Mid-City New Orleans
For Sale
$385,000
627 S ALEXANDER Street, New Orleans, LA 70119
MULTI_FAMILY - New Orleans, LA
Property Size1,984 SF
Price / SF$194.05
Days on Market148
Property Features for 627 S ALEXANDER Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
105307803
Size
1,984 SF
Taxes and HOA fees
Tax Description
SQ 807 LOT 4 ALEXANDER
Legal Description
SQ 807 LOT 4 ALEXANDER
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Adrienne LaBauve
(337) 522-7554
Added: Mar 19
Changed: Jul 17
Last Checked: Aug 13 at 3:06AM
MLS# 2545885
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.
Located in the heart of Mid-City, 627 S Alexander Street is a well-maintained double featuring an open and inviting floor plan with abundant natural light and timeless character throughout. Each side of this multi-family property offers 3 bedrooms and 1 bath. Spacious bedrooms provide comfort and flexibility, while the living and dining areas create an ideal space for entertaining. Each unit includes a washer and dryer. The backyard offers room to relax, garden, or enjoy outdoor gatherings. Situated moments from Bayou St. John, City Park, streetcar access, and many restaurants and cafes. One unit is currently vacant and ready for owner occupancy or a new tenant. The property size is 1984 square feet.
Key Highlights
- Double duplex ideal for owner‑occupant or rental income.
- Located in desirable Mid‑City, near Bayou St. John, City Park, and streetcar.
- Each unit features 3 bedrooms/1 bath and in‑unit washer/dryer.
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
$25,122
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
6.53%
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%
$502,440
$502.4K
Cap Rate 7%
$358,886
$358.9K
Cap Rate 9%
$279,133
$279.1K
Market Conditions
NOI Build-Up for 1,984 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
$39.3K $19.80/SF
− Vacancy
−$3.4K −$1.71/SF
EGI
$35.9K $18.09/SF
− OpEx
−$10.8K −$5.43/SF
NOI
$25.1K $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%
$502,440
Cap Rate 7%
$358,886
Cap Rate 9%
$279,133
Alternative Uses
Best Use
Multifamily LT 5
$358.9K
$314.0K – $418.7K
NOI $25,122 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$329.9K
$288.6K – $384.9K
NOI $23,091 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$519.2K
$454.3K – $605.7K
NOI $36,341 @ 7.0% cap · market cap 9.44%
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
1,280
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Charming double in Mid-City, near Bayou St. John.
Where is this duplex located?
The property is located at 627 S ALEXANDER 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: Double duplex ideal for owner‑occupant or rental income.; Located in desirable Mid‑City, near Bayou St. John, City Park, and streetcar.; Each unit features 3 bedrooms/1 bath and in‑unit washer/dryer.
