Duplex with Ground-Floor
New
For Sale
$699,000
4674 FRANKLIN Avenue, New Orleans, LA 70122
Multi-Family, Raised Basement, New Orleans, LA
Property Size3,480 SF
Lot Size0.29 Acres
Price / SF$200.86
Days on Market6
Property Features for 4674 FRANKLIN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Carport, Garage
Patio and Porch features
Porch, Patio
Exterior features
Balcony, Fence, Outdoor Entertainment Area Beyond Your Average Patio, Outdoor Kitchen, Porch
Fencing
Fenced
Subdivision
Gentilly Terrace
Lot features
Corner, Oversized
Standard status
Active
APN
38W402307
Size
3,480 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
GENTILLY TERRACE SQ 21 LOTS 21 THRU 24 FRANKLIN AVE AND CARNOT ST 100 X 128 4674-76 FRANKLIN AVE
Legal Description
GENTILLY TERRACE SQ 21 LOTS 21 THRU 24 FRANKLIN AVE AND CARNOT ST 100 X 128 4674-76 FRANKLIN AVE
Utilities
Heating system
Ductless (Heating), Central, Other (Heating)
Cooling system
Wall Unit(s), Ductless, Central Air
Water source
Public
Amenities
sunroom
outdoor kitchen
workshop
covered patio
fireplace
laundry room
walk-in closet
stainless steel appliances
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Additional Structures
Outdoor Kitchen
Listing Agency:
Crane Realtors
(504) 210-2014
Listed By:
Aaron Dare · License #995681183
(504) 899-8666
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 5 at 7:06AM
MLS# 2579161
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 3,480-square-foot duplex pairs an upper-level main residence with a ground-floor apartment featuring three bedrooms and one full bathroom. The home includes original pine floors, 10-foot ceilings, French doors, a sunroom, and a kitchen with limestone counters and stainless steel appliances. The 100' x 128' double corner lot also holds a 446-square-foot workshop and a 572-square-foot, two-car garage. Outdoor features include a covered kitchen, patio, lawn, and landscaped gardens; the property is wired and plumbed for a future pool.
The ground-floor apartment has a front patio entry and a separate side entrance on Carnot Street. Parking includes a gated breezeway/carport and a parking pad. The property is in an X flood zone. Electrical service was replaced in 2011, the main-house roof was replaced four years ago, and roofs over the garage/workshop, outdoor kitchen, and breezeway were replaced six years ago. Other features include central HVAC, mini-split systems, attic spray foam, and drainage improvements.
The ground-floor apartment has a front patio entry and a separate side entrance on Carnot Street. Parking includes a gated breezeway/carport and a parking pad. The property is in an X flood zone. Electrical service was replaced in 2011, the main-house roof was replaced four years ago, and roofs over the garage/workshop, outdoor kitchen, and breezeway were replaced six years ago. Other features include central HVAC, mini-split systems, attic spray foam, and drainage improvements.
Key Highlights
- 3,480‑square‑foot duplex with an upper‑level main residence and a ground‑floor apartment
- Ground‑floor apartment has three bedrooms, one full bathroom, and separate front and side entrances
- 100' x 128' double corner lot with covered outdoor kitchen, lawn, gardens, and pool connections
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
$36,054
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
5.16%
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%
$721,080
$721.1K
Cap Rate 7%
$515,057
$515.1K
Cap Rate 9%
$400,600
$400.6K
Market Conditions
NOI Build-Up for 3,480 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
$56.4K $16.20/SF
− Vacancy
−$4.9K −$1.40/SF
EGI
$51.5K $14.80/SF
− OpEx
−$15.5K −$4.44/SF
NOI
$36.1K $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%
$721,080
Cap Rate 7%
$515,057
Cap Rate 9%
$400,600
Alternative Uses
Best Use
Multifamily LT 5
$515.1K
$450.7K – $600.9K
NOI $36,054 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$447.4K
$391.5K – $522.0K
NOI $31,317 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$910.6K
$796.8K – $1.06M
NOI $63,742 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
627
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - A separate three-bedroom apartment and multiple outdoor amenities complement the home’s upper-level living space.
Where is this duplex located?
The property is located at 4674 FRANKLIN Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,480‑square‑foot duplex with an upper‑level main residence and a ground‑floor apartment; Ground‑floor apartment has three bedrooms, one full bathroom, and separate front and side entrances; 100' x 128' double corner lot with covered outdoor kitchen, lawn, gardens, and pool connections
