Two-Unit Duplex Income
For Sale
$235,000
2228 First Street, New Orleans, LA 70113
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 Market79
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
Changed: Jul 23
Last Checked: Jul 30 at 12:29PM
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
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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 - 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
