Updated Duplex with Hardwood
For Sale
$350,000
3613-15 LOUISIANA AVENUE Parkway, New Orleans, LA 70125
Two-unit property with refreshed interiors, a front porch, backyard, and shared rear storage garage.
Property Size2,190 SF
Price / SF$159.82
Days on Market554
Property Features for 3613-15 LOUISIANA AVENUE Parkway
General Information
Standard status
Active
Size
2,190 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$36,000
Amenities
shared storage garage
porch
Building Details
Year Built
1940
Buildings
1
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Simone Soignet · License #000008892
(504) 650-6650
Source:
Exitrealty
Added: Feb 26, 2025
Changed: Sep 2
Last Checked: Sep 2 at 6:22PM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This 2,190-square-foot duplex, built in 1940, contains two residential units, each configured with 2 beds and 1 bath. Both interiors have received updates, with the upper residence most recently improved in 2017. Its features include refinished original hardwood floors, an updated kitchen and bath, and a porch facing the front yard.
The property also includes a backyard and a shared, sizable rear storage garage. Its Louisiana Avenue Parkway setting places the duplex near universities, medical centers, and downtown New Orleans.
The property also includes a backyard and a shared, sizable rear storage garage. Its Louisiana Avenue Parkway setting places the duplex near universities, medical centers, and downtown New Orleans.
Key Highlights
- Two‑unit duplex with 2 beds/1 bath in each residence
- 2,190 SF property built in 1940
- Upper unit updated in 2017 with refinished original hardwood floors
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
$27,731
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
7.92%
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%
$554,620
$554.6K
Cap Rate 7%
$396,157
$396.2K
Cap Rate 9%
$308,122
$308.1K
Market Conditions
NOI Build-Up for 2,190 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
$43.4K $19.80/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$39.6K $18.09/SF
− OpEx
−$11.9K −$5.43/SF
NOI
$27.7K $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%
$554,620
Cap Rate 7%
$396,157
Cap Rate 9%
$308,122
Alternative Uses
Best Use
Multifamily LT 5
$396.2K
$346.6K – $462.2K
NOI $27,731 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$364.1K
$318.6K – $424.8K
NOI $25,489 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$556.6K
$487.1K – $649.4K
NOI $38,964 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,361
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-unit property with refreshed interiors, a front porch, backyard, and shared rear storage garage.
Where is this duplex located?
The property is located at 3613-15 LOUISIANA AVENUE Parkway New Orleans, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 beds/1 bath in each residence; 2,190 SF property built in 1940; Upper unit updated in 2017 with refinished original hardwood floors
