Turnkey Corner-Lot
2536-2538 STATE Street New Orleans, LA 70118
2536-2538 STATE Street, New Orleans, LA, 70118
$494,000
For Sale
$494,000
MULTI_FAMILY - New Orleans, LA
Property Size1,940 SF
Lot Size0.11 Acres
Price / SF$254.64
Days on Market114
Property Features for 2536-2538 STATE Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Driveway, Off Street
- Patio and Porch features
- Porch
- Exterior features
- Fence, Porch
- Fencing
- Fenced
- Standard status
- Active
- APN
- 615115117
- Size
- 1,940 SF
- Lot size
- 0.11 Acres
Taxes and HOA fees
- Tax Description
- BLOOMINGDALE SQ UPPERSIDE STATE LOT A STATE AND DELORD 69X68 2536-38 STATE DU-W FILE #88496 12/04
Utilities
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1942
- Floors in Building
- 1
- Number of units
- 2
- Roof type
- Shingle
- Architectural style
- Other
Listing Agency
McEnery Residential, LLC
(504) 605-4400
4901 Magazine Street, New Orleans, LA
Listed by
Lauren Chiu · License #995712310
(504) 605-4400
Added: Mar 26 Checked: Jul 17 at 8:06 am
MLS# 2546806
Listing URL
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 turnkey duplex includes two residential units configured with 2 private bedrooms and 1 full bath each. Both units feature in-unit laundry and central HVAC, supporting comfortable, independent living. Off-street parking is available via separate driveways for each side. The left unit also includes a fenced yard plus storage/garage space, adding practical outdoor and storage utility.
The property is situated on a corner lot across from Ursuline and is surrounded by well-kept single-family homes. It is located about three blocks from Tulane University, placing it in a residential corridor with established surrounding uses.
The layout and separate access points make this duplex workable for multiple ownership and operating approaches, including an owner-occupant scenario or a buy-and-hold rental strategy. With two complete, self-contained units, it can support leasing flexibility while retaining consistent unit amenities such as in-unit laundry and central HVAC. Off-street parking and the additional fenced yard/storage elements on the left side provide tenant-friendly features that can help differentiate the living experience within the duplex format.
The property is situated on a corner lot across from Ursuline and is surrounded by well-kept single-family homes. It is located about three blocks from Tulane University, placing it in a residential corridor with established surrounding uses.
The layout and separate access points make this duplex workable for multiple ownership and operating approaches, including an owner-occupant scenario or a buy-and-hold rental strategy. With two complete, self-contained units, it can support leasing flexibility while retaining consistent unit amenities such as in-unit laundry and central HVAC. Off-street parking and the additional fenced yard/storage elements on the left side provide tenant-friendly features that can help differentiate the living experience within the duplex format.
Key Highlights
- Turnkey double on a corner lot, built in 1942
- Each unit has 2 private bedrooms and 1 full bath with in‑unit laundry
- Central HVAC and central air in both units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.4k | $19.80 |
| − Vacancy | −$3.3k | −$1.71 |
| EGI | $35.1k | $18.09 |
| − OpEx | −$10.5k | −$5.43 |
| NOI | $24.6k | $12.66 |
1,940 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$350.9K
$307.1K – $409.4K
NOI $24,565 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$322.6K
$282.2K – $376.3K
NOI $22,579 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$493.1K
$431.5K – $575.3K
NOI $34,516 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two 2-bedroom, 1-bath units with in-unit laundry, central HVAC, and separate driveways provide a straightforward residential income setup.
Where is this duplex located?
The property is located at 2536-2538 STATE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Turnkey double on a corner lot, built in 1942; Each unit has 2 private bedrooms and 1 full bath with in‑unit laundry; Central HVAC and central air in both units
