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    Multi-Family Cottage with Rear Apartment Title is generated by Realmo AI

    5509 WEST END Boulevard, New Orleans, LA 70124

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    For Sale
    $389,000

    MULTI_FAMILY - New Orleans, LA

    Property size:
    2,352 SF
    Price / SF:
    $165/SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 5509 WEST END Boulevard

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Off Street
    Standard status
    Active
    APN
    5509WestEnd
    Size
    2,352 SF

    Taxes and HOA fees

    Tax Description
    SQ 429 LOT 26-A

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1950
    Floors in Building
    1
    Number of units
    1
    Roof type
    Shingle
    Architectural style
    Cottage

    We can help!

    Listing Contact
    David Claus
    David Claus

    Listing agent David Claus License #S23686

    Listing office Century 21 J. Carter & Company 3540 S I-10 Service Rd W, Metairie, LA

    Listing date Jun 2, 2026

    MLS# 2561075 Listing URL

    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.

    HighLights

    • Main home: 1,524 sq ft with 3 bedrooms and 2 baths
    • Separate rear apartment with its own washer/dryer (flexible for rental, in‑law suite, or home office)
    • Each unit includes washer/dryer plus off‑street parking for both units
    • Updated kitchen; wood floors in living areas and bedrooms, with tile in the kitchen and baths
    • Central heating and central air; shingle roof; public water
    • Previous rental history: front unit $2,300/month; rear unit $1,175/month

    Overview

    Inviting Lakeview cottage-style property with a main home plus a separate rear apartment, offering flexible living and leasing configurations. The main residence includes 1,524 square feet with three bedrooms and two baths, wood flooring throughout the living areas and bedrooms, and tile in the kitchen and baths. The kitchen is updated and receives plenty of natural light. A separate rear apartment adds additional versatility as a rental, in-law suite, or home office, with each unit having its own washer/dryer. Outside, the backyard includes a deck/patio area for relaxing or entertaining, and off-street parking is available for both units.

    Set in the Navarre neighborhood of New Orleans, the property is positioned near City Park and close to Lakeview shops and dining. Access to I-10 is also convenient, supporting easy commutes and everyday errands.

    For investors, the layout provides two independent units that can help support income generation, with prior rental history available. For owner-occupants, the configuration allows you to live in the main home while using the rear apartment to offset expenses or adapt it for extended family or a dedicated work-from-home space. Off-street parking and in-unit laundry add practical day-to-day value for either tenant type.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $54.8k $23.28
    − Vacancy −$5.0k −$2.12
    EGI $49.8k $21.16
    − OpEx −$22.4k −$9.52
    NOI $27.4k $11.64
    2,352 SF · lease $23.28/SF/yr · vacancy 9.10% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $391.1K
    $342.2K – $456.3K (±1% cap)
    NOI $27,375 @ 7.0% cap · market cap 7.04%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $597.8K
    $523.1K – $697.4K (±1% cap)
    NOI $41,846 @ 7.0% cap · market cap 10.76%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.115441
    Latitude
    29.990449

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    FAQs

    What type of property is this?
    Single family property - Two separate units with in-home laundry, updated interior finishes, and off-street parking create flexible rental or owner-occupant options.
    Where is this single family property located?
    The property is located at 5509 WEST END Boulevard New Orleans, LA.
    What is the asking price?
    The asking price for this property is $389,000.
    What are key features of this property?
    This property features: Main home: 1,524 sq ft with 3 bedrooms and 2 baths; Separate rear apartment with its own washer/dryer (flexible for rental, in‑law suite, or home office); Each unit includes washer/dryer plus off‑street parking for both units
    (504) 810-2825
    We can help!
    Listing Contact
    David Claus
    David Claus
    Real Estate License ID: S23686
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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