Updated Two-Unit
For Sale
$299,000
Pending
204 CHEROKEE Street, New Orleans, LA 70118
Multi-Family, Shot Gun, New Orleans, LA
Property Size1,792 SF
Days on Market48
Property Features for 204 CHEROKEE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Off Street
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Condo
Subdivision
Black Pearl
Standard status
Pending
APN
204-CHEROKEEST
Size
1,792 SF
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
cathedral ceilings
fireplace
laundry
front yard
rear patio
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Roof type
Metal
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Sandy Duplessis · License #99562625
(504) 756-7136
Added: Jul 23
Changed: Aug 26
Last Checked: Sep 8 at 9:06AM
MLS# 2569045
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 1,792-square-foot duplex, built in 1985, contains two separate residences with a one-bedroom, one-bath layout on each side. Interior features include cathedral ceilings in the living rooms, fireplaces, and laundry areas. One residence has been updated, while the other remains occupied through December 2026. Each side also includes a small front yard, rear patio, porch, and parking for one vehicle in the driveway or off street.
The property is in New Orleans near Audubon Park, the St. Charles streetcar line, Uptown universities, and the Mississippi River levee. It has public water service, a metal roof, central heating, and central air conditioning. The property is located in Flood Zone X.
The property is in New Orleans near Audubon Park, the St. Charles streetcar line, Uptown universities, and the Mississippi River levee. It has public water service, a metal roof, central heating, and central air conditioning. The property is located in Flood Zone X.
Key Highlights
- Two‑unit duplex totaling 1,792 square feet
- Each residence includes 1 bed/1 bath
- One residence updated; other tenant occupied through December 2026
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
$22,691
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
7.59%
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%
$453,820
$453.8K
Cap Rate 7%
$324,157
$324.2K
Cap Rate 9%
$252,122
$252.1K
Market Conditions
NOI Build-Up for 1,792 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
$35.5K $19.80/SF
− Vacancy
−$3.1K −$1.71/SF
EGI
$32.4K $18.09/SF
− OpEx
−$9.7K −$5.43/SF
NOI
$22.7K $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%
$453,820
Cap Rate 7%
$324,157
Cap Rate 9%
$252,122
Alternative Uses
Best Use
Multifamily LT 5
$324.2K
$283.6K – $378.2K
NOI $22,691 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$298.0K
$260.7K – $347.6K
NOI $20,857 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$455.5K
$398.5K – $531.4K
NOI $31,883 @ 7.0% cap · market cap 10.66%
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
978
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences offer private outdoor areas, laundry, fireplaces, and separate off-street parking.
Where is this duplex located?
The property is located at 204 CHEROKEE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,792 square feet; Each residence includes 1 bed/1 bath; One residence updated; other tenant occupied through December 2026
