Tenant-Occupied Duplex with
For Sale
$365,000
Pending
3224-26 Calhoun Street, New Orleans, LA 70125
Two separately occupied residences offer hardwood interiors, central climate control, private driveways, and additional outdoor storage.
Property Size1,600 SF
Days on Market491
Property Features for 3224-26 Calhoun Street
General Information
Standard status
Pending
Size
1,600 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
2
Amenities
private courtyard
storage sheds
Central Air
Central
1
2
Asphalt
Pillar/Post/Pier
Wood Siding
Porch
Building Details
Year Built
1936
Buildings
1
Tenancy
Multi
Listing Agency:
McCarthy Group REALTORS
(504) 236-3833
Listed By:
Jake Zakris · License #995699616
(504) 236-3833
Source:
Compass
Added: Apr 28, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:22PM
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 McCarthy Group REALTORS
Investment Insights
Based on property information with market context.
Built in 1936, this duplex contains approximately 1,600 square feet across two residential sides. Each unit provides an open living arrangement with hardwood flooring and central air conditioning and heat. Both sides are currently tenant occupied, and each has a long private driveway. A private courtyard extends the usable outdoor area, while storage sheds provide space for equipment and personal belongings.
The property is located at 3224-26 Calhoun Street in New Orleans, approximately two blocks from Tulane University football and baseball stadiums and near restaurants. The combination of separate living areas, individual driveways, tenant occupancy, courtyard space, and auxiliary storage defines the property’s practical residential-income profile.
The property is located at 3224-26 Calhoun Street in New Orleans, approximately two blocks from Tulane University football and baseball stadiums and near restaurants. The combination of separate living areas, individual driveways, tenant occupancy, courtyard space, and auxiliary storage defines the property’s practical residential-income profile.
Key Highlights
- Two‑sided duplex totaling 1,600 square feet
- Both residences currently tenant occupied
- Built in 1936 with hardwood flooring and central AC and heat
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
$20,260
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
5.55%
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%
$405,200
$405.2K
Cap Rate 7%
$289,429
$289.4K
Cap Rate 9%
$225,111
$225.1K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$2.7K −$1.71/SF
EGI
$28.9K $18.09/SF
− OpEx
−$8.7K −$5.43/SF
NOI
$20.3K $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%
$405,200
Cap Rate 7%
$289,429
Cap Rate 9%
$225,111
Alternative Uses
Best Use
Multifamily LT 5
$289.4K
$253.3K – $337.7K
NOI $20,260 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$266.0K
$232.8K – $310.4K
NOI $18,622 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$406.7K
$355.8K – $474.5K
NOI $28,467 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
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 separately occupied residences offer hardwood interiors, central climate control, private driveways, and additional outdoor storage.
Where is this duplex located?
The property is located at 3224-26 Calhoun Street New Orleans, LA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑sided duplex totaling 1,600 square feet; Both residences currently tenant occupied; Built in 1936 with hardwood flooring and central AC and heat
