Victorian Duplex with Gated
For Sale
$649,000
4501 CANAL Street, New Orleans, LA 70119
Historic two-unit property with original architectural details, outdoor gathering areas, and converted garage living space.
Property Size3,274 SF
Price / SF$198.23
Days on Market556
Property Features for 4501 CANAL Street
General Information
Standard status
Active
Size
3,274 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
covered porch
private front courtyard
upstairs balcony
off-street gated parking
Building Details
Year Built
1922
Buildings
1
Construction
Victorian
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Philip Ewbank · License #995700196
(504) 335-7481
Source:
Exitrealty
Added: Feb 26, 2025
Changed: Sep 1
Last Checked: Sep 4 at 10:54AM
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 Keller Williams Realty New Orleans
Investment Insights
Based on property information with market context.
Built in 1922, this Victorian duplex at 4501 Canal Street presents two separate living units within a character-rich residential property. The 4-bedroom, 4-bath layout includes tall ceilings, wood flooring, original fireplace tile, interior transom windows, and scalloped roof siding. A garage has been converted into additional living space.
Outdoor features include a large covered porch facing a private front courtyard and an upstairs balcony overlooking the Canal Streetcar line. Gated off-street parking adds convenience, while the property offers access to City Park and the Lafitte Greenway.
Outdoor features include a large covered porch facing a private front courtyard and an upstairs balcony overlooking the Canal Streetcar line. Gated off-street parking adds convenience, while the property offers access to City Park and the Lafitte Greenway.
Key Highlights
- Two separate living units in a Victorian property built in 1922
- 4 bedrooms and 4 baths
- Converted garage provides additional living 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
$41,457
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
6.39%
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%
$829,140
$829.1K
Cap Rate 7%
$592,243
$592.2K
Cap Rate 9%
$460,633
$460.6K
Market Conditions
NOI Build-Up for 3,274 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
$64.8K $19.80/SF
− Vacancy
−$5.6K −$1.71/SF
EGI
$59.2K $18.09/SF
− OpEx
−$17.8K −$5.43/SF
NOI
$41.5K $12.66/SF
Area
ZIP 70119
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%
$829,140
Cap Rate 7%
$592,243
Cap Rate 9%
$460,633
Alternative Uses
Best Use
Multifamily LT 5
$592.2K
$518.2K – $691.0K
NOI $41,457 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$544.4K
$476.3K – $635.1K
NOI $38,106 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$856.7K
$749.6K – $999.5K
NOI $59,969 @ 7.0% cap · market cap 9.24%
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
1,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Historic two-unit property with original architectural details, outdoor gathering areas, and converted garage living space.
Where is this duplex located?
The property is located at 4501 CANAL Street New Orleans, LA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two separate living units in a Victorian property built in 1922; 4 bedrooms and 4 baths; Converted garage provides additional living space
