Duplex with Deep
For Sale
$450,000
4033 PALMYRA Street, New Orleans, LA 70119
Multi-Family, Shot Gun, New Orleans, LA
Property Size3,070 SF
Lot Size0.12 Acres
Price / SF$146.58
Days on Market171
Property Features for 4033 PALMYRA Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
105304409
Size
3,070 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
SQ 757 PT LOT 13 12 PALMYRA 34X159 10 4033-35 PALMYRA M/A CHANGES 11-22-05
Legal Description
SQ 757 PT LOT 13 12 PALMYRA 34X159 10 4033-35 PALMYRA M/A CHANGES 11-22-05
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front porch
washer and dryer
backyard
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Added: Mar 9
Changed: Aug 25
Last Checked: Aug 26 at 4:06PM
MLS# 2547003
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 1925 duplex contains 3,070 square feet across two shotgun-style residences. Each side offers three bedrooms, two independent bathrooms, double parlors, a full kitchen with substantial storage, and a front porch. Interior washer and dryer connections, 9.5-foot ceilings, wood and vinyl flooring, and spray foam in the crawlspace add practical features. Both units are currently rented, with leases available for review.
The property occupies a 34x159 lot with a deep rear yard and sits near S. Carrollton Avenue in MidCity. Carrollton and Canal Streetcar transit lines are each one block away, while I-10, City Park, area restaurants, and local shops are readily accessible. Updated plumbing, water heaters purchased in 2023, and AC units purchased in 2020 are also included.
The property occupies a 34x159 lot with a deep rear yard and sits near S. Carrollton Avenue in MidCity. Carrollton and Canal Streetcar transit lines are each one block away, while I-10, City Park, area restaurants, and local shops are readily accessible. Updated plumbing, water heaters purchased in 2023, and AC units purchased in 2020 are also included.
Key Highlights
- 3,070‑square‑foot duplex built in 1925
- Each unit includes 3 bedrooms and 2 independent baths
- 34x159 lot with a deep backyard and front porch
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
$38,874
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
8.64%
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%
$777,480
$777.5K
Cap Rate 7%
$555,343
$555.3K
Cap Rate 9%
$431,933
$431.9K
Market Conditions
NOI Build-Up for 3,070 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
$60.8K $19.80/SF
− Vacancy
−$5.3K −$1.71/SF
EGI
$55.5K $18.09/SF
− OpEx
−$16.7K −$5.43/SF
NOI
$38.9K $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%
$777,480
Cap Rate 7%
$555,343
Cap Rate 9%
$431,933
Alternative Uses
Best Use
Multifamily LT 5
$555.3K
$485.9K – $647.9K
NOI $38,874 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$510.4K
$446.6K – $595.5K
NOI $35,731 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$803.3K
$702.9K – $937.2K
NOI $56,233 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,009
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
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 rented units feature three-bedroom layouts, separate baths, front porches, and central heating and cooling.
Where is this duplex located?
The property is located at 4033 PALMYRA Street New Orleans, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,070‑square‑foot duplex built in 1925; Each unit includes 3 bedrooms and 2 independent baths; 34x159 lot with a deep backyard and front porch
