2-Unit
1022-24 PHILIP Street, New Orleans, LA 70130
For Sale
$1,025,000
Two separate units support owner occupancy, rental use, or a combination of both.
Property Size3,033 SF
Days on Market53
Property Features for 1022-24 PHILIP Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Building Size
Year Built
Buildings
Listing Agency:
The W Group Real Estate LLC
Listed By:
Blake Borgstede · License LA #995700811
(504) 810-1402
Source:
Ewbank.kw
Added: Sep 23
Changed: Oct 26
Last Checked: Nov 14 at 2:09AM
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 The W Group Real Estate LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located at 1022-24 Philip Street, this 1901 duplex contains two separate units. The configuration accommodates owner occupancy, rental use, or a combination of the two.
The property is just off Magazine Street and Constance Street in New Orleans. Restaurants, shops, cafés, and nightlife along Magazine Street are nearby.
The property is just off Magazine Street and Constance Street in New Orleans. Restaurants, shops, cafés, and nightlife along Magazine Street are nearby.
Key Highlights
- Two separate units
- Built in 1901
- Philip Street location near Magazine Street and Constance Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,405
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$768,100
$768.1K
Cap Rate 7%
$548,643
$548.6K
Cap Rate 9%
$426,722
$426.7K
Market Conditions
NOI Build-Up for 3,033 SF
Gross rent
$60.1K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$54.9K $18.09/SF
− OpEx
−$16.5K −$5.43/SF
NOI
$38.4K $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 Rate 5%
$768,100
Cap Rate 7%
$548,643
Cap Rate 9%
$426,722
Alternative Uses
Best Use
Multifamily LT 5
$548.6K
$480.1K – $640.1K
NOI $38,405 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$504.3K
$441.3K – $588.4K
NOI $35,301 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$770.9K
$674.5K – $899.4K
NOI $53,962 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Market
Average Price Trend$/SF for Duplexes in New Orleans, LA
Properties on Market for Duplexes in New Orleans
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units support owner occupancy, rental use, or a combination of both.
Where is this duplex located?
The property is located at 1022-24 PHILIP Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Two separate units; Built in 1901; Philip Street location near Magazine Street and Constance Street
