Furnished Brick Duplex on Corner
501-03 Lowerline Street New Orleans, LA 70118
501-03 Lowerline Street, New Orleans, LA, 70118
$899,000
For Sale
$899,000
Brick duplex on a corner lot with two furnished units, each offering full kitchen appliance amenities and off-street parking.
Property Size4,372 SF
Price / SF$205.63
Days on Market510
Property Features for 501-03 Lowerline Street
General Information
- Standard status
- Active
- Size
- 4,372 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1923
Listing agency
LATTER & BLUM
(504) 669-0211
Listed by
Eleanor Farnsworth · License #000042529
(504) 669-0211
Source
Compass
Added: Feb 27, 2025 Updated: Jul 21 at 5:40AM Checked: Jul 21 at 5:40AM
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 LATTER & BLUM
Investment Insights
Based on property information with market context.
This brick duplex is situated on a corner lot and contains two fully furnished units. Each unit includes a kitchen with appliances, a spacious furnished living room, a dining room, and three bedrooms with three bathrooms. Off-street parking is available for two cars per unit, supporting tenant convenience.
One unit is currently rented, while the upstairs unit is available for either owner-occupancy or tenancy.
The property is well-suited for buyers seeking a residential income setup with flexibility to occupy one unit while maintaining rental income from the other.
One unit is currently rented, while the upstairs unit is available for either owner-occupancy or tenancy.
The property is well-suited for buyers seeking a residential income setup with flexibility to occupy one unit while maintaining rental income from the other.
Key Highlights
- Brick duplex built in 1923 on a corner lot with 2 stories and slab foundation
- Two furnished units: each has a full kitchen appliance package plus furnished living and dining areas
- Each unit features 3 bedrooms and 3 full bathrooms (6 bedrooms and 6 full baths total)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.6k | $19.80 |
| − Vacancy | −$7.5k | −$1.71 |
| EGI | $79.1k | $18.09 |
| − OpEx | −$23.7k | −$5.43 |
| NOI | $55.4k | $12.66 |
4,372 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$790.9K
$692.0K – $922.7K
NOI $55,360 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$726.9K
$636.1K – $848.1K
NOI $50,885 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.11M
$972.3K – $1.30M
NOI $77,785 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Brick duplex on a corner lot with two furnished units, each offering full kitchen appliance amenities and off-street parking.
Where is this duplex located?
The property is located at 501-03 Lowerline Street New Orleans, LA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Brick duplex built in 1923 on a corner lot with 2 stories and slab foundation; Two furnished units: each has a full kitchen appliance package plus furnished living and dining areas; Each unit features 3 bedrooms and 3 full bathrooms (6 bedrooms and 6 full baths total)
