Camelback Duplex with Historic
For Sale
$725,000
2221 23 Laurel St, New Orleans, LA 70130
Each unit includes two bedrooms, two full bathrooms, and its own central HVAC system.
Property Size3,463 SF
Price / SF$209.36
Days on Market15
Property Features for 2221 23 Laurel St
General Information
Standard status
Active
Size
3,463 SF
Property subtype
Multi-Family
Building Details
Year Built
1906
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 606-0466
Listed By:
Al Sidhom · License #995705288
Source:
Dominionplace
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 6:44PM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This 3,463-square-foot camelback duplex contains two separately configured units, with each side offering two bedrooms, two full bathrooms, and independent central air conditioning and heat. Original architectural elements include hardwood flooring, 12-foot ceilings, fireplace mantels, pocket doors, traditional shutters, and a broad front porch enclosed by a wrought-iron fence. Both residences connect to a sizable backyard that can support shared or separately managed outdoor use.
Exterior and structural work includes a complete restoration and repainting, along with installation of a Fortified Roof in 2024. Built in 1906, the property is in New Orleans’ Irish Channel, near the dining, cafés, and boutiques along Magazine Street and Jackson Avenue. The duplex format combines historic character with two-unit residential income functionality.
Exterior and structural work includes a complete restoration and repainting, along with installation of a Fortified Roof in 2024. Built in 1906, the property is in New Orleans’ Irish Channel, near the dining, cafés, and boutiques along Magazine Street and Jackson Avenue. The duplex format combines historic character with two-unit residential income functionality.
Key Highlights
- 3,463‑square‑foot camelback duplex with two residential units
- Each unit has 2 bedrooms, 2 full bathrooms, and independent central AC and heating
- Original hardwood floors, 12‑foot ceilings, fireplace mantels, and pocket doors
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
$43,850
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
6.05%
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%
$877,000
$877.0K
Cap Rate 7%
$626,429
$626.4K
Cap Rate 9%
$487,222
$487.2K
Market Conditions
NOI Build-Up for 3,463 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
$68.6K $19.80/SF
− Vacancy
−$5.9K −$1.71/SF
EGI
$62.6K $18.09/SF
− OpEx
−$18.8K −$5.43/SF
NOI
$43.9K $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%
$877,000
Cap Rate 7%
$626,429
Cap Rate 9%
$487,222
Alternative Uses
Best Use
Multifamily LT 5
$626.4K
$548.1K – $730.8K
NOI $43,850 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$575.8K
$503.8K – $671.8K
NOI $40,305 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$880.2K
$770.2K – $1.03M
NOI $61,613 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,968
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 - Each unit includes two bedrooms, two full bathrooms, and its own central HVAC system.
Where is this duplex located?
The property is located at 2221 23 Laurel St New Orleans, LA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,463‑square‑foot camelback duplex with two residential units; Each unit has 2 bedrooms, 2 full bathrooms, and independent central AC and heating; Original hardwood floors, 12‑foot ceilings, fireplace mantels, and pocket doors
