Renovated Duplex with Updated
For Sale
$254,000
2709 11 3rd St, New Orleans, LA 70113
Two-unit property with in-unit laundry, granite countertops, hardwood flooring, and tall ceilings.
Property Size1,220 SF
Price / SF$208.20
Days on Market32
Property Features for 2709 11 3rd St
General Information
Standard status
Active
Size
1,220 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
hard wood floors
high end finishes
Washer and Dryer
Granite Counter Tops
high ceilings
Building Details
Year Built
1950
Year Renovated
2018
Listing Agency:
NORF Realty LLC
(504) 722-3376
Listed By:
Laura Smith · License #995710701
Source:
Dominionplace
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 31 at 7:18PM
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 NORF Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,220 SF and was renovated to the studs in 2018. Improvements included replacement electrical, plumbing, HVAC, roofing, and hot water systems. Both units feature hardwood floors, granite countertops, high ceilings, and dedicated washer and dryer appliances, creating a consistent residential layout across the property.
Located at 2709-11 3rd St in New Orleans, the property is identified in the Central City area. Its two-unit configuration supports either owner occupancy or operation as an income-producing residential property. The duplex may also be purchased as part of a package with 2713-15 Third St and 2705-07 Third St.
Located at 2709-11 3rd St in New Orleans, the property is identified in the Central City area. Its two-unit configuration supports either owner occupancy or operation as an income-producing residential property. The duplex may also be purchased as part of a package with 2713-15 Third St and 2705-07 Third St.
Key Highlights
- 1,220 SF duplex at 2709‑11 3rd St, New Orleans, LA 70113
- Renovated to the studs in 2018
- New electric, plumbing, HVAC, roof, and hot water heaters
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
$15,448
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
6.08%
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%
$308,960
$309.0K
Cap Rate 7%
$220,686
$220.7K
Cap Rate 9%
$171,644
$171.6K
Market Conditions
NOI Build-Up for 1,220 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
$24.2K $19.80/SF
− Vacancy
−$2.1K −$1.71/SF
EGI
$22.1K $18.09/SF
− OpEx
−$6.6K −$5.43/SF
NOI
$15.4K $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%
$308,960
Cap Rate 7%
$220,686
Cap Rate 9%
$171,644
Alternative Uses
Best Use
Multifamily LT 5
$220.7K
$193.1K – $257.5K
NOI $15,448 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$202.8K
$177.5K – $236.7K
NOI $14,199 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$310.1K
$271.3K – $361.8K
NOI $21,706 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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-unit property with in-unit laundry, granite countertops, hardwood flooring, and tall ceilings.
Where is this duplex located?
The property is located at 2709 11 3rd St New Orleans, LA.
What is the asking price?
The asking price for this property is $254,000.
What are key features of this property?
This property features: 1,220 SF duplex at 2709‑11 3rd St, New Orleans, LA 70113; Renovated to the studs in 2018; New electric, plumbing, HVAC, roof, and hot water heaters
