Split-Level Duplex with
New
For Sale
$219,900
3644 FAIRMONT Drive, New Orleans, LA 70122
Multi-Family, Split Level, New Orleans, LA
Property Size1,764 SF
Lot Size0.11 Acres
Price / SF$124.66
Days on Market4
Property Features for 3644 FAIRMONT Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Lot features
Regular
Standard status
Active
APN
38W309208
Size
1,764 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
GENT PKWY SQ 11 OR L LOTS 15 16 FAIRMONT DR 40 X 120 SGLE SLATE/SIDING 8/RM A/R WORK SHED
Legal Description
GENT PKWY SQ 11 OR L LOTS 15 16 FAIRMONT DR 40 X 120 SGLE SLATE/SIDING 8/RM A/R WORK SHED
Utilities
Heating system
Central, Ductless (Heating), Other (Heating)
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
covered front porch
fenced backyard
storage buildings
Building Details
Year built
1948
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Split Level
Listing Agency:
1 Percent Lists Legacy
(504) 499-0047
Listed By:
Trey Miley · License #995709617
(985) 265-2046
Added: Aug 20
Last Checked: Aug 23 at 7:06AM
MLS# 2573280
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 split-level duplex, built in 1948, contains approximately 1,764 square feet of total living area. The primary residence includes hardwood floors, a living room, dining area, kitchen, two bedrooms, a full bathroom, and an upper-level bonus room. An attached 1-bedroom, 1-bath ADU has its own entrance and separate meters, along with a kitchen, dining area, and laundry space.
The property occupies 0.1102 acres in New Orleans, Louisiana, with access to I-10 and 610. Exterior features include a covered front porch, fenced backyard, green space, multiple storage buildings, and a driveway. Heating includes central and ductless systems, while cooling is provided by central air and window units. Public water service and a shingle roof are also in place.
The property occupies 0.1102 acres in New Orleans, Louisiana, with access to I-10 and 610. Exterior features include a covered front porch, fenced backyard, green space, multiple storage buildings, and a driveway. Heating includes central and ductless systems, while cooling is provided by central air and window units. Public water service and a shingle roof are also in place.
Key Highlights
- Attached 1‑bedroom, 1‑bath ADU with private entrance and separate meters
- Approximately 1,764 sq ft of total living area
- Main residence includes 2 bedrooms, a full bath, hardwood flooring, and an upper‑level bonus room
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
$18,275
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%
$365,500
$365.5K
Cap Rate 7%
$261,071
$261.1K
Cap Rate 9%
$203,056
$203.1K
Market Conditions
NOI Build-Up for 1,764 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%
$365,500
Cap Rate 7%
$261,071
Cap Rate 9%
$203,056
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.4K – $304.6K
NOI $18,275 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$226.8K
$198.4K – $264.6K
NOI $15,874 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$461.6K
$403.9K – $538.5K
NOI $32,311 @ 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 separately metered living areas provide flexible occupancy and private access within a residential income property.
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: Attached 1‑bedroom, 1‑bath ADU with private entrance and separate meters; Approximately 1,764 sq ft of total living area; Main residence includes 2 bedrooms, a full bath, hardwood flooring, and an upper‑level bonus room
