Historic Two-Unit
New
For Sale
$635,000
1432 34 Felicity St, New Orleans, LA 70130
Two residences combine period character, private laundry access, and shared outdoor space in New Orleans’ Lower Garden District.
Property Size2,362 SF
Price / SF$268.84
Days on Market2
Property Features for 1432 34 Felicity St
General Information
Standard status
Active
Size
2,362 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
in-unit laundry room
front porch
courtyard
Building Details
Year Built
1915
Buildings
1
Listing Agency:
REVE, REALTORS
Listed By:
Kelleye Rhein · License #0995687228
(504) 975-0649
Source:
Dominionplace
Added: Sep 12
Last Checked: Sep 13 at 4:02PM
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 1915, this 2,362-square-foot duplex contains two distinct residences at 1432–1434 Felicity St. The larger unit includes two bedrooms, two baths, wood flooring, mantels, high ceilings, and an upstairs primary suite following renovation. The second residence offers one bedroom and an open kitchen configuration. Both units have access to separate in-unit laundry rooms.
Shared exterior amenities include a front porch and brick courtyard. The one-bedroom unit is currently rented, while the two-bedroom residence can accommodate an owner occupant or serve as an additional rental. The property is positioned between St. Charles Avenue and Coliseum Square Park, with the St. Charles streetcar, Magazine Street, restaurants, shops, and parks nearby.
Shared exterior amenities include a front porch and brick courtyard. The one-bedroom unit is currently rented, while the two-bedroom residence can accommodate an owner occupant or serve as an additional rental. The property is positioned between St. Charles Avenue and Coliseum Square Park, with the St. Charles streetcar, Magazine Street, restaurants, shops, and parks nearby.
Key Highlights
- 2,362 SF duplex built in 1915
- Two‑bedroom, two‑bath unit with renovated interiors and upstairs primary suite
- Separate one‑bedroom residence with open kitchen
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
$29,909
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
4.71%
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%
$598,180
$598.2K
Cap Rate 7%
$427,271
$427.3K
Cap Rate 9%
$332,322
$332.3K
Market Conditions
NOI Build-Up for 2,362 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
$46.8K $19.80/SF
− Vacancy
−$4.0K −$1.71/SF
EGI
$42.7K $18.09/SF
− OpEx
−$12.8K −$5.43/SF
NOI
$29.9K $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%
$598,180
Cap Rate 7%
$427,271
Cap Rate 9%
$332,322
Alternative Uses
Best Use
Multifamily LT 5
$427.3K
$373.9K – $498.5K
NOI $29,909 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$392.7K
$343.6K – $458.2K
NOI $27,491 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$600.3K
$525.3K – $700.4K
NOI $42,024 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,728
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two residences combine period character, private laundry access, and shared outdoor space in New Orleans’ Lower Garden District.
Where is this duplex located?
The property is located at 1432 34 Felicity St New Orleans, LA.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: 2,362 SF duplex built in 1915; Two‑bedroom, two‑bath unit with renovated interiors and upstairs primary suite; Separate one‑bedroom residence with open kitchen
