Shotgun Duplex with Side-by-Side
New
For Sale
$235,000
1139 40 Touro St, New Orleans, LA 70116
Two residential units occupy a corner property near the St. Claude Avenue streetcar line.
Property Size1,486 SF
Lot Size0.05 Acres
Price / SF$158.14
Days on Market2
Property Features for 1139 40 Touro St
General Information
Standard status
Active
Size
1,486 SF
Lot size
0.05 Acres
Property subtype
Multi-Family
Zoning
HMR-2
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
rear shed
deck
Building Details
Year Built
1880
Construction
shotgun
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: 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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
Built in 1880, this duplex contains two side-by-side shotgun-style units of approximately 740 square feet each, totaling 1,486 square feet. The corner lot measures 32 by 64 feet and includes a rear shed and a backyard deck with space for storage and washer and dryer placement. Exterior painting was completed in 2025, with interior painting in 2026.
The property is one block from St. Claude Avenue and the Rampart/St. Claude streetcar line. HMR-2 Historic Marigny Residential zoning applies. Flood zone X is identified for the property. Nearby destinations named include Walgreens, Robert's Fresh Market, Baldwin & Co., Ayu Bakehouse and Frenchmen Street; St. Bernard Avenue, Claiborne Avenue and I-10 are also a few blocks away.
The property is one block from St. Claude Avenue and the Rampart/St. Claude streetcar line. HMR-2 Historic Marigny Residential zoning applies. Flood zone X is identified for the property. Nearby destinations named include Walgreens, Robert's Fresh Market, Baldwin & Co., Ayu Bakehouse and Frenchmen Street; St. Bernard Avenue, Claiborne Avenue and I-10 are also a few blocks away.
Key Highlights
- Two side‑by‑side shotgun‑style units, approximately 740 square feet each
- 1,486 square feet total on a 32‑by‑64‑foot corner lot
- HMR‑2 Historic Marigny Residential zoning
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
$18,816
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
8.01%
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%
$376,320
$376.3K
Cap Rate 7%
$268,800
$268.8K
Cap Rate 9%
$209,067
$209.1K
Market Conditions
NOI Build-Up for 1,486 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
$29.4K $19.80/SF
− Vacancy
−$2.5K −$1.71/SF
EGI
$26.9K $18.09/SF
− OpEx
−$8.1K −$5.43/SF
NOI
$18.8K $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%
$376,320
Cap Rate 7%
$268,800
Cap Rate 9%
$209,067
Alternative Uses
Best Use
Multifamily LT 5
$268.8K
$235.2K – $313.6K
NOI $18,816 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$247.1K
$216.2K – $288.3K
NOI $17,295 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,398
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units occupy a corner property near the St. Claude Avenue streetcar line.
Where is this duplex located?
The property is located at 1139 40 Touro St New Orleans, LA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two side‑by‑side shotgun‑style units, approximately 740 square feet each; 1,486 square feet total on a 32‑by‑64‑foot corner lot; HMR‑2 Historic Marigny Residential zoning
