Two-Unit Duplex Income
2228 First Street New Orleans, LA 70113
2228 First Street, New Orleans, LA, 70113
$235,000
For Sale
$235,000
Well-maintained duplex with two separate 2-bedroom, 1-bath units and updated major components.
Property Size1,660 SF
Price / SF$141.57
Days on Market72
Property Features for 2228 First Street
General Information
- Standard status
- Active
- Size
- 1,660 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1900
Listing agency
Community RealEstate LLC
(504) 723-0950
Listed by
Christian Perez · License #995707683
(504) 723-0950
Source
Compass
Added: May 13 Updated: Jul 23 at 1:46AM Checked: Jul 23 at 1:46AM
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 Community RealEstate LLC
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate 2-bedroom, 1-bath units with functional floor plans. The property is in overall good condition, with only light cosmetic touch-ups needed to be fully rent ready. Major components have been updated, including an approximately 10-year roof, approximately 10-year HVAC, and an approximately 8-year water heater.
Located at 2228 First Street, New Orleans, LA 70113, the property is available for sale as-is. The existing unit configuration supports either long-term rental use or owner-occupant living with additional rental income from the second unit.
SOLD AS IS. The duplex includes approximately 1,660 total living square feet across both units, with maintenance focused on keeping the property in solid, leasable condition.
Located at 2228 First Street, New Orleans, LA 70113, the property is available for sale as-is. The existing unit configuration supports either long-term rental use or owner-occupant living with additional rental income from the second unit.
SOLD AS IS. The duplex includes approximately 1,660 total living square feet across both units, with maintenance focused on keeping the property in solid, leasable condition.
Key Highlights
- Duplex with two separate 2‑bedroom, 1‑bath units for a total of 4 bedrooms and 2 full bathrooms
- Approximately 1,660 total living SF with functional floor plans across both units
- Central air cooling and central heating in the duplex
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.9k | $19.80 |
| − Vacancy | −$2.8k | −$1.71 |
| EGI | $30.0k | $18.09 |
| − OpEx | −$9.0k | −$5.43 |
| NOI | $21.0k | $12.66 |
1,660 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$300.3K
$262.8K – $350.3K
NOI $21,020 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$276.0K
$241.5K – $322.0K
NOI $19,320 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$421.9K
$369.2K – $492.2K
NOI $29,534 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Well-maintained duplex with two separate 2-bedroom, 1-bath units and updated major components.
Where is this duplex located?
The property is located at 2228 First Street New Orleans, LA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Duplex with two separate 2‑bedroom, 1‑bath units for a total of 4 bedrooms and 2 full bathrooms; Approximately 1,660 total living SF with functional floor plans across both units; Central air cooling and central heating in the duplex
