Two-Unit Cottage
For Sale
$395,000
4132-34 CONSTANCE Street, New Orleans, LA 70115
Multi-Family, Cottage, New Orleans, LA
Property Size1,658 SF
Price / SF$238.24
Days on Market199
Property Features for 4132-34 CONSTANCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Standard status
Active
APN
4132-CONSTANCEST
Size
1,658 SF
Taxes and HOA fees
Tax Description
SQ 171 LOT B CONSTANCE 30 X 83 DU-W 4132-34 CONSTANCE ST FILE #68166 12/91 WOP
Legal Description
SQ 171 LOT B CONSTANCE 30 X 83 DU-W 4132-34 CONSTANCE ST FILE #68166 12/91 WOP
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1903
Floors in Building
1
Number of units
2
Architectural style
Cottage
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Kimberly Davis
(504) 544-2282
Added: Feb 20
Changed: Aug 19
Last Checked: Sep 7 at 11:06PM
MLS# 2543805
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 contains two residential units, each configured with two bedrooms and two bathrooms. The 1,658-square-foot property has cottage-style architecture, a porch, central heating, central air conditioning, and public water service. Built in 1903, the building combines an established physical character with a straightforward two-unit layout.
The property is located on Constance Street in New Orleans’ Uptown area, near Magazine Street. Its setting places the duplex within a neighborhood context that includes restaurants, retail, entertainment, downtown access, universities, and major employment centers.
The property is located on Constance Street in New Orleans’ Uptown area, near Magazine Street. Its setting places the duplex within a neighborhood context that includes restaurants, retail, entertainment, downtown access, universities, and major employment centers.
Key Highlights
- Two‑unit duplex with 1,658 square feet
- Each unit includes 2 bedrooms and 2 bathrooms
- 1903 construction with cottage architectural style
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
$14,251
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
3.61%
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%
$285,020
$285.0K
Cap Rate 7%
$203,586
$203.6K
Cap Rate 9%
$158,344
$158.3K
Market Conditions
NOI Build-Up for 1,658 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
$22.3K $13.44/SF
− Vacancy
−$1.9K −$1.16/SF
EGI
$20.4K $12.28/SF
− OpEx
−$6.1K −$3.68/SF
NOI
$14.3K $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%
$285,020
Cap Rate 7%
$203,586
Cap Rate 9%
$158,344
Alternative Uses
Best Use
Multifamily LT 5
$203.6K
$178.1K – $237.5K
NOI $14,251 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$180.5K
$157.9K – $210.6K
NOI $12,633 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$437.4K
$382.8K – $510.3K
NOI $30,620 @ 7.0% cap · market cap 7.75%
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
2,537
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 two-bedroom, two-bath layouts with central heating, air conditioning, and porch access.
Where is this duplex located?
The property is located at 4132-34 CONSTANCE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,658 square feet; Each unit includes 2 bedrooms and 2 bathrooms; 1903 construction with cottage architectural style
