Multifamily Properties with Covered Outdoor
For Sale
$120,000
611 E Park Avenue, Hammond, LA 70403
Two residential properties with multiple living spaces, mature trees, and repair needs suited to a renovation project.
Property Size864 SF
Days on Market19
Property Features for 611 E Park Avenue
General Information
Standard status
Active
Size
864 SF
Property subtype
Multi Family Home
Property Condition
Severity
Repairs Needed
Evidence
in need of repairs and updating
Amenities
ceiling fans
covered patio and porch
mature trees
grassy yard areas
Building Details
Building Size
864 SF
Year Built
1959
Buildings
2
Stories
1
Listing Agency:
Keller Williams Realty Services
(985) 237-0712
Listed By:
Louis Williams · License #000073679
(985) 237-0712
Source:
Nolalivingrealty
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 31 at 5:09PM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
This offering includes two residential properties with multiple living spaces and functional interior layouts. The homes feature spacious living areas, abundant windows, ceiling fans, closets, mixed flooring, and kitchens with ample cabinet and counter space, double-basin sinks, and backsplash details. Bathrooms include tub-and-shower combinations with vanity storage.
Exterior features include mature trees, grassy yard areas, covered patio space, and covered porches. Built in 1959, the properties require repairs and updating, allowing the next owner to renovate the interiors and exterior areas according to their plans.
Exterior features include mature trees, grassy yard areas, covered patio space, and covered porches. Built in 1959, the properties require repairs and updating, allowing the next owner to renovate the interiors and exterior areas according to their plans.
Key Highlights
- Two multifamily properties offered together
- Built in 1959
- Multiple living spaces with functional layouts
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
$5,650
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
4.71%
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%
$113,000
$113.0K
Cap Rate 7%
$80,714
$80.7K
Cap Rate 9%
$62,778
$62.8K
Market Conditions
NOI Build-Up for 864 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
$11.3K $13.08/SF
− Vacancy
−$1.0K −$1.19/SF
EGI
$10.3K $11.89/SF
− OpEx
−$4.6K −$5.35/SF
NOI
$5.6K $6.54/SF
Area
Tangipahoa County, LA
Vacancy
9.10%
Lease Rate
$13.08 /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%
$113,000
Cap Rate 7%
$80,714
Cap Rate 9%
$62,778
Alternative Uses
Best Use
Apartment 5plus
$80.7K
$70.6K – $94.2K
NOI $5,650 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$238.2K
$208.4K – $277.9K
NOI $16,672 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 70403, LA
29,737
Population
13,577
Households
2.2
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
42.3 sq mi
ZIP Area
703
Density / Sq Mi
$50,547
Median Household Income
$32,603
Median Earnings
$992
Median Rent
$207,600
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?
Multifamily property - Two residential properties with multiple living spaces, mature trees, and repair needs suited to a renovation project.
Where is this multifamily property located?
The property is located at 611 E Park Avenue Hammond, LA.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Two multifamily properties offered together; Built in 1959; Multiple living spaces with functional layouts
