Creole Duplex with
For Sale
$439,000
Pending
221-223 PINE Street, New Orleans, LA 70118
Multifamily, New Orleans, LA
Property Size1,597 SF
Lot Size0.08 Acres
Days on Market29
Property Features for 221-223 PINE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 4
Patio and Porch features
Porch
Subdivision
Not a Subdivision
Directions
From River Road, turn left on Broadway, Left on Perrier, Right on Pine
Standard status
Pending
APN
615303514
Size
1,597 SF
Lot size
0.08 Acres
Additional Details
Tenant in Place
Yes
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
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Multi Units
Water source
Public
Amenities
shaded front porch
private deck under pergola
shared garden courtyard with fire pit
storage building
fenced monitored lot
Building Details
Year built
1923
Number of units
2
Building materials
Wood Siding
Architectural style
Creole
Listing Agency:
23 Realty, LLC
Listed By:
Aimee G Curole · License #995710470
(504) 909-0306
Added: Sep 25
Changed: Oct 23
Last Checked: Oct 23 at 6:06PM
MLS# 2578908
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1923, this Creole-style duplex contains 1,597 square feet across two mirror-image residences, each with two bedrooms and two bathrooms. Interior details include 12-foot ceilings, hardwood flooring, exposed wood elements and decorative mantels. Kitchens have wood cabinetry, granite counters and breakfast bars. Each unit also has a guest bathroom, a separate rear bathroom with a walk-in shower, laundry, cedar closets and a private deck beneath a pergola. A shared courtyard includes a fire pit, and each residence has its own storage building. One unit is tenant occupied; the other is vacant. The property has central heating and air conditioning, public water and sewer, and is zoned HU-RD2 for two-family use. It is in New Orleans’ 70118 ZIP code, two blocks from Audubon Park, with Magazine Street, the St. Charles streetcar, Tulane and Loyola also cited as nearby destinations.
Key Highlights
- Two‑unit duplex with 1,597 square feet; each residence has 2 bedrooms and 2 bathrooms
- Built in 1923 in the Creole architectural style
- HU‑RD2 zoning and Flood Zone X500
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.
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Lease Details
2
Residential units
Single-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the other is tenant occupied, creating a two-unit property with differing occupancy status.
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: Two‑unit duplex with 1,597 square feet; each residence has 2 bedrooms and 2 bathrooms; Built in 1923 in the Creole architectural style; HU‑RD2 zoning and Flood Zone X500
