Victorian Duplex with
For Sale
$375,000
Pending
1720-1724 PHILIP Street, New Orleans, LA 70113
Multi-Family, Victorian, New Orleans, LA
Property Size1,712 SF
Days on Market43
Property Features for 1720-1724 PHILIP Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Exterior features
Balcony, Courtyard
Lot features
Regular
Standard status
Pending
APN
1720-PHILIPST
Size
1,712 SF
Taxes and HOA fees
Tax Description
SQ 244 LOT B PHILIP ST 25X62 = 1550 SQ FT
Legal Description
SQ 244 LOT B PHILIP ST 25X62 = 1550 SQ FT
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
private shaded courtyard with storage shed
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Slate
Architectural style
Victorian
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Nathalie Dubois · License #995703042
(504) 610-0679
Added: Jul 27
Changed: Aug 27
Last Checked: Sep 7 at 4:06PM
MLS# 2570598
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.
This Victorian duplex bundle includes a 1,712-square-foot house at 1720 Philip Street and the vacant lot at 1724 Philip Street. Built in 1900, the residence includes two kitchens, two fireplaces, and two laundry rooms, along with a balcony and a private courtyard. A storage shed and access to the second floor add to the property’s physical features.
The property provides off-street parking and is served by public water, central heating, and central air. The slate roof and courtyard are additional existing improvements. The house and adjoining vacant parcel are being offered together, creating a combined residential property configuration on Philip Street.
The property provides off-street parking and is served by public water, central heating, and central air. The slate roof and courtyard are additional existing improvements. The house and adjoining vacant parcel are being offered together, creating a combined residential property configuration on Philip Street.
Key Highlights
- 1,712‑square‑foot Victorian duplex house with adjoining vacant lot
- Two kitchens, two fireplaces, and two laundry rooms
- Private courtyard with storage shed and second‑floor access
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
$21,678
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
5.78%
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%
$433,560
$433.6K
Cap Rate 7%
$309,686
$309.7K
Cap Rate 9%
$240,867
$240.9K
Market Conditions
NOI Build-Up for 1,712 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
$33.9K $19.80/SF
− Vacancy
−$2.9K −$1.71/SF
EGI
$31.0K $18.09/SF
− OpEx
−$9.3K −$5.43/SF
NOI
$21.7K $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%
$433,560
Cap Rate 7%
$309,686
Cap Rate 9%
$240,867
Alternative Uses
Best Use
Multifamily LT 5
$309.7K
$271.0K – $361.3K
NOI $21,678 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$284.7K
$249.1K – $332.1K
NOI $19,926 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$435.1K
$380.7K – $507.7K
NOI $30,459 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,734
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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 kitchens and two laundry rooms support a flexible residential layout.
Where is this duplex located?
The property is located at 1720-1724 PHILIP Street New Orleans, LA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,712‑square‑foot Victorian duplex house with adjoining vacant lot; Two kitchens, two fireplaces, and two laundry rooms; Private courtyard with storage shed and second‑floor access
