Two-Unit Duplex with
New
For Sale
$635,000
1432 FELICITY Street, New Orleans, LA 70130
Multi-Family, Traditional, New Orleans, LA
Property Size2,362 SF
Price / SF$268.84
Days on Market1
Property Features for 1432 FELICITY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Courtyard, Porch
Lot features
Condo
Subdivision
LGD
Standard status
Active
APN
701301434FELICITYST
Size
2,362 SF
Taxes and HOA fees
Tax Description
SQ 206 LOT 2 FELICITY 31X117 FILE #13218 1432 1434-34 1/2 FELICITY ST
Legal Description
SQ 206 LOT 2 FELICITY 31X117 FILE #13218 1432 1434-34 1/2 FELICITY ST
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
shared front porch
brick courtyard
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Kelleye Rhein · License #0995687228
(504) 975-0649
Added: Aug 24
Last Checked: Aug 24 at 3:06PM
MLS# 2573899
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 1915, this 2,362-square-foot duplex contains two distinct residences. Unit 1432 has two bedrooms and two baths, wood flooring, mantels, high ceilings, and an upstairs primary suite following renovation. Unit 1434 offers one bedroom and an open kitchen. Both units include dedicated in-unit laundry rooms, while the property also provides a shared front porch and brick courtyard. Central heating, central air, a shingle roof, and public water serve the building.
Unit 1434 is currently rented. Unit 1432 can accommodate either owner occupancy or a separate rental arrangement. The property is located in New Orleans’ Lower Garden District between St. Charles Avenue and Coliseum Square Park, with the St. Charles streetcar, Magazine Street, restaurants, shops, and parks nearby.
Unit 1434 is currently rented. Unit 1432 can accommodate either owner occupancy or a separate rental arrangement. The property is located in New Orleans’ Lower Garden District between St. Charles Avenue and Coliseum Square Park, with the St. Charles streetcar, Magazine Street, restaurants, shops, and parks nearby.
Key Highlights
- 2,362‑square‑foot duplex built in 1915
- Two residential units: one 2‑bedroom, 2‑bath unit and one 1‑bedroom unit
- Renovated Unit 1432 includes an upstairs primary suite, wood floors, mantels, and high ceilings
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
Property Profile
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
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 - Separate laundry rooms, a shared porch, and brick courtyard complement the two residential layouts.
Where is this duplex located?
The property is located at 1432 FELICITY Street 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‑square‑foot duplex built in 1915; Two residential units: one 2‑bedroom, 2‑bath unit and one 1‑bedroom unit; Renovated Unit 1432 includes an upstairs primary suite, wood floors, mantels, and high ceilings
