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 Market10
Property Features for 1721-23 Third St
General Information
Standard status
Active
Size
3,044 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Construction
double shotgun
Listing Agency:
Dawson Grey Real Estate
(225) 325-5555
Listed By:
Tyler Terrebonne
(225) 325-5555
Source:
Exprealty
Added: Aug 5
Changed: Aug 13
Last Checked: Aug 14 at 9:40AM
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 = 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
$38,545
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
6.43%
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%
$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
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
$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 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%
$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
Property Profile
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
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 - 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
