Brick Multifamily
For Sale
$350,000
6205-07 Wainwright Dr, New Orleans, LA 70122
Brick construction with wood floors, a fenced yard, patio, and a comfortable residential layout.
Property Size2,377 SF
Price / SF$147.24
Days on Market15
Property Features for 6205-07 Wainwright Dr
General Information
Standard status
Active
Size
2,377 SF
Property subtype
Multi-Family
Amenities
ceiling fans
large windows
wood floors
tiled counters and backsplash
white appliances
concrete patio
fencing
exterior stairs
Building Details
Year Built
1950
Construction
brick
Listing Agency:
Crescent Sotheby's International Realty
(504) 944-3605
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 19
Changed: Sep 2
Last Checked: Sep 2 at 5:07PM
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 Crescent Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1950, this 2,377-square-foot multifamily property combines brick construction with an established residential setting. Wood flooring extends through the living areas and bedrooms, while large windows provide natural light and ceiling fans support everyday comfort. The living and dining areas connect as a shared gathering space.
The kitchen includes wood cabinetry, tiled counters and backsplash, ample storage, and white appliances. The bathroom features tile flooring and a tiled tub and shower surround with a decorative accent. Exterior amenities include a grassy yard with fencing along much of the perimeter, a concrete patio, and exterior stairs. The property is located at 6205-07 Wainwright Dr in New Orleans, Louisiana 70122.
The kitchen includes wood cabinetry, tiled counters and backsplash, ample storage, and white appliances. The bathroom features tile flooring and a tiled tub and shower surround with a decorative accent. Exterior amenities include a grassy yard with fencing along much of the perimeter, a concrete patio, and exterior stairs. The property is located at 6205-07 Wainwright Dr in New Orleans, Louisiana 70122.
Key Highlights
- 2,377‑square‑foot multifamily property built in 1950
- Brick exterior with wood flooring throughout living areas and bedrooms
- Kitchen includes wood cabinetry, tiled counters, backsplash, and white appliances
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
$21,391
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
6.11%
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%
$427,820
$427.8K
Cap Rate 7%
$305,586
$305.6K
Cap Rate 9%
$237,678
$237.7K
Market Conditions
NOI Build-Up for 2,377 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
$42.8K $18.00/SF
− Vacancy
−$3.9K −$1.64/SF
EGI
$38.9K $16.36/SF
− OpEx
−$17.5K −$7.36/SF
NOI
$21.4K $9.00/SF
Area
ZIP 70122
Vacancy
9.10%
Lease Rate
$18.00 /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%
$427,820
Cap Rate 7%
$305,586
Cap Rate 9%
$237,678
Alternative Uses
Best Use
Apartment 5plus
$305.6K
$267.4K – $356.5K
NOI $21,391 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.0K
$544.2K – $725.7K
NOI $43,539 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
444
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Brick construction with wood floors, a fenced yard, patio, and a comfortable residential layout.
Where is this multifamily property located?
The property is located at 6205-07 Wainwright Dr New Orleans, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,377‑square‑foot multifamily property built in 1950; Brick exterior with wood flooring throughout living areas and bedrooms; Kitchen includes wood cabinetry, tiled counters, backsplash, and white appliances
