Restored Duplex With Historic
For Sale
$725,000
2221 LAUREL Street, New Orleans, LA 70130
Multi-Family, Camelback, New Orleans, LA
Property Size3,463 SF
Price / SF$209.36
Days on Market8
Property Features for 2221 LAUREL Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Subdivision
Irish Channel
Standard status
Active
APN
2221
Size
3,463 SF
Taxes and HOA fees
Tax Description
1. SQ 109 LOT K LAUREL ST 2. 33X120 = 3960 SQ FT 3. CAMEL/BACK DBLE 2221/23
Legal Description
1. SQ 109 LOT K LAUREL ST 2. 33X120 = 3960 SQ FT 3. CAMEL/BACK DBLE 2221/23
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
central AC and heating
original hardwood floors
12-foot ceilings
original fireplace mantels
classic pocket doors
wide front porch
wrought-iron fence
large backyard
Building Details
Year built
1906
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Al Sidhom
(504) 319-7428
Added: Aug 15
Changed: Aug 20
Last Checked: Aug 22 at 3:06AM
MLS# 2571585
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 3,463-square-foot duplex, built in 1906, contains two residences with approximately 1,700 square feet per side. Each unit offers two bedrooms, two full bathrooms, independent central air conditioning and heating, and access to the backyard. Original architectural details include hardwood flooring, 12-foot ceilings, fireplace mantels, pocket doors, traditional shutters, and a broad front porch with wrought-iron fencing.
The property has received substantial exterior and structural work, including a complete exterior restoration and repainting. A Fortified Roof was installed in 2024. Public water service is in place. The home is located in New Orleans’ Irish Channel, near the dining, coffee shops, and boutiques along Magazine Street and Jackson Avenue.
The property has received substantial exterior and structural work, including a complete exterior restoration and repainting. A Fortified Roof was installed in 2024. Public water service is in place. The home is located in New Orleans’ Irish Channel, near the dining, coffee shops, and boutiques along Magazine Street and Jackson Avenue.
Key Highlights
- 3,463 SF duplex with approximately 1,700 SF per side
- Two units, each with 2 bedrooms and 2 full bathrooms
- Independent central air conditioning and heating for each unit
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
Lease Details
2
Residential units
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 - Two two-bedroom units feature independent central HVAC and access to a spacious backyard.
Where is this duplex located?
The property is located at 2221 LAUREL Street 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 SF duplex with approximately 1,700 SF per side; Two units, each with 2 bedrooms and 2 full bathrooms; Independent central air conditioning and heating for each unit
