Updated Duplex with Private
For Sale
$450,000
Pending
6339 COLBERT Street, New Orleans, LA 70124
Multi-Family, Traditional, New Orleans, LA
Property Size1,938 SF
Lot Size0.15 Acres
Days on Market24
Property Features for 6339 COLBERT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Patio and Porch features
Porch
Exterior features
Balcony, Porch
Lot features
Regular
Standard status
Pending
APN
206402208
Size
1,938 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
SQ 229 LOTS 15 16 COLBERT 25 X 129 EA
Legal Description
SQ 229 LOTS 15 16 COLBERT 25 X 129 EA
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
private covered balcony
backyard
Building Details
Year built
1957
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Lazaro Suarez · License #995704303
(504) 251-5302
Added: Aug 11
Changed: Aug 26
Last Checked: Sep 3 at 2:06PM
MLS# 2571459
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 New Orleans duplex contains two 2-bedroom, 1-bath residences totaling 1,938 square feet. Both units include living and dining areas, kitchens with wood cabinetry, granite counters, stainless steel appliances, and breakfast bars. Hardwood flooring, historic-style trim, subway tile bathrooms, blinds, refrigerators, washers, and dryers add functional detail throughout. The upper residence has been fully renovated and includes a marble tub surround, while each unit offers dedicated covered outdoor space through a front porch or private balcony.
Set on a 0.1481-acre lot in Lakeview near Harrison Avenue, the property includes a backyard with multiple off-street parking spaces and alley access. A new shingle roof and exterior siding were completed in 2022. Central heating, central air, public water, and separately metered utilities support ongoing occupancy and management. Both residences are currently occupied.
Set on a 0.1481-acre lot in Lakeview near Harrison Avenue, the property includes a backyard with multiple off-street parking spaces and alley access. A new shingle roof and exterior siding were completed in 2022. Central heating, central air, public water, and separately metered utilities support ongoing occupancy and management. Both residences are currently occupied.
Key Highlights
- Two 2 BDRM/1 BA units totaling 1,938 Square Feet
- Full renovation completed on the upstairs unit
- New roof and exterior siding completed in 2022
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
$24,540
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
5.45%
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%
$490,800
$490.8K
Cap Rate 7%
$350,571
$350.6K
Cap Rate 9%
$272,667
$272.7K
Market Conditions
NOI Build-Up for 1,938 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
$38.4K $19.80/SF
− Vacancy
−$3.3K −$1.71/SF
EGI
$35.1K $18.09/SF
− OpEx
−$10.5K −$5.43/SF
NOI
$24.5K $12.66/SF
Area
New Orleans, LA
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%
$490,800
Cap Rate 7%
$350,571
Cap Rate 9%
$272,667
Alternative Uses
Best Use
Multifamily LT 5
$350.6K
$306.8K – $409.0K
NOI $24,540 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$322.2K
$282.0K – $375.9K
NOI $22,556 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$492.6K
$431.0K – $574.7K
NOI $34,480 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 70124, LA
22,777
Population
8,919
Households
2.6
Avg Household Size
37
Median Age
70%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
3,400
Density / Sq Mi
$121,318
Median Household Income
$66,323
Median Earnings
$1,752
Median Rent
$577,800
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 occupied units combine renovated interiors, separate utilities, covered outdoor areas, and alley-accessed off-street parking.
Where is this duplex located?
The property is located at 6339 COLBERT 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: Two 2 BDRM/1 BA units totaling 1,938 Square Feet; Full renovation completed on the upstairs unit; New roof and exterior siding completed in 2022
