Renovated Duplex Shotgun
For Sale
$335,000
Pending
1561-63 N PRIEUR Street, New Orleans, LA 70116
MULTI_FAMILY - New Orleans, LA
Property Size2,078 SF
Lot Size0.11 Acres
Days on Market86
Property Features for 1561-63 N PRIEUR Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Fence
Fencing
Fenced
Subdivision
Inner City 7th
Lot features
Regular
Standard status
Pending
APN
701161561NPrieurST
Size
2,078 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
SQ 901 LOT 23 31 X 148 1561-63 N PRIEUR ST DBLE 1/ST 12/RMS S/R
Legal Description
SQ 901 LOT 23 31 X 148 1561-63 N PRIEUR ST DBLE 1/ST 12/RMS S/R
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
David Ernst · License #995683148
(504) 655-8304
Added: Jun 10
Changed: Jul 31
Last Checked: Sep 3 at 11:06AM
MLS# 2562462
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.
This renovated duplex features two 2-bedroom, 2-bath shotgun units. Built in 1920, the property sits on a fully fenced lot and includes a fenced outdoor space. The duplex was fully renovated in 2020 and maintains the original historic exterior character while updating the interiors.
Inside, both units have vinyl plank flooring throughout. Kitchens were updated with stainless steel appliances and granite countertops, and the bathrooms include tile finishes with modern vanities. Each unit also offers walk-in closets and in-unit stackable washer/dryer connections, supported by natural gas heating and central air conditioning. The property is served by public water and has a shingle roof.
The configuration is a straightforward two-unit setup designed for tenants who value in-unit laundry and upgraded interior finishes within a classic New Orleans exterior profile.
Inside, both units have vinyl plank flooring throughout. Kitchens were updated with stainless steel appliances and granite countertops, and the bathrooms include tile finishes with modern vanities. Each unit also offers walk-in closets and in-unit stackable washer/dryer connections, supported by natural gas heating and central air conditioning. The property is served by public water and has a shingle roof.
The configuration is a straightforward two-unit setup designed for tenants who value in-unit laundry and upgraded interior finishes within a classic New Orleans exterior profile.
Key Highlights
- Two 2‑bedroom, 2‑bath shotgun units
- Fully renovated in 2020
- Vinyl plank flooring throughout each unit
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
$26,313
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
7.85%
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%
$526,260
$526.3K
Cap Rate 7%
$375,900
$375.9K
Cap Rate 9%
$292,367
$292.4K
Market Conditions
NOI Build-Up for 2,078 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
$41.1K $19.80/SF
− Vacancy
−$3.6K −$1.71/SF
EGI
$37.6K $18.09/SF
− OpEx
−$11.3K −$5.43/SF
NOI
$26.3K $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%
$526,260
Cap Rate 7%
$375,900
Cap Rate 9%
$292,367
Alternative Uses
Best Use
Multifamily LT 5
$375.9K
$328.9K – $438.6K
NOI $26,313 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$345.5K
$302.3K – $403.1K
NOI $24,186 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$528.2K
$462.1K – $616.2K
NOI $36,971 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,482
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
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 - Renovated duplex with two shotgun units, fenced outdoor space, vinyl plank flooring, and central air on a public water line.
Where is this duplex located?
The property is located at 1561-63 N PRIEUR Street New Orleans, LA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bath shotgun units; Fully renovated in 2020; Vinyl plank flooring throughout each unit
