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    3918 Banks St New Orleans, LA 70119

    View on Map
    Sponsored
    For Sale
    $525,000

    Raised Basement, Duplex - New Orleans, LA

    Type:Duplex
    Property size:
    2,531 SF
    Lot size:
    0.09 Acres
    Days on Market:
    24
    Last Refresh:
    Mar 20 at 2:06 pm

    Property Features for 3918 Banks St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Patio and Porch features
    Porch
    Exterior features
    Fence, Porch
    Fencing
    Fenced
    Size
    2,531 SF
    Lot size
    0.09 Acres

    Utilities

    Heating system
    Central, Natural Gas
    Cooling system
    Central Air, Window Unit(s)

    Building Details

    Floors in Building
    2
    Number of units
    2
    Building materials
    Wood Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Sean Gerowin
    Sean Gerowin

    Rêve | Realtors

    Listing agent Sean Gerowin

    Listing date Feb 24, 2026

    MLS# 2536239 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.

    Learn more

    Property Insight Report

    Overview

    Mid-City Duplex with Income Potential

    This duplex is located on an oak-lined street in Mid-City, New Orleans, within walking distance of schools, restaurants, coffee houses, and the Canal Streetcar. City Park and Bayou St. John are easily accessible by bike. The property features a 3-bedroom owner's unit upstairs with craftsman details, including hardwood floors, transoms, window trim, doors, and built-ins, blending updated and historic features. The lower 2-bedroom rental unit has an open kitchen and dining area, private bedrooms, and a covered outdoor front patio. Both units have multiple private entrances, with internal stairs in the rear connecting them, offering the option to convert to a single home. The property includes a vibrant front porch and a covered backyard patio, with a deep yard suitable for outdoor activities. A fortified roof was installed in 2025, along with new heating and cooling units for the top floor. The current owner has successfully leased the lower unit as a furnished rental to traveling professionals. The property size is 2531 square feet, situated on a 0.0878-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.1015813
    Latitude
    29.9707163

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    FAQs

    What type of property is this?
    Duplex - Charming duplex in vibrant Mid-City, New Orleans. Income potential.
    Where is this duplex located?
    The property is located at 3918 Banks St 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: - Prime Mid-City location: Walking distance to amenities and transportation.; - Income-generating potential: Lower unit suitable for furnished rentals.; - Flexible living options: Duplex adaptable to a single-family home.
    (504) 669-0342
    Request Owner's contact information
    3918 Banks St New Orleans, LA 70119
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    New Orleans, LA 70119
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3918 Banks St New Orleans, LA 70119
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    We can help!
    Listing Contact
    Sean Gerowin
    Sean Gerowin
    Real Estate License ID: 000074860
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