Victorian Duplex with
New
For Sale
$845,000
2848 GRAND ROUTE SAINT JOHN Street, New Orleans, LA 70119
Multi-Family, Victorian, New Orleans, LA
Property Size2,270 SF
Price / SF$372.25
Days on Market7
Property Features for 2848 GRAND ROUTE SAINT JOHN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Balcony, Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Bayou Saint John
Standard status
Active
APN
17
Size
2,270 SF
Taxes and HOA fees
Tax Description
SQ 1528 LOT A OR PT 17 GRAND RTE ST JOHN 33 X 125 DBLE/FR 13/RMS C/R 2848-50 GRAND RTE ST JOHN ST
Legal Description
SQ 1528 LOT A OR PT 17 GRAND RTE ST JOHN 33 X 125 DBLE/FR 13/RMS C/R 2848-50 GRAND RTE ST JOHN ST
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
elevated deck
security system
Building Details
Year built
1905
Floors in Building
1
Number of units
2
Roof type
Asphalt, Shingle
Architectural style
Victorian
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Sarah Martzolf · License #37928
(504) 261-5654
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 27 at 5:06PM
MLS# 2577472
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 1905, this Victorian duplex pairs an 1,802-square-foot main residence with a 468-square-foot attached apartment. The primary home includes two bedrooms, two bathrooms, a home office, double parlors, and a remodeled kitchen equipped with a 36-inch La Cornue range, Thermador refrigerator/freezer, dishwasher, beverage center, and Bosch speed oven. The apartment has its own entrance, one bedroom, one bathroom, kitchen appliances, and washer and dryer. It may also be reconnected to the main residence.
Architectural character remains throughout, including refinished wood floors, custom window treatments, designer lighting, and original details. The property has public water, central heating and air conditioning, an asphalt shingle roof, fencing, low-maintenance turf, an elevated deck rebuilt in 2025, and a security system with closed-circuit cameras. The roof was replaced in 2022, while HVAC systems were replaced in 2026 and 2022.
Located at 2848 Grand Route Saint John Street in New Orleans, the home is near Bayou St. John, the Fair Grounds, Jazz Fest, and the restaurants and services along Esplanade Avenue.
Architectural character remains throughout, including refinished wood floors, custom window treatments, designer lighting, and original details. The property has public water, central heating and air conditioning, an asphalt shingle roof, fencing, low-maintenance turf, an elevated deck rebuilt in 2025, and a security system with closed-circuit cameras. The roof was replaced in 2022, while HVAC systems were replaced in 2026 and 2022.
Located at 2848 Grand Route Saint John Street in New Orleans, the home is near Bayou St. John, the Fair Grounds, Jazz Fest, and the restaurants and services along Esplanade Avenue.
Key Highlights
- 2,270 SF under roof with 1,802 SF main residence and 468 SF attached apartment
- Main residence includes 2 bedrooms, 2 baths, and a home office
- Apartment offers a separate entrance, 1 bedroom, 1 bathroom, kitchen, and washer & dryer
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
$28,744
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
3.40%
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%
$574,880
$574.9K
Cap Rate 7%
$410,629
$410.6K
Cap Rate 9%
$319,378
$319.4K
Market Conditions
NOI Build-Up for 2,270 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
$44.9K $19.80/SF
− Vacancy
−$3.9K −$1.71/SF
EGI
$41.1K $18.09/SF
− OpEx
−$12.3K −$5.43/SF
NOI
$28.7K $12.66/SF
Area
ZIP 70119
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%
$574,880
Cap Rate 7%
$410,629
Cap Rate 9%
$319,378
Alternative Uses
Best Use
Multifamily LT 5
$410.6K
$359.3K – $479.1K
NOI $28,744 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$594.0K
$519.7K – $693.0K
NOI $41,579 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-bedroom Victorian residence with a separately entered one-bedroom apartment and updated kitchens, baths, and systems.
Where is this duplex located?
The property is located at 2848 GRAND ROUTE SAINT JOHN Street New Orleans, LA.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: 2,270 SF under roof with 1,802 SF main residence and 468 SF attached apartment; Main residence includes 2 bedrooms, 2 baths, and a home office; Apartment offers a separate entrance, 1 bedroom, 1 bathroom, kitchen, and washer & dryer
