Duplex with Three-Bedroom
New
For Sale
$360,000
2224-26 Franklin Ave, New Orleans, LA 70117
Each residence includes two full bathrooms and a functional floor plan.
Property Size2,407 SF
Price / SF$149.56
Days on Market7
Property Features for 2224-26 Franklin Ave
General Information
Standard status
Active
Size
2,407 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1922
Listing Agency:
Compass Covington (COMP27)
Listed By:
Carroll Gales · License #75026
(504) 650-2126
Source:
Fiorellaavenue
Added: Oct 1
Last Checked: Oct 7 at 1:25PM
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 Compass Covington (COMP27)
Investment Insights
Based on property information with market context.
Built in 1922, this duplex contains two separate residences with a combined 2,407 square feet. Each side offers three bedrooms, two full bathrooms, and a functional floor plan with generous living areas.
The two-unit configuration provides distinct living spaces within one property. Its bedroom and bathroom count is consistent across both residences.
The two-unit configuration provides distinct living spaces within one property. Its bedroom and bathroom count is consistent across both residences.
Key Highlights
- Two residences, each with 3 bedrooms and 2 full baths
- 2,407 square feet across the duplex
- Built in 1922
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,479
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$609,580
$609.6K
Cap Rate 7%
$435,414
$435.4K
Cap Rate 9%
$338,656
$338.7K
Market Conditions
NOI Build-Up for 2,407 SF
Gross rent
$47.7K $19.80/SF
− Vacancy
−$4.1K −$1.71/SF
EGI
$43.5K $18.09/SF
− OpEx
−$13.1K −$5.43/SF
NOI
$30.5K $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 Rate 5%
$609,580
Cap Rate 7%
$435,414
Cap Rate 9%
$338,656
Alternative Uses
Best Use
Multifamily LT 5
$435.4K
$381.0K – $508.0K
NOI $30,479 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$400.2K
$350.2K – $466.9K
NOI $28,015 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$611.8K
$535.3K – $713.8K
NOI $42,825 @ 7.0% cap · market cap 11.90%
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
570
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 - Each residence includes two full bathrooms and a functional floor plan.
Where is this duplex located?
The property is located at 2224-26 Franklin Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 full baths; 2,407 square feet across the duplex; Built in 1922
