Renovated Two-Unit
For Sale
$500,000
1600 02 Governor Nicholls St, New Orleans, LA 70116
Corner-lot property with two independent residences, open living areas, in-unit laundry, and flexible upstairs space.
Property Size2,872 SF
Price / SF$174.09
Days on Market52
Property Features for 1600 02 Governor Nicholls St
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1910
Year Renovated
2018
Stories
2
Listing Agency:
FQR Realtors
Listed By:
Andrew Grafe · License #995682122
(504) 529-9559
Source:
Fiorellaavenue
Added: Jul 13
Changed: Aug 30
Last Checked: Sep 1 at 10:50PM
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 FQR Realtors
Investment Insights
Based on property information with market context.
This duplex contains two side-by-side, two-story residences, each with 2 bedrooms, 2 full baths, 1 half bath, an open living, dining, and kitchen area, an in-unit laundry room, and an upstairs bonus flex space. The floor plan was renovated in 2018, with independent bedrooms rather than pass-through layouts. Primary suites include en suite baths and balcony access. Wide-plank hardwood floors, exposed-brick chimneys, clawfoot tubs, double-hung wood windows, and 11-foot ceilings retain the building’s historic character.
The property occupies a corner lot at 1600 02 Governor Nicholls Street in New Orleans. It is a few blocks from the French Quarter and offers access to I-10, with the Tremé neighborhood immediately surrounding the property.
The property occupies a corner lot at 1600 02 Governor Nicholls Street in New Orleans. It is a few blocks from the French Quarter and offers access to I-10, with the Tremé neighborhood immediately surrounding the property.
Key Highlights
- Two side‑by‑side, two‑story units on a corner lot
- Each unit includes 2 bedrooms, 2 full baths, and 1 half bath
- Renovated in 2018 with independent bedroom layouts
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
$36,367
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
7.27%
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%
$727,340
$727.3K
Cap Rate 7%
$519,529
$519.5K
Cap Rate 9%
$404,078
$404.1K
Market Conditions
NOI Build-Up for 2,872 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
$56.9K $19.80/SF
− Vacancy
−$4.9K −$1.71/SF
EGI
$52.0K $18.09/SF
− OpEx
−$15.6K −$5.43/SF
NOI
$36.4K $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%
$727,340
Cap Rate 7%
$519,529
Cap Rate 9%
$404,078
Alternative Uses
Best Use
Multifamily LT 5
$519.5K
$454.6K – $606.1K
NOI $36,367 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$477.5K
$417.8K – $557.1K
NOI $33,427 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$730.0K
$638.7K – $851.6K
NOI $51,098 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,095
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot property with two independent residences, open living areas, in-unit laundry, and flexible upstairs space.
Where is this duplex located?
The property is located at 1600 02 Governor Nicholls St New Orleans, LA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two side‑by‑side, two‑story units on a corner lot; Each unit includes 2 bedrooms, 2 full baths, and 1 half bath; Renovated in 2018 with independent bedroom layouts
