Raised Duplex with Private
For Sale
$339,000
1124-26 Piety Street, New Orleans, LA 70117
Two-bedroom units feature hardwood floors, high ceilings, and individual outdoor space.
Property Size1,944 SF
Days on Market137
Property Features for 1124-26 Piety Street
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Building Size
1,944 SF
Year Built
1900
Stories
1
Listing Agency:
Lalla Real Estate, LLC
(504) 324-9515
Listed By:
David Hipp
Source:
Nolalivingrealty
Added: Mar 29
Changed: Aug 11
Last Checked: Aug 12 at 12:19PM
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 Lalla Real Estate, LLC
Investment Insights
Based on property information with market context.
This raised duplex contains two separate 2-bedroom, 1-bath residences. Both units feature hardwood flooring, high ceilings, and abundant natural light, while each residence includes its own private backyard. The layout provides two distinct living spaces within one multifamily property.
Constructed in 1900, the property is located at 1124-26 Piety Street in New Orleans’ Bywater neighborhood. Crescent Park, coffee shops, and neighborhood establishments are situated within a short walk of the property, placing the duplex near established local amenities.
Constructed in 1900, the property is located at 1124-26 Piety Street in New Orleans’ Bywater neighborhood. Crescent Park, coffee shops, and neighborhood establishments are situated within a short walk of the property, placing the duplex near established local amenities.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Raised duplex with two separate residences
- Private backyard assigned to each unit
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
$24,616
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
7.26%
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%
$492,320
$492.3K
Cap Rate 7%
$351,657
$351.7K
Cap Rate 9%
$273,511
$273.5K
Market Conditions
NOI Build-Up for 1,944 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
$38.5K $19.80/SF
− Vacancy
−$3.3K −$1.71/SF
EGI
$35.2K $18.09/SF
− OpEx
−$10.5K −$5.43/SF
NOI
$24.6K $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%
$492,320
Cap Rate 7%
$351,657
Cap Rate 9%
$273,511
Alternative Uses
Best Use
Multifamily LT 5
$351.7K
$307.7K – $410.3K
NOI $24,616 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$323.2K
$282.8K – $377.1K
NOI $22,626 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 10.20%
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
1,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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-bedroom units feature hardwood floors, high ceilings, and individual outdoor space.
Where is this duplex located?
The property is located at 1124-26 Piety Street New Orleans, LA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; Raised duplex with two separate residences; Private backyard assigned to each unit
