Multifamily Home with Separate
New
For Sale
$475,000
4201 Iris St, New Orleans, LA 70122
A main residence, a two-bedroom apartment, and a furnished studio provide distinct living spaces within one property.
Property Size2,200 SF
Price / SF$215.91
Days on Market4
Property Features for 4201 Iris St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Zoning
HU-RD1
Site & Location
Neighborhood
Gentilly Terrace
Building Details
Year Built
1930
Listing Agency:
United Real Estate Partners LLC
(504) 305-4930
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 24 at 4:43PM
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 United Real Estate Partners LLC
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Investment Insights
Based on property information with market context.
Built in 1930, this New Orleans multifamily property combines a main residence with a separate two-bedroom, one-bath apartment and a furnished studio. Original hardwood floors, artwork set into the walls, and custom architectural details contribute to the home's historic character. The property sits on a corner lot and is zoned HU-RD1, Historic Urban Two-Family Residential District; uses remain subject to applicable regulations and approvals.
The home is in the Edgewood Park neighborhood, with Downtown New Orleans, the French Quarter, Lake Pontchartrain, Dillard University, Southern University at New Orleans, and the University of New Orleans among the cited nearby destinations. The property is in an X flood zone.
The home is in the Edgewood Park neighborhood, with Downtown New Orleans, the French Quarter, Lake Pontchartrain, Dillard University, Southern University at New Orleans, and the University of New Orleans among the cited nearby destinations. The property is in an X flood zone.
Key Highlights
- Separate two‑bedroom, one‑bath apartment and furnished studio
- HU‑RD1, Historic Urban Two‑Family Residential District zoning
- Located in an X flood zone
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,798
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$395,960
$396.0K
Cap Rate 7%
$282,829
$282.8K
Cap Rate 9%
$219,978
$220.0K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$39.6K $18.00/SF
− Vacancy
−$3.6K −$1.64/SF
EGI
$36.0K $16.36/SF
− OpEx
−$16.2K −$7.36/SF
NOI
$19.8K $9.00/SF
Area
ZIP 70122
Vacancy
9.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$395,960
Cap Rate 7%
$282,829
Cap Rate 9%
$219,978
Alternative Uses
Best Use
Apartment 5plus
$282.8K
$247.5K – $330.0K
NOI $19,798 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$575.7K
$503.7K – $671.6K
NOI $40,297 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
687
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - A main residence, a two-bedroom apartment, and a furnished studio provide distinct living spaces within one property.
Where is this multifamily property located?
The property is located at 4201 Iris St New Orleans, LA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Separate two‑bedroom, one‑bath apartment and furnished studio; HU‑RD1, Historic Urban Two‑Family Residential District zoning; Located in an X flood zone
