Contemporary Two-Unit
New
For Sale
$575,000
3609 11 Marais St, New Orleans, LA 70117
Two residences feature modern finishes, in-unit laundry, and a private rooftop deck for flexible urban living.
Property Size2,387 SF
Price / SF$240.89
Days on Market4
Property Features for 3609 11 Marais St
General Information
Standard status
Active
Size
2,387 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
private rooftop deck
low-maintenance yard
in-unit laundry
Building Details
Year Built
2021
Buildings
1
Listing Agency:
eXp Realty, LLC
Listed By:
Adrienne LaBauve · License #995684424
(504) 344-0877
Source:
Dominionplace
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 15 at 9:46PM
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.
Built in 2021, this duplex contains two separate residences totaling approximately 2,387 square feet. The lower unit includes 3 bedrooms and 2 bathrooms across approximately 1,350 square feet, while the upper unit offers 2 bedrooms, 2 bathrooms, and approximately 1,037 square feet. Both interiors include open living areas, wide-plank wood flooring, tall ceilings, large windows, contemporary lighting, and kitchens with stainless steel appliances, gas ranges, vented hoods, subway tile backsplashes, and oversized islands. Modern bathrooms include custom tilework and glass-enclosed showers, and each unit has in-unit laundry.
The upper residence includes a private rooftop deck, while the property also provides a low-maintenance yard. The duplex is located in the Bywater/St. Claude corridor, with the French Quarter and Bywater a short distance away. Nearby context includes restaurants, live music venues, coffee shops, and other local businesses.
The upper residence includes a private rooftop deck, while the property also provides a low-maintenance yard. The duplex is located in the Bywater/St. Claude corridor, with the French Quarter and Bywater a short distance away. Nearby context includes restaurants, live music venues, coffee shops, and other local businesses.
Key Highlights
- Two‑unit duplex built in 2021
- Approximately 2,387 square feet across both residences
- Lower unit: 3 bedrooms, 2 bathrooms, and 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 residences feature modern finishes, in-unit laundry, and a private rooftop deck for flexible urban living.
Where is this duplex located?
The property is located at 3609 11 Marais St 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; Approximately 2,387 square feet across both residences; Lower unit: 3 bedrooms, 2 bathrooms, and approximately 1,350 square feet
