Renovated 2-Unit
For Sale
Contact for pricing
Pending
2223 Humanity St, New Orleans, LA 70122
Each residence includes two bedrooms, one full bathroom, and laundry connections.
Property Size1,900 SF
Days on Market148
Property Features for 2223 Humanity St
General Information
Standard status
Pending
Size
1,900 SF
Property subtype
Multifamily
Investment Type
Owner/User
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1950
Stories
2
Units
2
Listing Agency:
NOLA Home Realty Group
(504) 417-5131
Listed By:
Melissa Mcclendon · License #LA
Source:
Crexi
Added: Apr 7
Changed: Aug 31
Last Checked: Aug 30 at 11:11PM
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 NOLA Home Realty Group
Investment Insights
Based on property information with market context.
This 1,900-square-foot split-level duplex, built in 1950, contains two residential units with matching layouts. Each unit offers 2 bedrooms and 1 full bathroom, along with high ceilings, wood-style flooring, updated kitchen and bath finishes, walk-in showers, and washer/dryer connections.
Recent property improvements include new wiring and a new roof. The duplex is located just off I-610 in New Orleans, providing access to downtown, shopping, dining, and major commuter routes. Its two-unit configuration supports separate residential occupancy within a single property.
Recent property improvements include new wiring and a new roof. The duplex is located just off I-610 in New Orleans, providing access to downtown, shopping, dining, and major commuter routes. Its two-unit configuration supports separate residential occupancy within a single property.
Key Highlights
- Two‑unit duplex with 1,900 square feet
- Each unit includes 2 bedrooms and 1 full bathroom
- Split‑level layout with high ceilings and wood‑style flooring
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
$19,684
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
7.60%
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%
$393,680
$393.7K
Cap Rate 7%
$281,200
$281.2K
Cap Rate 9%
$218,711
$218.7K
Market Conditions
NOI Build-Up for 1,900 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
$30.8K $16.20/SF
− Vacancy
−$2.7K −$1.40/SF
EGI
$28.1K $14.80/SF
− OpEx
−$8.4K −$4.44/SF
NOI
$19.7K $10.36/SF
Area
ZIP 70122
Vacancy
8.64%
Lease Rate
$16.20 /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%
$393,680
Cap Rate 7%
$281,200
Cap Rate 9%
$218,711
Alternative Uses
Best Use
Multifamily LT 5
$281.2K
$246.1K – $328.1K
NOI $19,684 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$244.3K
$213.7K – $285.0K
NOI $17,098 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$497.2K
$435.0K – $580.0K
NOI $34,802 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
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 residence includes two bedrooms, one full bathroom, and laundry connections.
Where is this duplex located?
The property is located at 2223 Humanity St New Orleans, LA.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,900 square feet; Each unit includes 2 bedrooms and 1 full bathroom; Split‑level layout with high ceilings and wood‑style flooring
