Creole Cottage
For Sale
$275,000
1639 41 N VILLERE Street, New Orleans, LA 70116
New Orleans, LA
Property Size1,842 SF
Lot Size0.09 Acres
Price / SF$149.29
Days on Market53
Property Features for 1639 41 N VILLERE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 7, Bedroom 8, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 6, Bedroom 5
Standard status
Active
Size
1,842 SF
Lot size
0.09 Acres
Building Details
Year built
1940
Listing Agency:
Engel & Volkers New Orleans · Engel & Völkers
(504) 234-5000
Listed By:
Richard Hebert · License #995701126
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 29 at 4:06AM
MLS# 2566018
Copyright © 2026 Engel & Völkers. 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.
This 1940 duplex includes two self-contained residences with matching layouts. Each side measures about 921 square feet and provides four bedrooms and one bathroom, creating 1,842 square feet of total building area. The configuration can remain as two rental units or be reworked into a larger single-family residence, with renovation plans allowing for either a full or partial update.
The property occupies a 32' X 128' lot at 1639-41 N. Villere Street in New Orleans’ Seventh Ward. The French Quarter, Marigny, Bywater, Esplanade Ridge, and Bayou St. John are all described as nearby, while I-10 provides regional access. Neighborhood destinations and the Lafitte Greenway are also within the surrounding area.
The property occupies a 32' X 128' lot at 1639-41 N. Villere Street in New Orleans’ Seventh Ward. The French Quarter, Marigny, Bywater, Esplanade Ridge, and Bayou St. John are all described as nearby, while I-10 provides regional access. Neighborhood destinations and the Lafitte Greenway are also within the surrounding area.
Key Highlights
- Two independent units, each with 4 bedrooms and 1 bathroom
- 1,842 square feet total; approximately 921 square feet per side
- 32' X 128' lot at 1639‑41 N. Villere Street
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
$23,324
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
8.48%
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%
$466,480
$466.5K
Cap Rate 7%
$333,200
$333.2K
Cap Rate 9%
$259,156
$259.2K
Market Conditions
NOI Build-Up for 1,842 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
$36.5K $19.80/SF
− Vacancy
−$3.2K −$1.71/SF
EGI
$33.3K $18.09/SF
− OpEx
−$10.0K −$5.43/SF
NOI
$23.3K $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%
$466,480
Cap Rate 7%
$333,200
Cap Rate 9%
$259,156
Alternative Uses
Best Use
Multifamily LT 5
$333.2K
$291.6K – $388.7K
NOI $23,324 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$306.3K
$268.0K – $357.3K
NOI $21,439 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$468.2K
$409.7K – $546.2K
NOI $32,772 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,707
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 separate residences support continued rental use or combination into one single-family home.
Where is this duplex located?
The property is located at 1639 41 N VILLERE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two independent units, each with 4 bedrooms and 1 bathroom; 1,842 square feet total; approximately 921 square feet per side; 32' X 128' lot at 1639‑41 N. Villere Street
