Updated Craftsman
For Sale
$879,000
1021 23 N Lopez Street, New Orleans, LA 70119
Separate apartment, off-street parking, and a double-lot layout support flexible residential income use.
Property Size2,957 SF
Days on Market140
Property Features for 1021 23 N Lopez Street
General Information
Standard status
Active
Size
2,957 SF
Property subtype
Multi Family Home
Building Details
Building Size
2,957 SF
Year Built
1920
Stories
1
Listing Agency:
Crescent Sotheby's International
(504) 495-1931
Listed By:
Amanda Mitternight
(504) 495-1931
Source:
Nolalivingrealty
Added: Apr 7
Changed: Aug 21
Last Checked: Aug 23 at 12:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Crescent Sotheby's International
Investment Insights
Based on property information with market context.
Built in 1920, this Craftsman duplex combines preserved architectural elements with recent updates. The home features original hardwood floors, high ceilings, coffered details, Craftsman columns, and a welcoming front porch. Open living and dining areas bring natural light into the interior, while the refreshed kitchen and spa-inspired bathrooms add contemporary functionality. A separate income-producing apartment expands the property’s configuration and use options.
The property occupies a double lot with an expansive side yard and ample off-street parking. Its address at 1021 23 N Lopez Street places it steps from Bayou St. John and Esplanade Avenue in New Orleans. The surrounding neighborhood is described as walkable, adding convenient access to nearby area destinations.
The property occupies a double lot with an expansive side yard and ample off-street parking. Its address at 1021 23 N Lopez Street places it steps from Bayou St. John and Esplanade Avenue in New Orleans. The surrounding neighborhood is described as walkable, adding convenient access to nearby area destinations.
Key Highlights
- 1920‑built Craftsman duplex with original hardwood floors and coffered architectural details
- Separate income‑producing apartment
- Double lot with expansive side yard
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
$37,443
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
4.26%
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%
$748,860
$748.9K
Cap Rate 7%
$534,900
$534.9K
Cap Rate 9%
$416,033
$416.0K
Market Conditions
NOI Build-Up for 2,957 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
$58.5K $19.80/SF
− Vacancy
−$5.1K −$1.71/SF
EGI
$53.5K $18.09/SF
− OpEx
−$16.0K −$5.43/SF
NOI
$37.4K $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%
$748,860
Cap Rate 7%
$534,900
Cap Rate 9%
$416,033
Alternative Uses
Best Use
Multifamily LT 5
$534.9K
$468.0K – $624.1K
NOI $37,443 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$491.7K
$430.2K – $573.6K
NOI $34,416 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$773.8K
$677.0K – $902.7K
NOI $54,163 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,509
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 - Separate apartment, off-street parking, and a double-lot layout support flexible residential income use.
Where is this duplex located?
The property is located at 1021 23 N Lopez Street New Orleans, LA.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: 1920‑built Craftsman duplex with original hardwood floors and coffered architectural details; Separate income‑producing apartment; Double lot with expansive side yard
