Updated Duplex with Separate
For Sale
$399,000
Pending
2033 35 Governor Nicholls St, New Orleans, LA 70116
Two residences offer flexible occupancy, rental, or multigenerational living arrangements in a low-maintenance property.
Property Size2,258 SF
Days on Market54
Property Features for 2033 35 Governor Nicholls St
General Information
Standard status
Pending
Size
2,258 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
private entrance
front balcony
private rear deck
separate laundry areas
off-street parking
low-maintenance landscaping
custom walk-in closet
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Nola Living Realty
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 30 at 4:33PM
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 Nola Living Realty
Investment Insights
Based on property information with market context.
This 2,258-square-foot duplex contains two updated residences, each with 3 bedrooms, 2 full bathrooms, a private entrance, and an open-concept living area. Interior features include luxury vinyl plank flooring, recessed lighting, crown molding, quartz kitchen surfaces, sage-green cabinetry, stainless steel appliances, breakfast bars, tiled walk-in showers, contemporary vanities, and modern fixtures. Separate laundry areas support independent household use.
The first-floor residence includes a custom walk-in closet in the primary suite, while the second-floor unit offers a front balcony. A private rear deck, off-street parking, and low-maintenance landscaping add exterior functionality. The property is in the X flood zone and is located near restaurants, coffee shops, entertainment, parks, and New Orleans attractions, with the French Quarter approximately 5 minutes away.
The first-floor residence includes a custom walk-in closet in the primary suite, while the second-floor unit offers a front balcony. A private rear deck, off-street parking, and low-maintenance landscaping add exterior functionality. The property is in the X flood zone and is located near restaurants, coffee shops, entertainment, parks, and New Orleans attractions, with the French Quarter approximately 5 minutes away.
Key Highlights
- Two residences, each with 3 bedrooms and 2 full bathrooms
- 2,258‑square‑foot duplex built in 2006
- Private entrances and separate laundry areas for both residences
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
$28,592
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
7.17%
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%
$571,840
$571.8K
Cap Rate 7%
$408,457
$408.5K
Cap Rate 9%
$317,689
$317.7K
Market Conditions
NOI Build-Up for 2,258 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
$44.7K $19.80/SF
− Vacancy
−$3.9K −$1.71/SF
EGI
$40.8K $18.09/SF
− OpEx
−$12.3K −$5.43/SF
NOI
$28.6K $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%
$571,840
Cap Rate 7%
$408,457
Cap Rate 9%
$317,689
Alternative Uses
Best Use
Multifamily LT 5
$408.5K
$357.4K – $476.5K
NOI $28,592 @ 7.0% cap · market cap 7.17%
Second Best
Apartment 5plus
$375.4K
$328.5K – $438.0K
NOI $26,280 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$573.9K
$502.2K – $669.6K
NOI $40,174 @ 7.0% cap · market cap 10.07%
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
1,583
Businesses Nearby
Explore this area
Business Placement
Demographics for 70116, LA
10,676
Population
9,620
Households
1.1
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
8,212
Density / Sq Mi
$45,580
Median Household Income
$34,849
Median Earnings
$1,190
Median Rent
$385,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer flexible occupancy, rental, or multigenerational living arrangements in a low-maintenance property.
Where is this duplex located?
The property is located at 2033 35 Governor Nicholls St New Orleans, LA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 full bathrooms; 2,258‑square‑foot duplex built in 2006; Private entrances and separate laundry areas for both residences
