Shotgun Duplex With In-Unit
For Sale
$430,000
2032 - 34 CADIZ Street, New Orleans, LA 70115
MULTI_FAMILY - New Orleans, LA
Property Size1,900 SF
Price / SF$226.32
Days on Market55
Property Features for 2032 - 34 CADIZ Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Freret
Standard status
Active
APN
618308702
Size
1,900 SF
Taxes and HOA fees
Tax Description
SQ 498 PT LOTS X 19 Cadiz 36x90 2032-34 Cadiz
Legal Description
SQ 498 PT LOTS X 19 Cadiz 36x90 2032-34 Cadiz
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
inviting front porch
high ceilings
crown molding
wood floors
can lighting
ceiling fans
in unit laundry
tankless hot water heater
fenced
patio area
Building Details
Year built
1922
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Lynn Morgan · License #000021015
(504) 473-8320
Added: Jun 18
Changed: Jul 28
Last Checked: Aug 11 at 8:06PM
MLS# 2563403
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 renovated shotgun duplex features classic architectural details including high ceilings, crown molding, and wood floors, with updated lighting and ceiling fans. Each side offers in-unit laundry, with tankless hot water heaters serving the units. The 2034 side has a newly updated bathroom, and both sides have newer appliances except for the stoves.
Exterior improvements include a front porch, along with fenced perimeter areas that extend along the side alleys. A recently replaced rear fence provides privacy for the patio area. The roof has been recently replaced, and foundation beams were replaced by Orleans Shoring.
The property is presented as a two-unit residential income opportunity with the option for owner occupancy, located in the Uptown/Freret area near dining and shopping on Freret and within walking distance to Trader Joe’s and the St. Charles Avenue streetcar.
Exterior improvements include a front porch, along with fenced perimeter areas that extend along the side alleys. A recently replaced rear fence provides privacy for the patio area. The roof has been recently replaced, and foundation beams were replaced by Orleans Shoring.
The property is presented as a two-unit residential income opportunity with the option for owner occupancy, located in the Uptown/Freret area near dining and shopping on Freret and within walking distance to Trader Joe’s and the St. Charles Avenue streetcar.
Key Highlights
- Shotgun double built in 1922 with front porch, high ceilings, crown molding, and wood floors
- Central heating and central air conditioning
- In‑unit laundry on both sides with tankless hot water heaters
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
$16,331
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
3.80%
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%
$326,620
$326.6K
Cap Rate 7%
$233,300
$233.3K
Cap Rate 9%
$181,456
$181.5K
Market Conditions
NOI Build-Up for 1,900 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
$25.5K $13.44/SF
− Vacancy
−$2.2K −$1.16/SF
EGI
$23.3K $12.28/SF
− OpEx
−$7.0K −$3.68/SF
NOI
$16.3K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$326,620
Cap Rate 7%
$233,300
Cap Rate 9%
$181,456
Alternative Uses
Best Use
Multifamily LT 5
$233.3K
$204.1K – $272.2K
NOI $16,331 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$206.8K
$181.0K – $241.3K
NOI $14,477 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,089 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,496
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 - Renovated shotgun double includes in-unit laundry, ceiling fans, and wood floors, with tankless hot water and a fenced patio area.
Where is this duplex located?
The property is located at 2032 - 34 CADIZ Street New Orleans, LA.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Shotgun double built in 1922 with front porch, high ceilings, crown molding, and wood floors; Central heating and central air conditioning; In‑unit laundry on both sides with tankless hot water heaters
