Duplex with Gated
For Sale
$519,000
1140 TOURO Street, New Orleans, LA 70116
Multi-Family, Traditional, New Orleans, LA
Property Size2,851 SF
Price / SF$182.04
Days on Market12
Property Features for 1140 TOURO Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Parking features
Driveway
Patio and Porch features
Patio, Porch
Exterior features
Balcony, Courtyard, Fence, Outdoor Entertainment Area Beyond Your Average Patio, Porch
Fencing
Fenced
Lot features
Corner
Subdivision
New Marigny
Standard status
Active
APN
1142-TOUROST
Size
2,851 SF
Taxes and HOA fees
Tax Description
SQ 387 LOTS 1 OR 13 TOURO AND MARAIS 29 X 100
Legal Description
SQ 387 LOTS 1 OR 13 TOURO AND MARAIS 29 X 100
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Chris Smith · License #000009641
(504) 231-2004
Added: Sep 24
Changed: Oct 3
Last Checked: Oct 5 at 10:06AM
MLS# 2578654
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.
Under construction on a corner lot, this 2,851-square-foot duplex is planned with two residences, each featuring three bedrooms and two full bathrooms. Open layouts connect the living, dining, and kitchen areas. The property also includes a porch, patio, balcony, fenced courtyard, and gated off-street parking for two vehicles. Central heating and air conditioning are specified, along with double-pane windows and modern insulation.
The property is one block from Saint Claude Avenue, two blocks from Elysian Fields Avenue, and four blocks from the French Quarter. Nearby named destinations include Hotel Peter & Paul, Who Dat Coffee Cafe, AYU Bakehouse, and Robert Fresh Market. The property is in an X Flood Zone; the source states it has never flooded. A five-year builder warranty is noted.
The property is one block from Saint Claude Avenue, two blocks from Elysian Fields Avenue, and four blocks from the French Quarter. Nearby named destinations include Hotel Peter & Paul, Who Dat Coffee Cafe, AYU Bakehouse, and Robert Fresh Market. The property is in an X Flood Zone; the source states it has never flooded. A five-year builder warranty is noted.
Key Highlights
- Two residences, each with 3 bedrooms and 2 full bathrooms
- 2,851 square feet on a corner lot
- Gated off‑street parking for 2 vehicles
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
$36,101
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
6.96%
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%
$722,020
$722.0K
Cap Rate 7%
$515,729
$515.7K
Cap Rate 9%
$401,122
$401.1K
Market Conditions
NOI Build-Up for 2,851 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
$56.4K $19.80/SF
− Vacancy
−$4.9K −$1.71/SF
EGI
$51.6K $18.09/SF
− OpEx
−$15.5K −$5.43/SF
NOI
$36.1K $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%
$722,020
Cap Rate 7%
$515,729
Cap Rate 9%
$401,122
Alternative Uses
Best Use
Multifamily LT 5
$515.7K
$451.3K – $601.7K
NOI $36,101 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$474.0K
$414.8K – $553.0K
NOI $33,182 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$724.6K
$634.1K – $845.4K
NOI $50,724 @ 7.0% cap · market cap 9.77%
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
Location Intelligence
Trade Area within ½ mile
2,255
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 - Both homes offer three bedrooms and two full bathrooms, with open living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 1140 TOURO Street New Orleans, LA.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 full bathrooms; 2,851 square feet on a corner lot; Gated off‑street parking for 2 vehicles
