Six-Unit Shotgun Apartment
For Sale
$590,000
4318 ANNUNCIATION Street, New Orleans, LA 70115
Multi-Family, Shot Gun, New Orleans, LA
Property Size3,068 SF
Lot Size0.10 Acres
Price / SF$192.31
Days on Market389
Property Features for 4318 ANNUNCIATION Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Lot features
Regular
Subdivision
Irish Channel
Standard status
Active
APN
614103612
Size
3,068 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
SQ 115 LOT 4 ANNUNCIATION 36X117 4318-20 ANNUNCIATION 36X117 4318-20 ANNUNCIATION 4-PLEX & 2 APTS IN REAR SQ 115 LOT 4 ANNUNCIATION FILE #83467 10/92 PART
Legal Description
SQ 115 LOT 4 ANNUNCIATION 36X117 4318-20 ANNUNCIATION 36X117 4318-20 ANNUNCIATION 4-PLEX & 2 APTS IN REAR SQ 115 LOT 4 ANNUNCIATION FILE #83467 10/92 PART
Utilities
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
6
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Natashia Kennison
(504) 358-7011
Added: Aug 16, 2025
Changed: Aug 20
Last Checked: Sep 8 at 11:06AM
MLS# 2517222
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 New Orleans apartment property contains six units across two structures: a four-unit building toward the front of the parcel and a separate two-unit building behind it. The improvements total 3,068 square feet and were built in 1920, with shotgun-style design elements, an asphalt shingle roof, and a large backyard used as common outdoor space. Public water serves the property.
Located at 4318 Annunciation Street, the complex is near Tipitina’s, Rouses, Magazine Street restaurants and boutiques, the CBD, and Tulane, Loyola, and Xavier Universities. The property also sits along a parade route, placing it within an established New Orleans setting with access to nearby dining, retail, and institutional destinations.
Located at 4318 Annunciation Street, the complex is near Tipitina’s, Rouses, Magazine Street restaurants and boutiques, the CBD, and Tulane, Loyola, and Xavier Universities. The property also sits along a parade route, placing it within an established New Orleans setting with access to nearby dining, retail, and institutional destinations.
Key Highlights
- Six‑unit apartment property with a front fourplex and separate rear two‑unit building
- 3,068 square feet of property improvements on 0.0967 acres
- Built in 1920 with shotgun‑style design elements
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
$23,376
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
3.96%
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%
$467,520
$467.5K
Cap Rate 7%
$333,943
$333.9K
Cap Rate 9%
$259,733
$259.7K
Market Conditions
NOI Build-Up for 3,068 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
$46.8K $15.24/SF
− Vacancy
−$4.3K −$1.39/SF
EGI
$42.5K $13.85/SF
− OpEx
−$19.1K −$6.23/SF
NOI
$23.4K $7.62/SF
Area
ZIP 70115
Vacancy
9.10%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
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%
$467,520
Cap Rate 7%
$333,943
Cap Rate 9%
$259,733
Alternative Uses
Best Use
Apartment 5plus
$333.9K
$292.2K – $389.6K
NOI $23,376 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$809.4K
$708.3K – $944.3K
NOI $56,660 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,926
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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?
Apartment building - Historic shotgun-style units with a shared backyard, public water service, and a two-building configuration.
Where is this apartment building located?
The property is located at 4318 ANNUNCIATION Street New Orleans, LA.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Six‑unit apartment property with a front fourplex and separate rear two‑unit building; 3,068 square feet of property improvements on 0.0967 acres; Built in 1920 with shotgun‑style design elements
