Updated Two-Unit
New
For Sale
$235,000
1628 Gordon St, New Orleans, LA 70117
Fully occupied duplex with two-bedroom, one-bath residences and major updates completed in 2024.
Property Size1,561 SF
Price / SF$150.54
Days on Market7
Property Features for 1628 Gordon St
General Information
Standard status
Active
Size
1,561 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
2008
Year Renovated
2024
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 7:19AM
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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 2008, contains two residences with a consistent layout: each offers 2 bedrooms and 1 bathroom. Major updates were completed in 2024, and both units are currently occupied and producing monthly rental income.
The property is located at 1628 Gordon St in New Orleans, with the French Quarter less than 15 minutes away and Bywater approximately 10 minutes away. The surrounding area also provides access to dining, cultural destinations, and transit. Its established occupancy, two-bedroom unit configuration, and recent improvements define the property’s current operating profile.
The property is located at 1628 Gordon St in New Orleans, with the French Quarter less than 15 minutes away and Bywater approximately 10 minutes away. The surrounding area also provides access to dining, cultural destinations, and transit. Its established occupancy, two-bedroom unit configuration, and recent improvements define the property’s current operating profile.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per residence
- Both units currently occupied and generating monthly rental income
- Major property updates completed in 2024
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
$19,766
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
8.41%
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%
$395,320
$395.3K
Cap Rate 7%
$282,371
$282.4K
Cap Rate 9%
$219,622
$219.6K
Market Conditions
NOI Build-Up for 1,561 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
$30.9K $19.80/SF
− Vacancy
−$2.7K −$1.71/SF
EGI
$28.2K $18.09/SF
− OpEx
−$8.5K −$5.43/SF
NOI
$19.8K $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%
$395,320
Cap Rate 7%
$282,371
Cap Rate 9%
$219,622
Alternative Uses
Best Use
Multifamily LT 5
$282.4K
$247.1K – $329.4K
NOI $19,766 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$259.5K
$227.1K – $302.8K
NOI $18,168 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$396.8K
$347.2K – $462.9K
NOI $27,773 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully occupied duplex with two-bedroom, one-bath residences and major updates completed in 2024.
Where is this duplex located?
The property is located at 1628 Gordon St New Orleans, LA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per residence; Both units currently occupied and generating monthly rental income; Major property updates completed in 2024
