Renovated Multifamily Property in
For Sale
Contact for pricing
431 Gravier St, New Orleans, LA 70130
Luxuriously renovated four-unit property in a prime CBD location.
Property Size7,990 SF
Price / SF$400.50
Days on Market212
Property Features for 431 Gravier St
General Information
Standard status
Active
Size
7,990 SF
Property subtype
Multifamily
Zoning
CBD-2
Building Details
Year Built
1880
Year Renovated
2006
Stories
4
Units
4
Listing Agency:
Century 21 Investment Realty Slidell
(985) 643-4200
Listed By:
Jeff Breland · License #53741
Source:
Crexi
Added: Jan 23
Changed: Aug 8
Last Checked: Aug 22 at 12:50PM
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 Slidell
Investment Insights
Based on property information with market context.
Located at the foot of the river in the Central Business District, this renovated four-unit multifamily property sits between Magazine and Tchoupitoulas on Gravier Street. It is one block from Canal Street, the French Quarter, and Harrah's Casino, and two blocks from Poydras and the Warehouse District. The property features upscale, luxurious finishes in all units, making it suitable for investors, owner-occupants, corporate housing, a satellite hotel, or condo conversion. The units have open-concept floor plans with high-end finishes, large bedrooms, lavish bathrooms, and large closets. An elevator provides access to the 2nd, 3rd, and 4th floors, and a side/rear staircase entrance is also available. The units rent for $3,700 per month unfurnished or $4,000 per month furnished. The property is zoned CBD-2 and has a size of 7990 square feet.
Key Highlights
- Phenomenal CBD location: walk to Canal St., French Quarter, Harrah's Casino, Poydras, and Warehouse District.
- Beautifully renovated 4 units with upscale luxurious finishes.
- Great investment opportunity: potential for investors, owner/occupants, corporate housing, satellite hotel, or condo conversion.
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
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Luxuriously renovated four-unit property in a prime CBD location.
Where is this quadplex located?
The property is located at 431 Gravier St 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: Phenomenal CBD location: walk to Canal St., French Quarter, Harrah's Casino, Poydras, and Warehouse District.; Beautifully renovated 4 units with upscale luxurious finishes.; Great investment opportunity: potential for investors, owner/occupants, corporate housing, satellite hotel, or condo conversion.
