Raised-Basement
For Sale
$589,000
929 N RENDON Street, New Orleans, LA 70119
Multi-Family, Raised Basement, New Orleans, LA
Property Size2,802 SF
Lot Size0.13 Acres
Price / SF$210.21
Days on Market8
Property Features for 929 N RENDON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Fence, Porch, Window Screens
Fencing
Fenced
Lot features
Regular
Subdivision
Bayou St. John
Standard status
Active
APN
207203610
Size
2,802 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
SQ 443 LOT F-1 N RENDON 31X154 929-31 N RENDON STREET
Legal Description
SQ 443 LOT F-1 N RENDON 31X154 929-31 N RENDON STREET
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
hardwood floors
11' ceilings
original fireplace mantels
original screens
shutters
front porch
yard
Building Details
Year built
1911
Floors in Building
2
Number of units
2
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Crescent City Living, LLC
(504) 327-5303
Listed By:
Leslie Heindel · License #995688679
(504) 975-4252
Added: Aug 27
Changed: Aug 31
Last Checked: Sep 3 at 5:06AM
MLS# 2574503
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.
Built in 1911, this raised-basement duplex offers 2,802 square feet with hardwood floors, 11-foot ceilings, original fireplace mantels, window screens, shutters, and a front porch. The property is currently arranged as a double, while the lower level provides adaptable room for storage or a workshop. Two driveway parking spaces and a fenced yard add practical value, with outdoor space described as large enough for a pool. The roof was installed in 2024, and the HVAC serving the 929 side was installed in 2026. Central heating, central air, public water, and shingle and metal roofing are included among the property features.
Located at 929 N Rendon Street in New Orleans, the property is two blocks from Bayou St. John and within walking distance of Jazz Fest. Restaurants, lounges, wine bars, and grocery stores named in the property information are also nearby.
Located at 929 N Rendon Street in New Orleans, the property is two blocks from Bayou St. John and within walking distance of Jazz Fest. Restaurants, lounges, wine bars, and grocery stores named in the property information are also nearby.
Key Highlights
- 2,802‑square‑foot raised‑basement duplex built in 1911
- Currently configured as a double with flexible lower‑level storage or workshop space
- 11‑foot ceilings, hardwood floors, original fireplace mantels, screens, and shutters
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
$35,480
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
6.02%
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%
$709,600
$709.6K
Cap Rate 7%
$506,857
$506.9K
Cap Rate 9%
$394,222
$394.2K
Market Conditions
NOI Build-Up for 2,802 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
$55.5K $19.80/SF
− Vacancy
−$4.8K −$1.71/SF
EGI
$50.7K $18.09/SF
− OpEx
−$15.2K −$5.43/SF
NOI
$35.5K $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%
$709,600
Cap Rate 7%
$506,857
Cap Rate 9%
$394,222
Alternative Uses
Best Use
Multifamily LT 5
$506.9K
$443.5K – $591.3K
NOI $35,480 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$465.9K
$407.7K – $543.5K
NOI $32,612 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$733.2K
$641.6K – $855.4K
NOI $51,324 @ 7.0% cap · market cap 8.71%
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
1,802
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 - 1911-built duplex with hardwood floors, original mantels, flexible lower-level space, and a fenced yard.
Where is this duplex located?
The property is located at 929 N RENDON Street New Orleans, LA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 2,802‑square‑foot raised‑basement duplex built in 1911; Currently configured as a double with flexible lower‑level storage or workshop space; 11‑foot ceilings, hardwood floors, original fireplace mantels, screens, and shutters
