Victorian Duplex with Covered
New
For Sale
$589,000
138-40 S GAYOSO Street, New Orleans, LA 70119
Multi-Family, Victorian, New Orleans, LA
Property Size4,164 SF
Lot Size0.09 Acres
Price / SF$141.45
Days on Market7
Property Features for 138-40 S GAYOSO Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
105204114
Size
4,164 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
SQ 631 LOT 16 SO GAYOSO AND CLEVELAND 33' 3" X 120' 138-40 S GAYOSO ST *HE 02-H/E LTC#02-021,9/10/03
Legal Description
SQ 631 LOT 16 SO GAYOSO AND CLEVELAND 33' 3" X 120' 138-40 S GAYOSO ST *HE 02-H/E LTC#02-021,9/10/03
Utilities
Heating system
Central
Cooling system
Central Air, Window Unit(s)
Water source
Public
Amenities
covered front porch
rear garden
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
Keller Williams Realty Services
(985) 727-7000
Listed By:
Louis Williams · License #73679
(985) 237-0712
Added: Sep 21
Last Checked: Sep 27 at 12:06PM
MLS# 2577514
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1930, this Victorian duplex contains 4,164 square feet on a 0.0916-acre lot. The property features soaring ceilings, wood floors, grand staircases, substantial millwork, transoms, tall windows, wide interior openings, and decorative fireplaces. Kitchens provide generous cabinetry and tile flooring, while the bedrooms include wood floors and natural light. Multiple baths have tub and shower combinations, and one side is tenant occupied.
A covered front porch extends across the facade, complemented by a fenced rear garden that can be opened for rear parking access. The property is located just off Canal Street between Lakeview and Mid-City. Heating includes central service; cooling is provided by window units and central air. The fireplaces are non-functional and convey as-is without warranty.
A covered front porch extends across the facade, complemented by a fenced rear garden that can be opened for rear parking access. The property is located just off Canal Street between Lakeview and Mid-City. Heating includes central service; cooling is provided by window units and central air. The fireplaces are non-functional and convey as-is without warranty.
Key Highlights
- 4,164 SF Victorian duplex built in 1930
- 0.0916‑acre lot with a covered front porch
- Original wood floors, millwork, transoms, and decorative fireplaces
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
$52,727
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
8.95%
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%
$1,054,540
$1.1M
Cap Rate 7%
$753,243
$753.2K
Cap Rate 9%
$585,856
$585.9K
Market Conditions
NOI Build-Up for 4,164 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
$82.4K $19.80/SF
− Vacancy
−$7.1K −$1.71/SF
EGI
$75.3K $18.09/SF
− OpEx
−$22.6K −$5.43/SF
NOI
$52.7K $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%
$1,054,540
Cap Rate 7%
$753,243
Cap Rate 9%
$585,856
Alternative Uses
Best Use
Multifamily LT 5
$753.2K
$659.1K – $878.8K
NOI $52,727 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$692.3K
$605.8K – $807.7K
NOI $48,464 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.09M
$953.4K – $1.27M
NOI $76,271 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,704
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Historic architectural details include wood floors, millwork, transoms, and decorative fireplaces.
Where is this duplex located?
The property is located at 138-40 S GAYOSO Street New Orleans, LA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 4,164 SF Victorian duplex built in 1930; 0.0916‑acre lot with a covered front porch; Original wood floors, millwork, transoms, and decorative fireplaces
