Craftsman-Style
For Sale
$349,000
2029 BROADWAY Street, New Orleans, LA 70118
Multi-Family, Arts and Crafts, New Orleans, LA
Property Size2,368 SF
Price / SF$147.38
Days on Market56
Property Features for 2029 BROADWAY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Lot features
Regular
Subdivision
University
Standard status
Active
APN
615311704
Size
2,368 SF
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Synergy · RE/MAX International
(985) 307-1367
Listed By:
Jeffery Melancon
(504) 914-0988
Added: Jul 7
Changed: Aug 31
Last Checked: Aug 31 at 4:06PM
MLS# 2566525
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.
This 2,368-square-foot duplex, built in 1935, is being offered as-is with renovation work still in progress. The Craftsman-style residence includes a bay-front exterior, gable dormer, double entry doors, a high-ceilinged foyer, and heart pine flooring across the primary living spaces and bedrooms. An enclosed front sunporch provides additional flexible area with original windows and built-in shelving.
Interior improvements already in place include white shaker kitchen cabinets, quartz countertops and backsplash, and a farmhouse sink. The bathrooms feature full-height marble tile, glass-enclosed tub and shower areas, and dual-sink vanities. Central heating and central air serve the property, while a driveway provides parking. Public water is available, and the roof is shingle. Completion requires cash or renovation financing, with the property conveyed in its current condition.
Interior improvements already in place include white shaker kitchen cabinets, quartz countertops and backsplash, and a farmhouse sink. The bathrooms feature full-height marble tile, glass-enclosed tub and shower areas, and dual-sink vanities. Central heating and central air serve the property, while a driveway provides parking. Public water is available, and the roof is shingle. Completion requires cash or renovation financing, with the property conveyed in its current condition.
Key Highlights
- 2,368 SF duplex built in 1935
- Renovation in progress; sold as‑is and requires cash or renovation financing
- Craftsman‑style design with bay‑front facade and gable dormer
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
$29,985
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
8.59%
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%
$599,700
$599.7K
Cap Rate 7%
$428,357
$428.4K
Cap Rate 9%
$333,167
$333.2K
Market Conditions
NOI Build-Up for 2,368 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
$46.9K $19.80/SF
− Vacancy
−$4.1K −$1.71/SF
EGI
$42.8K $18.09/SF
− OpEx
−$12.9K −$5.43/SF
NOI
$30.0K $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%
$599,700
Cap Rate 7%
$428,357
Cap Rate 9%
$333,167
Alternative Uses
Best Use
Multifamily LT 5
$428.4K
$374.8K – $499.8K
NOI $29,985 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$393.7K
$344.5K – $459.4K
NOI $27,561 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$601.9K
$526.6K – $702.2K
NOI $42,131 @ 7.0% cap · market cap 12.07%
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
864
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Partially renovated two-unit property with substantial interior improvements ready for completion.
Where is this duplex located?
The property is located at 2029 BROADWAY Street New Orleans, LA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,368 SF duplex built in 1935; Renovation in progress; sold as‑is and requires cash or renovation financing; Craftsman‑style design with bay‑front facade and gable dormer
