pier
HardiPlank Type
Porch
Building Details
Year Built
2021
Buildings
1
Listing Agency:
eXp Realty, LLC
(504) 344-0877
Listed By:
Adrienne LaBauve · License #995684424
(504) 344-0877
Source:
Compass
Added: May 3
Changed: Aug 30
Last Checked: Aug 31 at 12:24AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 2021, this two-unit property contains approximately 2,387 square feet across distinct residences. The lower unit provides 3 bedrooms and 2 bathrooms in approximately 1,350 square feet, while the upper unit has 2 bedrooms and 2 bathrooms in approximately 1,037 square feet. Both interiors feature open living areas, wide-plank wood flooring, tall ceilings, large windows, recessed lighting, contemporary ceiling fans, and in-unit laundry. Kitchens include stainless steel appliances, gas ranges, vented hoods, subway tile backsplashes, oversized islands, and open shelving. Modern bathrooms include custom tilework, glass-enclosed showers, and double vanities in select areas.
The upper residence includes a large private rooftop deck, while the property also has a low-maintenance yard. Located at 3609-11 Marais Street in New Orleans, the duplex is positioned in the Bywater/St. Claude corridor, minutes from the French Quarter and Bywater. Nearby context cited for the property includes restaurants, live music venues, coffee shops, and local businesses, with access to downtown.
The upper residence includes a large private rooftop deck, while the property also has a low-maintenance yard. Located at 3609-11 Marais Street in New Orleans, the duplex is positioned in the Bywater/St. Claude corridor, minutes from the French Quarter and Bywater. Nearby context cited for the property includes restaurants, live music venues, coffee shops, and local businesses, with access to downtown.
Key Highlights
- Two‑unit duplex built in 2021 with approximately 2,387 square feet
- Lower residence: 3 bedrooms, 2 bathrooms, and approximately 1,350 square feet
- Upper residence: 2 bedrooms, 2 bathrooms, and approximately 1,037 square feet
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
$30,225
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
5.26%
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%
$604,500
$604.5K
Cap Rate 7%
$431,786
$431.8K
Cap Rate 9%
$335,833
$335.8K
Market Conditions
NOI Build-Up for 2,387 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
$47.3K $19.80/SF
− Vacancy
−$4.1K −$1.71/SF
EGI
$43.2K $18.09/SF
− OpEx
−$13.0K −$5.43/SF
NOI
$30.2K $12.66/SF
Area
New Orleans, LA
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%
$604,500
Cap Rate 7%
$431,786
Cap Rate 9%
$335,833
Alternative Uses
Best Use
Multifamily LT 5
$431.8K
$377.8K – $503.8K
NOI $30,225 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$396.9K
$347.3K – $463.0K
NOI $27,782 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$606.7K
$530.9K – $707.8K
NOI $42,469 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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?
Duplex - Two updated residences offer flexible layouts, private laundry, and a low-maintenance outdoor area in New Orleans’ Bywater/St. Claude corridor.
Where is this duplex located?
The property is located at 3609-11 Marais Street New Orleans, LA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑unit duplex built in 2021 with approximately 2,387 square feet; Lower residence: 3 bedrooms, 2 bathrooms, and approximately 1,350 square feet; Upper residence: 2 bedrooms, 2 bathrooms, and approximately 1,037 square feet
