Duplex with Shared
For Sale
$439,000
221-223 Pine St, New Orleans, LA 70118
One residence is tenant-occupied, while the second is vacant and ready for occupancy.
Property Size1,597 SF
Price / SF$274.89
Days on Market10
Property Features for 221-223 Pine St
General Information
Standard status
Active
Size
1,597 SF
Property subtype
Multi-Family
Building Details
Year Built
1923
Listing Agency:
23 Realty, LLC
Listed By:
Aimee Curole · License #995710470
(504) 909-0306
Source:
Dominionplace
Added: Sep 28
Changed: Oct 5
Last Checked: Oct 5 at 11:35PM
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 23 Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1923, this 1,597-square-foot duplex contains two two-bedroom, two-bath residences. Both have front porches, 12-foot ceilings, hardwood floors, living areas connected to kitchens, and separate guest and rear bathrooms. Each residence also has laundry, cedar closets, a rear deck, and its own storage building. The decks overlook a shared garden courtyard with a fire pit. One unit is tenant-occupied; the other is vacant and move-in ready. The property is zoned HU-RD2 for two-family use.
The duplex is on Pine Street in New Orleans, two blocks from Audubon Park. Magazine Street, the St. Charles streetcar, Tulane, Loyola, and the Maple and Oak Street dining corridors are also identified nearby. Street parking is available, and a fenced, monitored lot is across the street.
The duplex is on Pine Street in New Orleans, two blocks from Audubon Park. Magazine Street, the St. Charles streetcar, Tulane, Loyola, and the Maple and Oak Street dining corridors are also identified nearby. Street parking is available, and a fenced, monitored lot is across the street.
Key Highlights
- 1,597‑square‑foot duplex built in 1923
- Two residences, each with 2 bedrooms and 2 bathrooms
- HU‑RD2 zoning for two‑family use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,222
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$404,440
$404.4K
Cap Rate 7%
$288,886
$288.9K
Cap Rate 9%
$224,689
$224.7K
Market Conditions
NOI Build-Up for 1,597 SF
Gross rent
$31.6K $19.80/SF
− Vacancy
−$2.7K −$1.71/SF
EGI
$28.9K $18.09/SF
− OpEx
−$8.7K −$5.43/SF
NOI
$20.2K $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 Rate 5%
$404,440
Cap Rate 7%
$288,886
Cap Rate 9%
$224,689
Alternative Uses
Best Use
Multifamily LT 5
$288.9K
$252.8K – $337.0K
NOI $20,222 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$265.5K
$232.3K – $309.8K
NOI $18,587 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$405.9K
$355.2K – $473.6K
NOI $28,413 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
483
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
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is tenant-occupied, while the second is vacant and ready for occupancy.
Where is this duplex located?
The property is located at 221-223 Pine St New Orleans, LA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 1,597‑square‑foot duplex built in 1923; Two residences, each with 2 bedrooms and 2 bathrooms; HU‑RD2 zoning for two‑family use
