Newly Built Duplex with Modern
For Sale
$499,000
2204-06 Pauger Street, New Orleans, LA 70116
Two three-bedroom units offer open living areas, granite countertops, new appliances, and a backyard for outdoor use.
Property Size2,454 SF
Price / SF$203.34
Days on Market265
Property Features for 2204-06 Pauger Street
General Information
Standard status
Active
Size
2,454 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
backyard
Central Air
Central
2
4
6
Asphalt
Other
Pillar/Post/Pier
Porch
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Compass
(504) 417-5131
Listed By:
Melissa Mcclendon · License #995704113
(504) 417-5131
Source:
Compass
Added: Dec 10, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:03AM
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 Compass
Investment Insights
Based on property information with market context.
Completed in 2023, this 2,454-square-foot duplex contains two residential units, each with three bedrooms and two full bathrooms. Both sides feature open living areas, granite countertops, updated flooring, new appliances, central air, and central heating. A covered porch and generously sized backyard add outdoor space to the property.
Located at 2204-06 Pauger Street in New Orleans, the property is within walking distance of the French Quarter and near downtown, the CBD, and Metairie. The duplex is positioned for either owner occupancy with a second unit available for rent or leasing both residences as an income property. The property also lies within an X flood zone.
Located at 2204-06 Pauger Street in New Orleans, the property is within walking distance of the French Quarter and near downtown, the CBD, and Metairie. The duplex is positioned for either owner occupancy with a second unit available for rent or leasing both residences as an income property. The property also lies within an X flood zone.
Key Highlights
- 2,454‑square‑foot duplex completed in 2023
- Each unit includes 3 bedrooms and 2 full bathrooms
- Open layouts with granite countertops, new appliances, and updated flooring
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
$31,074
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
6.23%
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%
$621,480
$621.5K
Cap Rate 7%
$443,914
$443.9K
Cap Rate 9%
$345,267
$345.3K
Market Conditions
NOI Build-Up for 2,454 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
$48.6K $19.80/SF
− Vacancy
−$4.2K −$1.71/SF
EGI
$44.4K $18.09/SF
− OpEx
−$13.3K −$5.43/SF
NOI
$31.1K $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%
$621,480
Cap Rate 7%
$443,914
Cap Rate 9%
$345,267
Alternative Uses
Best Use
Multifamily LT 5
$443.9K
$388.4K – $517.9K
NOI $31,074 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$408.0K
$357.0K – $476.0K
NOI $28,562 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$623.7K
$545.8K – $727.7K
NOI $43,661 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,537
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 - Two three-bedroom units offer open living areas, granite countertops, new appliances, and a backyard for outdoor use.
Where is this duplex located?
The property is located at 2204-06 Pauger Street New Orleans, LA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,454‑square‑foot duplex completed in 2023; Each unit includes 3 bedrooms and 2 full bathrooms; Open layouts with granite countertops, new appliances, and updated flooring
