Updated Duplex with Covered
For Sale
$525,000
Pending
3315 CONSTANCE Street, New Orleans, LA 70115
Multi-Family, Cottage, New Orleans, LA
Property Size1,763 SF
Lot Size0.08 Acres
Days on Market49
Property Features for 3315 CONSTANCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Irish Channel
Standard status
Pending
APN
216
Size
1,763 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
1. SQ 216 LOT B-1 CONSTANCE 2. 27X127 3. 3315-17 CONSTANCE ST 4. DU-W 5. FILE #95243 2/09 QUIT
Legal Description
1. SQ 216 LOT B-1 CONSTANCE 2. 27X127 3. 3315-17 CONSTANCE ST 4. DU-W 5. FILE #95243 2/09 QUIT
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
gated yard
laundry facilities
rear yard
Building Details
Year built
1900
Floors in Building
1
Number of units
2
Architectural style
Cottage
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Sarah Martzolf · License #37928
(504) 261-5654
Added: Aug 10
Changed: Sep 21
Last Checked: Sep 27 at 6:06PM
MLS# 2571053
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 duplex combines a larger two-bedroom residence with an attached one-bedroom apartment, creating flexible space for owner occupancy, guest use, or rental income. The primary residence includes vaulted ceilings, heart pine flooring, spacious living and dining areas, solid wood cabinetry, and stainless appliances. The secondary unit has its own side entrance and full kitchen. Each residence includes separate laundry facilities, and the sale includes the washers, dryers, and kitchen appliances.
The property occupies a 30 x 120 lot with a covered front porch, gated and fenced outdoor areas, low-maintenance rear pavers, and landscaping. Both units have rear-yard access. Improvements include a recently painted exterior, HVAC system updates, updated lighting, and appliance updates. Public water serves the property, with central heating and central air.
The property occupies a 30 x 120 lot with a covered front porch, gated and fenced outdoor areas, low-maintenance rear pavers, and landscaping. Both units have rear-yard access. Improvements include a recently painted exterior, HVAC system updates, updated lighting, and appliance updates. Public water serves the property, with central heating and central air.
Key Highlights
- Two attached residences: 1,266 SF two‑bedroom unit and 497 SF one‑bedroom unit
- 30 x 120 lot with fenced rear yard, gated access, pavers, and landscaping
- Both units include separate laundry facilities and rear‑yard 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
$15,153
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
2.89%
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%
$303,060
$303.1K
Cap Rate 7%
$216,471
$216.5K
Cap Rate 9%
$168,367
$168.4K
Market Conditions
NOI Build-Up for 1,763 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
$23.7K $13.44/SF
− Vacancy
−$2.0K −$1.16/SF
EGI
$21.6K $12.28/SF
− OpEx
−$6.5K −$3.68/SF
NOI
$15.2K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$303,060
Cap Rate 7%
$216,471
Cap Rate 9%
$168,367
Alternative Uses
Best Use
Multifamily LT 5
$216.5K
$189.4K – $252.6K
NOI $15,153 @ 7.0% cap · market cap 2.89%
Second Best
Apartment 5plus
$191.9K
$167.9K – $223.9K
NOI $13,433 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$465.1K
$407.0K – $542.7K
NOI $32,559 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,486
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 - Two attached residences offer separate entrances, kitchens, laundry facilities, and access to a fenced rear yard.
Where is this duplex located?
The property is located at 3315 CONSTANCE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two attached residences: 1,266 SF two‑bedroom unit and 497 SF one‑bedroom unit; 30 x 120 lot with fenced rear yard, gated access, pavers, and landscaping; Both units include separate laundry facilities and rear‑yard access
