Duplex with Shotgun
New
For Sale
$235,000
1139 TOURO Street, New Orleans, LA 70116
Multi-Family, Shot Gun, New Orleans, LA
Property Size1,486 SF
Lot Size0.05 Acres
Price / SF$158.14
Days on Market4
Property Features for 1139 TOURO Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Lot features
Corner
Subdivision
Marigny
Standard status
Active
APN
37W103709
Size
1,486 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
SQ 388 LOT 1A OR 1 TOURO & MARAIS 32X64 DBLE W/FR 10/RM S/R 1139-41 TOURO ST
Legal Description
SQ 388 LOT 1A OR 1 TOURO & MARAIS 32X64 DBLE W/FR 10/RM S/R 1139-41 TOURO ST
Utilities
Cooling system
Window Unit(s)
Water source
Public
Amenities
shed
deck
washer/dryer hookups
Building Details
Year built
1880
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Witry Collective, L.L.C.
(504) 291-2022
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 2578742
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1880, this duplex contains two side-by-side shotgun-style units totaling 1,486 square feet, with approximately 740 square feet per residence. The corner lot measures 32 x 64 feet. A rear shed and backyard deck provide space for storage and washer-and-dryer placement. The property has window-unit cooling, public water, and a shingle roof. Exterior painting was completed in 2025, with interior paint noted for 2026; tile flooring covers wood floors of uncertain condition.
The property is in a historic district, one block from St. Claude Avenue and the Rampart/St. Claude Streetcar Line. Walgreens, Robert's Fresh Market, Baldwin & Co., Ayu Bakehouse, and Frenchmen Street are within walking distance. St. Bernard and Claiborne Avenues, along with I-10 and I-610 access, are a few blocks away.
The property is in a historic district, one block from St. Claude Avenue and the Rampart/St. Claude Streetcar Line. Walgreens, Robert's Fresh Market, Baldwin & Co., Ayu Bakehouse, and Frenchmen Street are within walking distance. St. Bernard and Claiborne Avenues, along with I-10 and I-610 access, are a few blocks away.
Key Highlights
- Two side‑by‑side shotgun‑style units; approximately 740 sq. ft. each
- 1,486 sq. ft. total building area
- Corner lot measuring 32 x 64 feet, or 0.047 acres
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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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 attached residences occupy a corner parcel within the HMR-2 Historic Marigny Residential Zoning District.
Where is this duplex located?
The property is located at 1139 TOURO Street 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 sq. ft. each; 1,486 sq. ft. total building area; Corner lot measuring 32 x 64 feet, or 0.047 acres
