Raised Duplex with Private
For Sale
$339,000
1124-26 Piety, New Orleans, LA 70117
Two residential units feature hardwood floors, high ceilings, central air, and individual outdoor space.
Property Size1,944 SF
Price / SF$174.38
Days on Market234
Property Features for 1124-26 Piety
General Information
Standard status
Active
Size
1,944 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
hardwood floors
high ceilings
natural light
private backyard
Central Air
Central
1
2
4
Asphalt
Pillar/Post/Pier
HardiPlank Type, Other
Porch
Building Details
Year Built
1900
Listing Agency:
LALLA Real Estate, LLC
Listed By:
David Hipp · License #995710031
(504) 645-9750
Source:
Compass
Added: Jan 12
Changed: Sep 2
Last Checked: Sep 2 at 11:30PM
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 2-bedroom, 1-bath units within a 1,944-square-foot building constructed in 1900. Both residences offer hardwood flooring, high ceilings, central air, and abundant natural light. Each unit also includes a private backyard, while the property features a porch and HardiePlank-type exterior materials.
Located at 1124-26 Piety Street in New Orleans’ Bywater neighborhood, the property is a short distance from Crescent Park, coffee shops, and neighborhood businesses. The two-unit layout provides separate residential spaces within a single multifamily property.
Located at 1124-26 Piety Street in New Orleans’ Bywater neighborhood, the property is a short distance from Crescent Park, coffee shops, and neighborhood businesses. The two-unit layout provides separate residential spaces within a single multifamily property.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,944 SF duplex built in 1900
- Private backyard for 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 residential units feature hardwood floors, high ceilings, central air, and individual outdoor space.
Where is this duplex located?
The property is located at 1124-26 Piety 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; 1,944 SF duplex built in 1900; Private backyard for each unit
