2-Unit
New
For Sale
$1,100,000
1022-24 PHILIP Street, New Orleans, LA 70130
Two separate units support owner occupancy, rental use, or a combination of both.
Property Size3,033 SF
Days on Market5
Property Features for 1022-24 PHILIP Street
General Information
Standard status
Active
Size
3,033 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
3,033 SF
Year Built
1901
Buildings
1
Listing Agency:
The W Group Real Estate LLC
Listed By:
Blake Borgstede · License #995700811
(504) 810-1402
Source:
Ewbank.kw
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 3:07PM
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
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 = 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
$38,405
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
3.49%
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%
$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
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
$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 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%
$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 3.49%
Second Best
Apartment 5plus
$504.3K
$441.3K – $588.4K
NOI $35,301 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$770.9K
$674.5K – $899.4K
NOI $53,962 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 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 $1,100,000.
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
