Renovated Duplex with Separate
For Sale
$399,000
Pending
2033 GOVERNOR NICHOLLS Street, New Orleans, LA 70116
MULTI_FAMILY - New Orleans, LA
Property Size2,258 SF
Days on Market47
Property Features for 2033 GOVERNOR NICHOLLS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Patio and Porch features
Porch
Exterior features
Balcony, Porch
Lot features
Regular
Standard status
Pending
APN
2033-GOVNICHOLLSST
Size
2,258 SF
Taxes and HOA fees
Tax Description
SQ 258 LOT A GOV NICHOLLS 36X100 2033-35 GOV NICHOLLS STREET
Legal Description
SQ 258 LOT A GOV NICHOLLS 36X100 2033-35 GOV NICHOLLS STREET
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private rear deck
separate laundry areas
off-street parking
low-maintenance landscaping
front balcony
private entrance
Building Details
Year built
2006
Floors in Building
2
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Brittany Picolo · License #995687117
(504) 300-5179
Added: Jul 8
Changed: Aug 17
Last Checked: Aug 23 at 10:06PM
MLS# 2566524
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 duplex offers two updated residences under one roof, each laid out with an open-concept plan and a private entrance. Each unit includes 3 bedrooms and 2 full bathrooms, with designer finishes such as luxury vinyl plank flooring, recessed lighting, and crown molding plus abundant natural light. Kitchens feature custom cabinetry reaching the ceiling, quartz countertops with full-height quartz backsplashes, stainless steel appliances, and breakfast bars. Bathrooms include tiled walk-in showers, contemporary vanities, and premium fixtures.
The first-floor unit includes a spacious custom walk-in closet in the primary suite, while the second-floor unit features a front balcony. Additional outdoor and utility conveniences include a private rear deck, separate laundry areas, off-street parking, and low-maintenance landscaping. Built in 2006, the property has central heating and central air conditioning, public water service, and an asphalt shingle roof.
Located in New Orleans (70116), the property is in the vicinity of restaurants, coffee shops, entertainment, parks, and iconic attractions, with convenient access to the French Quarter (5 minutes away).
The first-floor unit includes a spacious custom walk-in closet in the primary suite, while the second-floor unit features a front balcony. Additional outdoor and utility conveniences include a private rear deck, separate laundry areas, off-street parking, and low-maintenance landscaping. Built in 2006, the property has central heating and central air conditioning, public water service, and an asphalt shingle roof.
Located in New Orleans (70116), the property is in the vicinity of restaurants, coffee shops, entertainment, parks, and iconic attractions, with convenient access to the French Quarter (5 minutes away).
Key Highlights
- Two residences under one roof with private entrances
- Each unit: 3 bedrooms and 2 full bathrooms
- Luxury vinyl plank flooring, recessed lighting, crown molding
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
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex featuring separate entrances, central HVAC, and off-street parking, with a private rear deck and balcony.
Where is this duplex located?
The property is located at 2033 GOVERNOR NICHOLLS Street 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 under one roof with private entrances; Each unit: 3 bedrooms and 2 full bathrooms; Luxury vinyl plank flooring, recessed lighting, crown molding
