Historic Duplex with Adjacent
For Sale
$250,000
2219-21 Toledano Street, New Orleans, LA 70115
Mid-renovation duplex sale includes an adjacent vacant lot for additional development possibilities.
Property Size1,640 SF
Price / SF$152.44
Days on Market208
Property Features for 2219-21 Toledano Street
General Information
Standard status
Active
Size
1,640 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Additional Details
Multifamily Units
2
Amenities
2
4
Asphalt
Balcony
Pillar/Post/Pier
Other
Building Details
Year Built
1965
Tenancy
Multi
Listing Agency:
REVE, REALTORS
(504) 418-0665
Listed By:
Jeremy Reneau · License #995686342
(504) 418-0665
Source:
Compass
Added: Jan 13
Changed: Aug 8
Last Checked: Mar 25 at 5:03PM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
Historic duplex for sale at 2219-21 Toledano Street, New Orleans, LA, with the property currently mid-renovation. Original architectural details remain, and the duplex offers a foundation for a new owner to complete the restoration while adding modern updates.
The sale also includes an adjacent vacant lot at 2217 Toledano. Together, the duplex and lot provide flexibility for an expanded footprint, with buyers advised to verify zoning and approvals for any intended development.
This offering combines an income-oriented residential structure under renovation with included land next door, allowing a purchaser to bring the duplex to completion and evaluate redevelopment options on the vacant parcel.
The sale also includes an adjacent vacant lot at 2217 Toledano. Together, the duplex and lot provide flexibility for an expanded footprint, with buyers advised to verify zoning and approvals for any intended development.
This offering combines an income-oriented residential structure under renovation with included land next door, allowing a purchaser to bring the duplex to completion and evaluate redevelopment options on the vacant parcel.
Key Highlights
- Mid‑renovation 2‑story historic duplex with 4 bedrooms and 2 full bathrooms (Year built: 1965).
- Includes an adjacent vacant lot at 2217 Toledano (listed as included in the sale price with the duplex).
- Balcony and asphalt roof; foundation details listed as pillar/post/pier.
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
$14,096
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
5.64%
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%
$281,920
$281.9K
Cap Rate 7%
$201,371
$201.4K
Cap Rate 9%
$156,622
$156.6K
Market Conditions
NOI Build-Up for 1,640 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
$22.0K $13.44/SF
− Vacancy
−$1.9K −$1.16/SF
EGI
$20.1K $12.28/SF
− OpEx
−$6.0K −$3.68/SF
NOI
$14.1K $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%
$281,920
Cap Rate 7%
$201,371
Cap Rate 9%
$156,622
Alternative Uses
Best Use
Multifamily LT 5
$201.4K
$176.2K – $234.9K
NOI $14,096 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$178.5K
$156.2K – $208.3K
NOI $12,496 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$432.7K
$378.6K – $504.8K
NOI $30,288 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,331
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
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 - Mid-renovation duplex sale includes an adjacent vacant lot for additional development possibilities.
Where is this duplex located?
The property is located at 2219-21 Toledano Street New Orleans, LA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Mid‑renovation 2‑story historic duplex with 4 bedrooms and 2 full bathrooms (Year built: 1965).; Includes an adjacent vacant lot at 2217 Toledano (listed as included in the sale price with the duplex).; Balcony and asphalt roof; foundation details listed as pillar/post/pier.
