Maintained Double Shotgun
For Sale
$599,000
1721-23 Third St, New Orleans, LA 70130
Two-unit residential property presented in move-in-ready condition near major New Orleans destinations.
Property Size3,044 SF
Price / SF$196.78
Days on Market55
Property Features for 1721-23 Third St
General Information
Standard status
Active
Size
3,044 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Construction
double shotgun
Listing Agency:
Dawson Grey Real Estate
Listed By:
Tyler Terrebonne · License #995707786
(225) 331-8011
Source:
Smithsquared
Added: Aug 12
Changed: Oct 5
Last Checked: Oct 4 at 10:54AM
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 Dawson Grey Real Estate
Investment Insights
Based on property information with market context.
This 3,044-square-foot duplex is configured in the classic double-shotgun style and has been maintained for immediate occupancy. The two-unit layout supports residential income use while retaining the architectural character associated with this New Orleans building form.
The property is located at 1721-23 Third St in New Orleans, near the St. Charles Avenue parade route. The French Quarter, Uptown, the CBD, restaurants, music venues, and shopping are also identified as nearby destinations, placing the duplex within an established urban setting.
Its combination of duplex functionality, 3,044 square feet, and distinctive architectural design creates a straightforward residential income property profile in a well-connected part of the city.
The property is located at 1721-23 Third St in New Orleans, near the St. Charles Avenue parade route. The French Quarter, Uptown, the CBD, restaurants, music venues, and shopping are also identified as nearby destinations, placing the duplex within an established urban setting.
Its combination of duplex functionality, 3,044 square feet, and distinctive architectural design creates a straightforward residential income property profile in a well-connected part of the city.
Key Highlights
- 3,044 SF double‑shotgun duplex
- Two‑unit residential configuration
- Maintained and move‑in‑ready condition
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,545
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$770,900
$770.9K
Cap Rate 7%
$550,643
$550.6K
Cap Rate 9%
$428,278
$428.3K
Market Conditions
NOI Build-Up for 3,044 SF
Gross rent
$60.3K $19.80/SF
− Vacancy
−$5.2K −$1.71/SF
EGI
$55.1K $18.09/SF
− OpEx
−$16.5K −$5.43/SF
NOI
$38.5K $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%
$770,900
Cap Rate 7%
$550,643
Cap Rate 9%
$428,278
Alternative Uses
Best Use
Multifamily LT 5
$550.6K
$481.8K – $642.4K
NOI $38,545 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$506.1K
$442.9K – $590.5K
NOI $35,429 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$773.7K
$677.0K – $902.6K
NOI $54,158 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,125
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
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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 - Two-unit residential property presented in move-in-ready condition near major New Orleans destinations.
Where is this duplex located?
The property is located at 1721-23 Third St New Orleans, LA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,044 SF double‑shotgun duplex; Two‑unit residential configuration; Maintained and move‑in‑ready condition
