Renovated Duplex with Outdoor
For Sale
$474,900
1937 2ND Street, New Orleans, LA 70113
Multi-Family, Traditional, New Orleans, LA
Property Size2,500 SF
Lot Size0.04 Acres
Price / SF$189.96
Days on Market132
Property Features for 1937 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Balcony, Fence
Fencing
Fenced
Lot features
Condo, Regular
Subdivision
Faubourg Livaudais
Standard status
Active
APN
412202211
Size
2,500 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
SQ 272 LOT X SECOND ST AND DANNEEL 35X51 = 1785 SQ FT
Legal Description
SQ 272 LOT X SECOND ST AND DANNEEL 35X51 = 1785 SQ FT
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
private courtyard
wraparound balcony
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Marcotte & Co. Real Estate
(504) 439-4900
Listed By:
Danielle Marcotte · License #995691913
(504) 439-4900
Added: Apr 23
Changed: Aug 28
Last Checked: Sep 1 at 3:06PM
MLS# 2553869
Copyright © 2026 New Orleans Metropolitan 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.
Built in 1900, this New Orleans duplex contains 2,500 square feet arranged as two two-bedroom, two-bath residences. The property was renovated in 2021 and includes open living areas, high ceilings, ample storage, and in-unit laundry. Central heating and central air serve both units, while the shingle roof, fenced lot, public water service, and exterior improvements support everyday functionality.
Each residence has a distinct outdoor feature. The lower apartment opens to a private courtyard, and the upper apartment includes a wraparound balcony. Located at 1937 2ND Street in New Orleans, the property occupies a 0.041-acre parcel in ZIP Code 70113.
Each residence has a distinct outdoor feature. The lower apartment opens to a private courtyard, and the upper apartment includes a wraparound balcony. Located at 1937 2ND Street in New Orleans, the property occupies a 0.041-acre parcel in ZIP Code 70113.
Key Highlights
- Two 2‑bedroom, 2‑bath units within 2,500 square feet
- Renovated in 2021; original construction dates to 1900
- Lower unit includes a private courtyard
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
$31,656
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
6.67%
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%
$633,120
$633.1K
Cap Rate 7%
$452,229
$452.2K
Cap Rate 9%
$351,733
$351.7K
Market Conditions
NOI Build-Up for 2,500 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
$49.5K $19.80/SF
− Vacancy
−$4.3K −$1.71/SF
EGI
$45.2K $18.09/SF
− OpEx
−$13.6K −$5.43/SF
NOI
$31.7K $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%
$633,120
Cap Rate 7%
$452,229
Cap Rate 9%
$351,733
Alternative Uses
Best Use
Multifamily LT 5
$452.2K
$395.7K – $527.6K
NOI $31,656 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$415.7K
$363.7K – $485.0K
NOI $29,097 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$635.4K
$556.0K – $741.3K
NOI $44,479 @ 7.0% cap · market cap 9.37%
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
2,431
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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 updated residences offer private exterior spaces, central HVAC, and separate laundry accommodations.
Where is this duplex located?
The property is located at 1937 2ND Street New Orleans, LA.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bath units within 2,500 square feet; Renovated in 2021; original construction dates to 1900; Lower unit includes a private courtyard
