Maintained Double-Unit
New
For Sale
$599,000
1721-23 Third St, New Orleans, LA 70130
MULTI_FAMILY - New Orleans, LA
Property Size3,044 SF
Lot Size0.10 Acres
Price / SF$196.78
Days on Market7
Property Features for 1721-23 Third St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Window features
Storm Window(s), Window Treatments
Patio and Porch features
Porch, Patio
Interior features
9+ Ft. Ceiling, Master Bath, Walk-In Closet(s)
Exterior features
Balcony, Landscaped, Lighting
Fencing
Chain Link
Appliances
Gas Cooktop, Dishwasher, Disposal, Freezer, Microwave, Range/Oven, Refrigerator
Subdivision
Coliseum Square
Elementary school district
Orleans Parish
Middle school district
Orleans Parish
High school district
Orleans Parish
Directions
ST. CHARLES TO 2ND, TURN RIGHT, GO 2 BLOCKS, TURN LEFT TO THIRD, THEN LEFT ON THIRD, HOUSE ON LEFT SIDE. Bounding Streets: ST. CHARLES, FOURTH, SECOND
Standard status
Active
Size
3,044 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
Sq 246 Lot K Third St 34X128 = 4352 Sq Ft 1721/23 Third St File #16966
Legal Description
Sq 246 Lot K Third St 34X128 = 4352 Sq Ft 1721/23 Third St File #16966
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Flooring type
Wood
Building materials
Vinyl Siding, Frame
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Dawson Grey Real Estate
(225) 325-5555
Listed By:
Tyler Terrebonne
(225) 325-5555
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 11 at 6:06PM
MLS# 2026014312
Copyright © 2026 Greater Baton Rouge 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 3,044-square-foot duplex at 1721-23 Third St. includes two residential units within a frame structure with vinyl siding and a shingle roof. Interior features include wood flooring, 9+ ft. ceilings, master baths, and walk-in closets. Each unit benefits from central heating and central air, with ceiling fans supplementing cooling. Kitchens are equipped with gas cooktops, refrigerators, dishwashers, disposals, freezers, microwaves, and range/ovens. Exterior improvements include porches, a patio, balcony, landscaping, lighting, and chain-link fencing.
The property occupies 0.101 acres in New Orleans, with on-street parking and access to public water and public sewer. Cable service is available. The address is located a few blocks from the St. Charles Avenue parade route and provides access to the French Quarter, Uptown, the CBD, restaurants, music venues, and shopping.
The property occupies 0.101 acres in New Orleans, with on-street parking and access to public water and public sewer. Cable service is available. The address is located a few blocks from the St. Charles Avenue parade route and provides access to the French Quarter, Uptown, the CBD, restaurants, music venues, and shopping.
Key Highlights
- 3,044‑square‑foot duplex on a 0.101‑acre lot
- Two residential units with wood flooring and 9+ ft. ceilings
- Central heating, central air, and ceiling fans
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 residential units feature wood flooring, central air, porches, and updated kitchen appliances.
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‑square‑foot duplex on a 0.101‑acre lot; Two residential units with wood flooring and 9+ ft. ceilings; Central heating, central air, and ceiling fans
