Historic Duplex with Shared
For Sale
$299,000
1240 N VILLERE Street, New Orleans, LA 70116
Multi-Family, Camelback, New Orleans, LA
Property Size1,743 SF
Price / SF$171.54
Days on Market145
Property Features for 1240 N VILLERE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Balcony, Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Treme
Standard status
Active
APN
208104118
Size
1,743 SF
Taxes and HOA fees
Tax Description
SQS 172 173 LOT K N VILLERE 25X95
Legal Description
SQS 172 173 LOT K N VILLERE 25X95
Utilities
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
hardwood floors
soaring ceilings
open kitchen
stainless steel appliances
balcony
shared courtyard
Building Details
Year built
1863
Floors in Building
2
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Lane Washburn · License #0995697093
(504) 909-0824
Added: Apr 14
Changed: Aug 26
Last Checked: Sep 5 at 7:06AM
MLS# 2552386
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.
Investment Insights
Based on property information with market context.
Built in 1863, this 1,743-square-foot duplex is arranged as two units with a combined total of 3 bedrooms and 3 bathrooms. The front residence includes 2 bedrooms and 2 baths, while the rear unit provides 1 bedroom and 1 bath. Both units connect to a shared courtyard, and the property also includes a balcony, hardwood flooring, high ceilings, and an open kitchen equipped with stainless steel appliances. A newer shingle and asphalt roof is in place, with cooling provided by window units and central air.
The property is located in New Orleans’ Historic Treme near Esplanade Avenue, with the French Quarter and Bayou St. John described as just minutes away. Public water service supports the property, which also includes fencing and a flexible guest suite that can function as additional living or office space.
The property is located in New Orleans’ Historic Treme near Esplanade Avenue, with the French Quarter and Bayou St. John described as just minutes away. Public water service supports the property, which also includes fencing and a flexible guest suite that can function as additional living or office space.
Key Highlights
- 1,743 SF duplex built in 1863
- Two‑unit configuration with 3 bedrooms and 3 bathrooms
- Front unit offers 2 bedrooms and 2 baths; rear unit has 1 bedroom and 1 bath
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
$22,071
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
7.38%
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%
$441,420
$441.4K
Cap Rate 7%
$315,300
$315.3K
Cap Rate 9%
$245,233
$245.2K
Market Conditions
NOI Build-Up for 1,743 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
$34.5K $19.80/SF
− Vacancy
−$3.0K −$1.71/SF
EGI
$31.5K $18.09/SF
− OpEx
−$9.5K −$5.43/SF
NOI
$22.1K $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%
$441,420
Cap Rate 7%
$315,300
Cap Rate 9%
$245,233
Alternative Uses
Best Use
Multifamily LT 5
$315.3K
$275.9K – $367.9K
NOI $22,071 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$289.8K
$253.6K – $338.1K
NOI $20,286 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$443.0K
$387.6K – $516.9K
NOI $31,011 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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?
Duplex - Two configured units offer flexible living arrangements, a guest suite, balcony, and access to a fenced courtyard.
Where is this duplex located?
The property is located at 1240 N VILLERE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,743 SF duplex built in 1863; Two‑unit configuration with 3 bedrooms and 3 bathrooms; Front unit offers 2 bedrooms and 2 baths; rear unit has 1 bedroom and 1 bath
