Renovated Duplex with Private
New
For Sale
$465,000
2212 Gravier St, New Orleans, LA 70119
Two updated residences offer open layouts, modern finishes, and individual outdoor space in New Orleans’ Medical District.
Property Size2,444 SF
Price / SF$190.26
Days on Market7
Property Features for 2212 Gravier St
General Information
Standard status
Active
Size
2,444 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
private backyard
Building Details
Year Built
1950
Listing Agency:
Demand Realty
(504) 837-3000
Listed By:
Aimee Ashe, Liz Ashe · License #000058172
Source:
Dominionplace
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 30 at 8:54PM
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 Demand Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1950, contains 2,444 square feet with two separately configured residences. Each unit provides 3 bedrooms, 2 bathrooms, an open floor plan, updated systems, and contemporary interior finishes. A newly installed architectural roof and private backyard areas add to the property’s recent renovation profile and usable outdoor space.
The property is situated in New Orleans’ Medical District, with access to hospitals, universities, downtown, the French Quarter, dining, and entertainment. Its two-unit layout supports residential occupancy while allowing each side to function with the proportions and flow of a single-family home.
The property is situated in New Orleans’ Medical District, with access to hospitals, universities, downtown, the French Quarter, dining, and entertainment. Its two-unit layout supports residential occupancy while allowing each side to function with the proportions and flow of a single-family home.
Key Highlights
- Two‑unit duplex totaling 2,444 square feet
- Each residence includes 3 bedrooms and 2 bathrooms
- Open floor plans with updated systems and modern finishes
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
$30,947
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
6.66%
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%
$618,940
$618.9K
Cap Rate 7%
$442,100
$442.1K
Cap Rate 9%
$343,856
$343.9K
Market Conditions
NOI Build-Up for 2,444 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
$48.4K $19.80/SF
− Vacancy
−$4.2K −$1.71/SF
EGI
$44.2K $18.09/SF
− OpEx
−$13.3K −$5.43/SF
NOI
$30.9K $12.66/SF
Area
ZIP 70119
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%
$618,940
Cap Rate 7%
$442,100
Cap Rate 9%
$343,856
Alternative Uses
Best Use
Multifamily LT 5
$442.1K
$386.8K – $515.8K
NOI $30,947 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$406.4K
$355.6K – $474.1K
NOI $28,445 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$639.5K
$559.6K – $746.1K
NOI $44,766 @ 7.0% cap · market cap 9.63%
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
4,565
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 updated residences offer open layouts, modern finishes, and individual outdoor space in New Orleans’ Medical District.
Where is this duplex located?
The property is located at 2212 Gravier St New Orleans, LA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,444 square feet; Each residence includes 3 bedrooms and 2 bathrooms; Open floor plans with updated systems and modern finishes
