Updated Double Shotgun
New
For Sale
$389,000
2217 VALENCE Street, New Orleans, LA 70115
Multi-Family, Shot Gun, New Orleans, LA
Property Size1,351 SF
Lot Size0.08 Acres
Price / SF$287.93
Days on Market3
Property Features for 2217 VALENCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Freret
Standard status
Active
APN
614320824
Size
1,351 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SQ 542 LOT R VALENCE 29X120 2217-19 VALENCE ST DU-W FILE #95334 3/09
Legal Description
SQ 542 LOT R VALENCE 29X120 2217-19 VALENCE ST DU-W FILE #95334 3/09
Utilities
Heating system
Ductless (Heating), Other (Heating)
Cooling system
Wall Unit(s), Ductless
Water source
Public
Building Details
Year built
1929
Floors in Building
1
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Michael Humphrey · License #995707327
(504) 756-3133
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 16 at 2:06PM
MLS# 2576200
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.
This New Orleans double shotgun duplex contains 1,351 square feet arranged as two mirror-image residences. Each side provides one bedroom and one bathroom, with hardwood flooring, tall ceilings, and an efficient interior layout. Recent work includes fresh interior paint and new plumbing, while the fenced backyard adds usable outdoor space. Both units are vacant, allowing immediate occupancy or a new rental strategy.
Built in 1929, the property sits at 2217 Valence Street in the Freret neighborhood. Rouses, Trader Joe’s, Val’s, Mojo, High Hat Cafe, and Care are all identified within the surrounding area, with Freret Street nearby. The building has a shingle and asphalt roof, public water service, ductless and wall-unit cooling, and ductless and other heating systems.
Built in 1929, the property sits at 2217 Valence Street in the Freret neighborhood. Rouses, Trader Joe’s, Val’s, Mojo, High Hat Cafe, and Care are all identified within the surrounding area, with Freret Street nearby. The building has a shingle and asphalt roof, public water service, ductless and wall-unit cooling, and ductless and other heating systems.
Key Highlights
- Two‑unit duplex with 1,351 square feet
- Each unit includes 1 bedroom and 1 bathroom
- Both units are currently vacant
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
$11,612
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
2.99%
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%
$232,240
$232.2K
Cap Rate 7%
$165,886
$165.9K
Cap Rate 9%
$129,022
$129.0K
Market Conditions
NOI Build-Up for 1,351 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
$18.2K $13.44/SF
− Vacancy
−$1.6K −$1.16/SF
EGI
$16.6K $12.28/SF
− OpEx
−$5.0K −$3.68/SF
NOI
$11.6K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$232,240
Cap Rate 7%
$165,886
Cap Rate 9%
$129,022
Alternative Uses
Best Use
Multifamily LT 5
$165.9K
$145.2K – $193.5K
NOI $11,612 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$147.1K
$128.7K – $171.6K
NOI $10,294 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$356.4K
$311.9K – $415.8K
NOI $24,950 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,827
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with refreshed plumbing, hardwood floors, tall ceilings, and a fenced rear yard.
Where is this duplex located?
The property is located at 2217 VALENCE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,351 square feet; Each unit includes 1 bedroom and 1 bathroom; Both units are currently vacant
