Historic Two-Unit
For Sale
$530,000
137 39 S Murat St, New Orleans, LA 70119
Updated interiors, preserved Craftsman details, and dedicated driveway parking accompany a flexible two-unit layout.
Property Size2,128 SF
Price / SF$249.06
Days on Market42
Property Features for 137 39 S Murat St
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Multi-Family
Building Details
Year Built
1921
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Anne Favret · License #995705535
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 31 at 7:33PM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
Built in 1921, this 2,128-square-foot duplex contains two residential units, each with 2 bedrooms and 1 bath. The interiors have been freshly painted and feature updated lighting, original hardwood flooring, and preserved Craftsman-era details including doors, mantels, shutters, and brickwork. Each unit also has its own off-street driveway parking space.
The property is located one block from the Canal Streetcar line in New Orleans’ Mid-City area, with access to nearby restaurants, parks, and downtown. The two-unit configuration supports separate occupancy, with each residence offering the same bedroom and bath count.
The property is located one block from the Canal Streetcar line in New Orleans’ Mid-City area, with access to nearby restaurants, parks, and downtown. The two-unit configuration supports separate occupancy, with each residence offering the same bedroom and bath count.
Key Highlights
- Two‑unit duplex totaling 2,128 square feet
- Each unit includes 2 bedrooms and 1 bath
- Built in 1921 with original hardwood floors and preserved Craftsman details
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
$26,946
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
5.08%
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%
$538,920
$538.9K
Cap Rate 7%
$384,943
$384.9K
Cap Rate 9%
$299,400
$299.4K
Market Conditions
NOI Build-Up for 2,128 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
$42.1K $19.80/SF
− Vacancy
−$3.6K −$1.71/SF
EGI
$38.5K $18.09/SF
− OpEx
−$11.5K −$5.43/SF
NOI
$26.9K $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%
$538,920
Cap Rate 7%
$384,943
Cap Rate 9%
$299,400
Alternative Uses
Best Use
Multifamily LT 5
$384.9K
$336.8K – $449.1K
NOI $26,946 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$353.8K
$309.6K – $412.8K
NOI $24,767 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$556.8K
$487.2K – $649.6K
NOI $38,978 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Duplex - Updated interiors, preserved Craftsman details, and dedicated driveway parking accompany a flexible two-unit layout.
Where is this duplex located?
The property is located at 137 39 S Murat St New Orleans, LA.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,128 square feet; Each unit includes 2 bedrooms and 1 bath; Built in 1921 with original hardwood floors and preserved Craftsman details
