Historic Duplex
For Sale
$385,000
3655 TCHOUPITOULAS Street, New Orleans, LA 70115
Multi-Family, Cottage, New Orleans, LA
Property Size1,314 SF
Lot Size0.09 Acres
Price / SF$292
Days on Market35
Property Features for 3655 TCHOUPITOULAS 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
East Riverside
Standard status
Active
APN
614102808
Size
1,314 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
SQ 107 LOT O TCHOUPITOULAS 27 X 139/145 3655-57 TCHOUPITOULAS DU-W FILE #73607 11/95 SALI
Legal Description
SQ 107 LOT O TCHOUPITOULAS 27 X 139/145 3655-57 TCHOUPITOULAS DU-W FILE #73607 11/95 SALI
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
wood floors
historic mantels
updated kitchens and baths
separate laundry rooms
exterior storage
fenced yards
Building Details
Year built
1934
Floors in Building
1
Number of units
2
Roof type
Asphalt, Shingle
Architectural style
Cottage
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Joey Walker · License #995699523
(504) 610-5637
Added: Jul 31
Changed: Aug 26
Last Checked: Sep 3 at 10:06PM
MLS# 2570344
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 1934, this cottage-style duplex contains 1,314 square feet arranged as two residential units. Each unit provides a two-bedroom, one-bath shotgun layout with wood flooring, a mantel, an updated kitchen and bath, a separate laundry room, and exterior storage. Individual fencing separates the yards, and the property includes a porch, central heating and cooling, and an asphalt shingle roof.
The property occupies a deep 27' x 139'/145' lot at 3655 Tchoupitoulas Street in New Orleans. It is zoned HU-MU and positioned near Brewery Row, with access to Freret Street, St. Charles Avenue, Ochsner Baptist, downtown, and nearby restaurants and coffee shops.
The property occupies a deep 27' x 139'/145' lot at 3655 Tchoupitoulas Street in New Orleans. It is zoned HU-MU and positioned near Brewery Row, with access to Freret Street, St. Charles Avenue, Ochsner Baptist, downtown, and nearby restaurants and coffee shops.
Key Highlights
- Two residential units, each with a two‑bedroom, one‑bath shotgun floor plan
- 1,314‑square‑foot cottage‑style duplex built in 1934
- Deep 27' x 139'/145' lot with separately fenced yards
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
$11,294
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
2.93%
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%
$225,880
$225.9K
Cap Rate 7%
$161,343
$161.3K
Cap Rate 9%
$125,489
$125.5K
Market Conditions
NOI Build-Up for 1,314 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
$17.7K $13.44/SF
− Vacancy
−$1.5K −$1.16/SF
EGI
$16.1K $12.28/SF
− OpEx
−$4.8K −$3.68/SF
NOI
$11.3K $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%
$225,880
Cap Rate 7%
$161,343
Cap Rate 9%
$125,489
Alternative Uses
Best Use
Multifamily LT 5
$161.3K
$141.2K – $188.2K
NOI $11,294 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$143.0K
$125.2K – $166.9K
NOI $10,012 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$346.7K
$303.3K – $404.5K
NOI $24,267 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,829
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
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 residential units offer classic layouts with updated kitchens, baths, and separate laundry rooms.
Where is this duplex located?
The property is located at 3655 TCHOUPITOULAS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two residential units, each with a two‑bedroom, one‑bath shotgun floor plan; 1,314‑square‑foot cottage‑style duplex built in 1934; Deep 27' x 139'/145' lot with separately fenced yards
