New Orleans Multifamily
For Sale
$575,000
3609 MARAIS Street, New Orleans, LA 70117
MULTI_FAMILY - New Orleans, LA
Property Size2,387 SF
Price / SF$240.89
Days on Market101
Property Features for 3609 MARAIS Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Patio and Porch features
Porch
Exterior features
Balcony, Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Bywater
Standard status
Active
APN
39W302903
Size
2,387 SF
Taxes and HOA fees
Tax Description
SQ 476 LOT 3
Legal Description
SQ 476 LOT 3
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2021
Floors in Building
2
Number of units
2
Architectural style
Contemporary
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Adrienne LaBauve
(337) 522-7554
Added: May 5
Changed: May 11
Last Checked: Aug 13 at 6:06AM
MLS# 2553469
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 newer construction multifamily property is designed for comfort and functionality, offering an opportunity to own an income-producing asset in a dynamic New Orleans neighborhood. It features two units with contemporary finishes. The lower unit includes 3 bedrooms, 2 bathrooms, and approximately 1,350 square feet, while the upper unit has 2 bedrooms, 2 bathrooms, and approximately 1,037 square feet. Each unit features an open-concept living space filled with natural light. Interior features include wide-plank wood flooring, tall ceilings, and large windows. The kitchens include stainless steel appliances, gas ranges, vented hoods, subway tile backsplashes, and oversized islands with warm wood countertops. Bathrooms are finished with custom tilework, glass-enclosed showers, double vanities in select spaces, and sleek fixtures. The primary suite offers generous proportions and an en suite bath. Additional interior features include in-unit laundry for both units, recessed lighting, contemporary ceiling fans, and a neutral color palette. The upper unit has access to a private rooftop deck. The property includes a low-maintenance yard. Located in the Bywater/St. Claude corridor, it is near the French Quarter and Bywater, with access to restaurants, live music, and coffee shops. The property is suitable for an owner-occupant, an investor, or a buyer in need of a flexible living arrangement. The property size is 2,387 square feet.
Key Highlights
- Newer construction (2021) multi‑family property in the desirable Bywater/St. Claude corridor.
- Two well‑appointed units: a 3‑bedroom/2‑bathroom unit (approx. 1,350 sq ft) and a 2‑bedroom/2‑bathroom unit (approx. 1,037 sq ft), both with contemporary finishes.
- Upper unit features a large, private rooftop deck with open sky views, ideal for entertaining.**
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,124
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 - Newer construction multifamily property in a dynamic New Orleans neighborhood.
Where is this duplex located?
The property is located at 3609 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: Newer construction (2021) multi‑family property in the desirable Bywater/St. Claude corridor.; Two well‑appointed units: **a 3‑bedroom/2‑bathroom unit (approx. 1,350 sq ft) and a 2‑bedroom/2‑bathroom unit (approx. 1,037 sq ft), both with contemporary finishes.**; Upper unit features a large, private rooftop deck with open sky views, ideal for entertaining.**
