Duplex with Private
New
For Sale
$1,195,000
1525 27 Melpomene Street, New Orleans, LA 70130
Renovated in 2021 and updated again in 2025, the two residences can also be joined into a single home.
Property Size3,200 SF
Price / SF$373.44
Days on Market5
Property Features for 1525 27 Melpomene Street
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
front porches
fireplaces
private balconies
covered outdoor entertaining area
oversized storage shed
LED uplighting system
Building Details
Year Built
1920
Year Renovated
2021
Buildings
1
Construction
Victorian
Listing Agency:
Crescent Sotheby's International
Listed By:
Richard Hebert · License #HEBERICH
Source:
Thepuckettteam
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 7:01AM
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 Crescent Sotheby's International
Investment Insights
Based on property information with market context.
This Victorian-style, side-by-side duplex retains hardwood floors, tall ceilings, living-room fireplaces with original tile, and floor-to-ceiling windows. Renovations in 2021 and 2025 brought designer finishes, while soundproofing separates the units. Gas appliances and tankless water heaters serve both sides. The 1527 residence has 2 bedrooms, 2 full baths, and 1 half bath; 1525 has 3 bedrooms, 1 full bath, and 1 half bath. Four private balconies, a covered outdoor entertaining area, and an oversized storage shed add outdoor and storage space. A driveway accommodates up to three cars.
The property sits half a block from the Mardi Gras parade route on Melpomene Street. It is in Flood Zone X. The two sides may be combined by removing one wall; a structural beam is already in place. The 1525 side currently produces short-term rental income, with permitting and conversion requirements subject to buyer verification.
The property sits half a block from the Mardi Gras parade route on Melpomene Street. It is in Flood Zone X. The two sides may be combined by removing one wall; a structural beam is already in place. The 1525 side currently produces short-term rental income, with permitting and conversion requirements subject to buyer verification.
Key Highlights
- Side‑by‑side duplex with 2 bedrooms, 2 full baths, and 1 half bath at 1527; 3 bedrooms, 1 full bath, and 1 half bath at 1525
- Renovated in 2021 and updated again in 2025
- Four private balconies, plus a covered outdoor entertaining area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,520
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$810,400
$810.4K
Cap Rate 7%
$578,857
$578.9K
Cap Rate 9%
$450,222
$450.2K
Market Conditions
NOI Build-Up for 3,200 SF
Gross rent
$63.4K $19.80/SF
− Vacancy
−$5.5K −$1.71/SF
EGI
$57.9K $18.09/SF
− OpEx
−$17.4K −$5.43/SF
NOI
$40.5K $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%
$810,400
Cap Rate 7%
$578,857
Cap Rate 9%
$450,222
Alternative Uses
Best Use
Multifamily LT 5
$578.9K
$506.5K – $675.3K
NOI $40,520 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$532.1K
$465.6K – $620.7K
NOI $37,244 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$813.3K
$711.7K – $948.9K
NOI $56,933 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,609
Businesses Nearby
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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
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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 - Renovated in 2021 and updated again in 2025, the two residences can also be joined into a single home.
Where is this duplex located?
The property is located at 1525 27 Melpomene Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 bedrooms, 2 full baths, and 1 half bath at 1527; 3 bedrooms, 1 full bath, and 1 half bath at 1525; Renovated in 2021 and updated again in 2025; Four private balconies, plus a covered outdoor entertaining area
