Updated Fourplex with Fenced
For Sale
$515,000
621 Alvar St, New Orleans, LA 70117
Fully occupied four-unit property with separately metered electric and gas service.
Property Size3,095 SF
Price / SF$166.40
Days on Market32
Property Features for 621 Alvar St
General Information
Standard status
Active
Size
3,095 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Amenities
fenced-in backyard
Building Details
Year Built
1925
Listing Agency:
FQR Realtors
(504) 603-6577
Listed By:
Jacob Freedman · License #995703560
Source:
Fiorellaavenue
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 30 at 8:37PM
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 FQR Realtors
Investment Insights
Based on property information with market context.
Built in 1925, this fourplex contains 3,095 square feet and is fully occupied by paying tenants. The property includes four tankless hot water heaters, hardy plank siding, and a fortified roof installed around February 2024. Electric and gas are separately metered, while the owner pays for water.
The property is located at 621 Alvar St in New Orleans’ Bywater area and includes a large fenced backyard. A gutted rear shed is also present. The property is designated Flood Zone X, and showings require advance notice.
The property is located at 621 Alvar St in New Orleans’ Bywater area and includes a large fenced backyard. A gutted rear shed is also present. The property is designated Flood Zone X, and showings require advance notice.
Key Highlights
- Fourplex with 3,095 square feet, built in 1925
- Fully occupied with paying tenants who would like to remain
- Fortified roof installed around February 2024
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
$39,190
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
7.61%
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%
$783,800
$783.8K
Cap Rate 7%
$559,857
$559.9K
Cap Rate 9%
$435,444
$435.4K
Market Conditions
NOI Build-Up for 3,095 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
$61.3K $19.80/SF
− Vacancy
−$5.3K −$1.71/SF
EGI
$56.0K $18.09/SF
− OpEx
−$16.8K −$5.43/SF
NOI
$39.2K $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%
$783,800
Cap Rate 7%
$559,857
Cap Rate 9%
$435,444
Alternative Uses
Best Use
Multifamily LT 5
$559.9K
$489.9K – $653.2K
NOI $39,190 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$514.6K
$450.3K – $600.4K
NOI $36,022 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$786.6K
$688.3K – $917.8K
NOI $55,065 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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?
Quadplex - Fully occupied four-unit property with separately metered electric and gas service.
Where is this quadplex located?
The property is located at 621 Alvar St New Orleans, LA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Fourplex with 3,095 square feet, built in 1925; Fully occupied with paying tenants who would like to remain; Fortified roof installed around February 2024
