Tenant-Occupied Duplex with Deep
For Sale
$225,000
3120 22 LAW Street, New Orleans, LA 70117
Two-unit property with existing occupants, backyard space, and off-street parking.
Property Size1,440 SF
Price / SF$156.25
Days on Market536
Property Features for 3120 22 LAW Street
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Multi Family
Amenities
backyard
Building Details
Year Built
2013
Tenancy
Multi
Listing Agency:
The Pellerin Group NOLA LLC
(504) 447-2479
Listed By:
Nicole Pellerin · License #995704017
(504) 628-7723
Source:
Exitrealty
Added: Mar 17, 2025
Changed: Sep 2
Last Checked: Sep 2 at 3:58PM
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 The Pellerin Group NOLA LLC
Investment Insights
Based on property information with market context.
Built in 2013, this 1,440-square-foot duplex includes two residential units with tenants already in place. The property sits on a deep lot with a backyard and a long driveway providing parking for multiple vehicles.
The property is located at 3120 22 LAW Street in New Orleans’ Upper 9th Ward, with access to downtown New Orleans and St. Bernard Parish within minutes. Its two-unit configuration, existing occupancy, outdoor area, and driveway parking support both rental and owner-occupant use.
The property is located at 3120 22 LAW Street in New Orleans’ Upper 9th Ward, with access to downtown New Orleans and St. Bernard Parish within minutes. Its two-unit configuration, existing occupancy, outdoor area, and driveway parking support both rental and owner-occupant use.
Key Highlights
- Duplex totaling 1440 square feet, built in 2013
- Tenants are already in place
- Deep lot with backyard space
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
$18,234
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
8.10%
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%
$364,680
$364.7K
Cap Rate 7%
$260,486
$260.5K
Cap Rate 9%
$202,600
$202.6K
Market Conditions
NOI Build-Up for 1,440 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
$28.5K $19.80/SF
− Vacancy
−$2.5K −$1.71/SF
EGI
$26.0K $18.09/SF
− OpEx
−$7.8K −$5.43/SF
NOI
$18.2K $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%
$364,680
Cap Rate 7%
$260,486
Cap Rate 9%
$202,600
Alternative Uses
Best Use
Multifamily LT 5
$260.5K
$227.9K – $303.9K
NOI $18,234 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$239.4K
$209.5K – $279.3K
NOI $16,760 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$366.0K
$320.3K – $427.0K
NOI $25,620 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 existing occupants, backyard space, and off-street parking.
Where is this duplex located?
The property is located at 3120 22 LAW Street New Orleans, LA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Duplex totaling 1440 square feet, built in 2013; Tenants are already in place; Deep lot with backyard space
