Updated Duplex with Detached
For Sale
$219,900
3644 Fairmont Drive, New Orleans, LA 70122
Two living areas provide flexible space for occupancy, rental use, or multigenerational living.
Property Size1,763 SF
Price / SF$124.73
Days on Market162
Property Features for 3644 Fairmont Drive
General Information
Standard status
Active
Size
1,763 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
shared laundry room
Central Air, Window Unit(s)
Central, Wall Furnace
1
2
3
Asphalt
Pillar/Post/Pier, Slab: Traditional
Vinyl Siding
Building Details
Year Built
1948
Buildings
1
Listing Agency:
LATTER & BLUM (LATT28)
Listed By:
Bobby LeDuff · License #000028161
(504) 669-1319
Source:
Compass
Added: Mar 25
Changed: Sep 2
Last Checked: Aug 31 at 10:29PM
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 LATTER & BLUM (LATT28)
Investment Insights
Based on property information with market context.
This 1,763-square-foot duplex includes a primary residence and a separate secondary unit. The main home offers two bedrooms, one full bathroom with a jacuzzi bathtub, central air and heat, high ceilings, hardwood flooring, and an additional upstairs room suitable as a third bedroom or office. The second unit includes a living room, kitchen, bathroom, bedroom, and access to a shared laundry room. Its separate electric meter supports independent utility management.
Recent improvements include interior paint, exterior doors, a rebuilt staircase, bathroom heaters, and freshly stained upstairs hardwood floors. The roof and two hot water heaters are approximately 4 years old. Stoves and refrigerators remain with the property. A detached shed provides additional storage, while the backyard offers outdoor space. The property is near I-10 and I-610 and one block from a neighborhood park with pickleball courts, with schools, shopping, a library, and local colleges nearby.
Recent improvements include interior paint, exterior doors, a rebuilt staircase, bathroom heaters, and freshly stained upstairs hardwood floors. The roof and two hot water heaters are approximately 4 years old. Stoves and refrigerators remain with the property. A detached shed provides additional storage, while the backyard offers outdoor space. The property is near I-10 and I-610 and one block from a neighborhood park with pickleball courts, with schools, shopping, a library, and local colleges nearby.
Key Highlights
- 1,763‑square‑foot duplex with two separate living areas
- Main residence includes 2 bedrooms plus an upstairs room for a third bedroom or office
- Secondary unit has a bedroom, kitchen, bathroom, living room, and separate electric meter
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
$18,265
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
8.31%
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%
$365,300
$365.3K
Cap Rate 7%
$260,929
$260.9K
Cap Rate 9%
$202,944
$202.9K
Market Conditions
NOI Build-Up for 1,763 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
$28.6K $16.20/SF
− Vacancy
−$2.5K −$1.40/SF
EGI
$26.1K $14.80/SF
− OpEx
−$7.8K −$4.44/SF
NOI
$18.3K $10.36/SF
Area
ZIP 70122
Vacancy
8.64%
Lease Rate
$16.20 /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%
$365,300
Cap Rate 7%
$260,929
Cap Rate 9%
$202,944
Alternative Uses
Best Use
Multifamily LT 5
$260.9K
$228.3K – $304.4K
NOI $18,265 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$226.6K
$198.3K – $264.4K
NOI $15,865 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$461.3K
$403.7K – $538.2K
NOI $32,293 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
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 living areas provide flexible space for occupancy, rental use, or multigenerational living.
Where is this duplex located?
The property is located at 3644 Fairmont Drive New Orleans, LA.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,763‑square‑foot duplex with two separate living areas; Main residence includes 2 bedrooms plus an upstairs room for a third bedroom or office; Secondary unit has a bedroom, kitchen, bathroom, living room, and separate electric meter
