Contemporary Duplex with Rooftop
For Sale
$575,000
3609 11 Marais Street, New Orleans, LA 70117
Two-unit 2021 property with modern finishes, private laundry, and flexible owner-occupant or rental use.
Property Size2,387 SF
Price / SF$240.89
Days on Market119
Property Features for 3609 11 Marais Street
General Information
Standard status
Active
Size
2,387 SF
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
in-unit laundry
private rooftop deck
low-maintenance yard
Building Details
Building Size
2,387 SF
Year Built
2021
Buildings
1
Stories
2
Listing Agency:
Exp Realty, LLC
(504) 344-0877
Listed By:
Adrienne Labauve · License #995684424
(504) 344-0877
Source:
Nolalivingrealty
Added: May 5
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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.
This 2,387-square-foot duplex, completed in 2021, contains two residential units with contemporary interiors and distinct layouts. The lower residence offers 3 bedrooms, 2 bathrooms, and approximately 1,350 square feet; the upper residence provides 2 bedrooms, 2 bathrooms, and approximately 1,037 square feet. Both units include open living areas, wide-plank wood floors, tall ceilings, large windows, stainless steel appliances, gas ranges, vented hoods, subway tile backsplashes, oversized islands, and in-unit laundry. Modern bathrooms feature custom tilework, glass-enclosed showers, and sleek fixtures.
The upper unit includes a large private rooftop deck, while the property also has a low-maintenance yard. The duplex is located at 3609 11 Marais St in New Orleans' Bywater/St. Claude corridor, minutes from the French Quarter and Bywater. Nearby context includes restaurants, live music venues, coffee shops, and other local businesses, with access to downtown and a walkable neighborhood setting.
The upper unit includes a large private rooftop deck, while the property also has a low-maintenance yard. The duplex is located at 3609 11 Marais St in New Orleans' Bywater/St. Claude corridor, minutes from the French Quarter and Bywater. Nearby context includes restaurants, live music venues, coffee shops, and other local businesses, with access to downtown and a walkable neighborhood setting.
Key Highlights
- Two‑unit duplex totaling 2,387 square feet
- Built in 2021
- Lower unit: 3 bedrooms, 2 bathrooms, approximately 1,350 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-unit 2021 property with modern finishes, private laundry, and flexible owner-occupant or rental use.
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 totaling 2,387 square feet; Built in 2021; Lower unit: 3 bedrooms, 2 bathrooms, approximately 1,350 square feet
