Two-Unit Cottage
New
For Sale
$439,000
221-223 PINE Street, New Orleans, LA 70118
Multi-Family, Creole Cottage, New Orleans, LA
Property Size1,597 SF
Lot Size0.08 Acres
Price / SF$274.89
Days on Market3
Property Features for 221-223 PINE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Courtyard, Fence, Porch
Fencing
Fenced
Subdivision
Not a Subdivision
Lot features
Regular
Standard status
Active
APN
615303514
Size
1,597 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
GREENVILLE SQ 36 LOT D PINE 30X120 221-23 PINE 30X120 221-23 PINE DU-W FILE #51005 SUCC MA CHG 9/06
Legal Description
GREENVILLE SQ 36 LOT D PINE 30X120 221-23 PINE 30X120 221-23 PINE DU-W FILE #51005 SUCC MA CHG 9/06
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front porch
private deck
garden courtyard
fire pit
storage building
laundry
Building Details
Year built
1923
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Cottage
Listing Agency:
23 Realty, LLC
Listed By:
Aimee Curole · License #995710470
(504) 909-0306
Added: Sep 25
Last Checked: Sep 27 at 1:06PM
MLS# 2578908
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.
Built in 1923, this 1,597-square-foot cottage contains two mirrored apartments, each with two bedrooms and two bathrooms. Interior details include 12-foot ceilings, hardwood floors, wood cabinetry, granite kitchen counters, and laundry. Both units have a private rear deck, while the property also includes a shared garden courtyard with a fire pit and one storage building per unit. Central heating and air conditioning serve the building.
The property is two blocks from Audubon Park in New Orleans. It is zoned HU-RD2 for two-family use. One apartment is tenant occupied; the other is vacant. Flood Zone X500 applies.
The property is two blocks from Audubon Park in New Orleans. It is zoned HU-RD2 for two-family use. One apartment is tenant occupied; the other is vacant. Flood Zone X500 applies.
Key Highlights
- 1,597‑square‑foot duplex built in 1923
- Two apartments, each with 2 bedrooms and 2 bathrooms
- 12‑foot ceilings, hardwood floors, and kitchens with granite counters
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
$20,222
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
4.61%
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%
$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
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
$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 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%
$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
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - HU-RD2 zoning designates the property for two-family use.
Where is this duplex located?
The property is located at 221-223 PINE Street 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 apartments, each with 2 bedrooms and 2 bathrooms; 12‑foot ceilings, hardwood floors, and kitchens with granite counters
