Fenced Duplex with
For Sale
$180,000
5315 WARRINGTON Drive, New Orleans, LA 70122
Multi-Family, Traditional, New Orleans, LA
Property Size1,444 SF
Price / SF$124.65
Days on Market30
Property Features for 5315 WARRINGTON Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, Driveway
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Fillmore Gardens
Standard status
Active
APN
5315warrington
Size
1,444 SF
Taxes and HOA fees
Tax Description
Fillmore Gardens Sq 5 Lot 19
Legal Description
Fillmore Gardens Sq 5 Lot 19
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Frank Williams · License #000001700
(985) 326-1858
Added: Aug 26
Changed: Sep 16
Last Checked: Sep 24 at 7:06AM
MLS# 2574613
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 converted duplex contains 1,444 square feet and was built in 1960. The layout includes one 1BD/1BA unit currently occupied by the owner and a vacant 2BD/1BA unit suited for rehabilitation or leasing. Both units have central HVAC, while the vacant unit’s central air conditioning requires repair; window units are also present. The property is being sold as-is and includes a shingle roof, public water, and fencing.
Separate electric meters serve the units, with one shared water meter. Exterior features include a driveway with off-street parking and access toward the rear yard. The property is located in New Orleans, near local universities and routes providing access to the Lakefront.
Separate electric meters serve the units, with one shared water meter. Exterior features include a driveway with off-street parking and access toward the rear yard. The property is located in New Orleans, near local universities and routes providing access to the Lakefront.
Key Highlights
- Converted duplex with 1BD/1BA owner‑occupied unit and vacant 2BD/1BA unit
- 1,444 square feet on a 0.13‑acre lot
- Separate electric meters and 1 shared water meter
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
$14,960
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
8.31%
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%
$299,200
$299.2K
Cap Rate 7%
$213,714
$213.7K
Cap Rate 9%
$166,222
$166.2K
Market Conditions
NOI Build-Up for 1,444 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
$23.4K $16.20/SF
− Vacancy
−$2.0K −$1.40/SF
EGI
$21.4K $14.80/SF
− OpEx
−$6.4K −$4.44/SF
NOI
$15.0K $10.36/SF
Area
ZIP 70122
Vacancy
8.64%
Lease Rate
$16.20 /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%
$299,200
Cap Rate 7%
$213,714
Cap Rate 9%
$166,222
Alternative Uses
Best Use
Multifamily LT 5
$213.7K
$187.0K – $249.3K
NOI $14,960 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$185.6K
$162.4K – $216.6K
NOI $12,995 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$377.8K
$330.6K – $440.8K
NOI $26,449 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Explore this area
Business Placement
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Converted two-unit property with separate electric metering, central HVAC, and driveway access to a fenced rear yard.
Where is this duplex located?
The property is located at 5315 WARRINGTON Drive New Orleans, LA.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Converted duplex with 1BD/1BA owner‑occupied unit and vacant 2BD/1BA unit; 1,444 square feet on a 0.13‑acre lot; Separate electric meters and 1 shared water meter
