Quadplex with Outdoor
For Sale
$475,000
514 Soraparu St, New Orleans, LA 70130
As-is four-unit property with additional backyard space beyond the chain-link gate.
Property Size2,806 SF
Price / SF$169.28
Days on Market51
Property Features for 514 Soraparu St
General Information
Standard status
Active
Size
2,806 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Homesmart Realty South
(470) 244-3256
Listed By:
Katrell Ambrose · License #370530
Source:
Fiorellaavenue
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 30 at 8:38PM
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 Homesmart Realty South
Investment Insights
Based on property information with market context.
This quadplex includes 6 bedrooms, 4 bathrooms, and approximately 2,806 square feet of living area. Built in 1920, the property is being offered in its current as-is condition and includes outdoor space extending beyond the chain-link gate.
The property is located on SORAPARU Street in New Orleans’ Irish Channel neighborhood, within the area bounded by Tchoupitoulas Street, Jackson Avenue, Magazine Street, Louisiana Avenue, and St. Charles Avenue. Restaurants, shopping, and neighborhood attractions are described as being within walking distance.
The property is located on SORAPARU Street in New Orleans’ Irish Channel neighborhood, within the area bounded by Tchoupitoulas Street, Jackson Avenue, Magazine Street, Louisiana Avenue, and St. Charles Avenue. Restaurants, shopping, and neighborhood attractions are described as being within walking distance.
Key Highlights
- Quadplex with 6 bedrooms and 4 bathrooms
- Approximately 2,806 living square feet
- Built in 1920
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
$35,531
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
7.48%
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%
$710,620
$710.6K
Cap Rate 7%
$507,586
$507.6K
Cap Rate 9%
$394,789
$394.8K
Market Conditions
NOI Build-Up for 2,806 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
$55.6K $19.80/SF
− Vacancy
−$4.8K −$1.71/SF
EGI
$50.8K $18.09/SF
− OpEx
−$15.2K −$5.43/SF
NOI
$35.5K $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%
$710,620
Cap Rate 7%
$507,586
Cap Rate 9%
$394,789
Alternative Uses
Best Use
Multifamily LT 5
$507.6K
$444.1K – $592.2K
NOI $35,531 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$466.6K
$408.2K – $544.3K
NOI $32,659 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$713.2K
$624.0K – $832.1K
NOI $49,923 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,393
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 - As-is four-unit property with additional backyard space beyond the chain-link gate.
Where is this quadplex located?
The property is located at 514 Soraparu 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: Quadplex with 6 bedrooms and 4 bathrooms; Approximately 2,806 living square feet; Built in 1920
