131 Butcher St — Multifamily CMA & List-Price Calculator
Subject property — 131 Butcher St (edit anything)
Rent roll & operating assumptions (Income Approach inputs)
Comparable multifamily database — trailing 12 months
| Use | Address | Zip | Type | Units | SqFt | Status | Price | $/Unit | $/SqFt | Ann. Inc. | GRM | Cond/Age |
|---|
Sales-Comparison Approach
| Closed comp | Raw $/unit | Adj | Adj $/unit | Raw $/sf | Adj $/sf |
|---|
Income Approach
Reconciliation → indicated value & list-price range
Methodology & Lafayette market notes (read me)
Why this isn't a single-family $/sqft model. 131 Butcher is a 4-unit income property. Investors buy the cash flow, so the valuation leans on the Income Approach (cap rate + GRM) reconciled with price-per-unit sales evidence; $/sqft is only a secondary check because unit count and unit size vary widely across the comps (1,355–3,800 sf; 2–4 units).
Closed sales drive value. The four trailing-12-month closed multifamily sales set the floor and ceiling: 617 E Vermilion $130k (unfinished shell, no HVAC — distressed floor, ~$56/sf, $65k/unit), 306 Calder $210k (76+ yr fixer triplex, $70k/unit, ~$126/sf), 104-108 Howard $275k (renovated duplex, ~$131/sf, ~$138/unit before ~$12k concessions), and 700 S St Antoine $260k (4–5 yr new-build duplex, $176/sf, $130k/unit). The subject — older but brick, individually metered, UL/Oil Center location, average condition — sits between the fixer and renovated tiers on a per-unit basis.
Active & expired comps frame the asking ceiling. 510 Madison (a directly comparable downtown quadruplex) expired unsold at $295k / $102 sf / ~$74k per unit — a caution that older 4-plex product can sit when priced at the top. Active renovated/STR listings (103 S Southlawn $799k, 510 General Mouton $445k new-build Airbnb) are aspirational and condition/age-superior; they are excluded from the per-unit average by default but shown for context.
Location nuance. 70503 (Oil Center / UL corridor, where the subject sits) and 70506 (Saint Streets) command the strongest rents and exit values; 70501 ranges from solid (Saint-Streets-adjacent) to softer in the downtown/Freetown core. The location-tier adjustment normalizes each comp's zip toward the subject's 70503 tier.
Concessions & condition. 104-108 Howard carried $7,000 closing + $5,000 improvement seller concessions — its effective price is adjusted down ~$12k. New-construction comps (St Antoine, Gen. Mouton) get an age/quality discount before being compared to a ~48-year-old building.
Unit-count adjustment. Most closed comps are duplexes, which trade at a higher price per unit than a 4-plex because they draw owner-occupant as well as investor demand. Each comp's $/unit is marked ~5% per unit toward the subject's 4-unit count, so duplex evidence isn't blindly stretched across four doors. This is the same gravity that left the directly-comparable 510 Madison quadruplex unsold at $295k.
How to use it. Set the four unit rents to today's achievable market rent (UL-area 2BR/1BA units currently ~$800–1,000), confirm the expense ratio and cap rate, then read the reconciled value and the list-price band. Everything is live — change any blue input and every figure updates.
Not an appraisal. A broker price opinion / CMA for list-pricing strategy. Data deemed reliable from MLS (FBS) comp sheets supplied; verify rents, square footage and flood status before listing.