Renovated Four-Unit
For Sale
$3,200,000
431-433 Gravier Street, New Orleans, LA 70130
Renovated four-unit property with open layouts, upscale finishes, elevator access, and CBD-2 zoning.
Property Size7,990 SF
Price / SF$400.50
Days on Market244
Property Features for 431-433 Gravier Street
General Information
Standard status
Active
Size
7,990 SF
Elevators
Yes
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Zoning
cbd-2
Additional Details
Multifamily Units
4
Amenities
Central Air
Central
1
8
10
Elevator
Metal
4
Slab: Traditional
Brick
Building Details
Year Built
1880
Listing Agency:
Century 21 Investment Realty
(504) 415-2652
Listed By:
Jeff Breland · License #000053741
(504) 415-2652
Source:
Compass
Added: Dec 30, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:15PM
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 Century 21 Investment Realty
Investment Insights
Based on property information with market context.
This 7,990-square-foot quadplex contains four renovated units with open-concept layouts and upgraded interior finishes. The residences feature spacious bedrooms, generously sized bathrooms, and large closets, with an elevator serving the second, third, and fourth floors. A secondary entrance is provided by side and rear stairs. Built in 1880, the property combines historic construction with updated residential interiors.
The building is located at 431-433 Gravier Street in New Orleans’ Central Business District, between Magazine Street and Tchoupitoulas Street. Canal Street, the French Quarter, and Harrah’s Casino are one block away, while Poydras Street and the Warehouse District are two blocks from the property. Zoning is CBD-2.
The building is located at 431-433 Gravier Street in New Orleans’ Central Business District, between Magazine Street and Tchoupitoulas Street. Canal Street, the French Quarter, and Harrah’s Casino are one block away, while Poydras Street and the Warehouse District are two blocks from the property. Zoning is CBD-2.
Key Highlights
- Four‑unit quadplex with 7,990 SF of building area
- Renovated interiors with upscale finishes throughout
- Elevator serves the 2nd, 3rd, and 4th floors
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
$101,173
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
3.16%
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%
$2,023,460
$2.0M
Cap Rate 7%
$1,445,329
$1.4M
Cap Rate 9%
$1,124,144
$1.1M
Market Conditions
NOI Build-Up for 7,990 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
$158.2K $19.80/SF
− Vacancy
−$13.7K −$1.71/SF
EGI
$144.5K $18.09/SF
− OpEx
−$43.4K −$5.43/SF
NOI
$101.2K $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%
$2,023,460
Cap Rate 7%
$1,445,329
Cap Rate 9%
$1,124,144
Alternative Uses
Best Use
Multifamily LT 5
$1.45M
$1.26M – $1.69M
NOI $101,173 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,994 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,156 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
10,455
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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?
Quadplex - Renovated four-unit property with open layouts, upscale finishes, elevator access, and CBD-2 zoning.
Where is this quadplex located?
The property is located at 431-433 Gravier Street New Orleans, LA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Four‑unit quadplex with 7,990 SF of building area; Renovated interiors with upscale finishes throughout; Elevator serves the 2nd, 3rd, and 4th floors
