Renovated Two-Unit
For Sale
$257,500
2231 ARTS Street, New Orleans, LA 70117
MULTI_FAMILY - New Orleans, LA
Property Size1,974 SF
Price / SF$130.45
Days on Market99
Property Features for 2231 ARTS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Balcony, Porch
Lot features
Regular
Standard status
Active
APN
2231-ARTSST
Size
1,974 SF
Taxes and HOA fees
Tax Description
SQ 1166 LOT 16 ARTS 32X110 FR SGLE 8/RMS A/R SEE E002
Legal Description
SQ 1166 LOT 16 ARTS 32X110 FR SGLE 8/RMS A/R SEE E002
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
blown insulation
VOC-free finished pine flooring
three balconies/porches
rain barrels with gutters
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Steven Flynn · License #995703619
(504) 975-1150
Added: May 16
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 2573237
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.
Built in 1920 and rebuilt from the studs in 2016, this 1,974-square-foot duplex combines two independent living areas within one arts and crafts-style home. Each residence has its own full kitchen and HVAC system, supporting separate occupancy arrangements. The upper/main unit provides the larger living area, while the ground-floor unit offers additional residential space for family, guests, or a tenant.
The property includes three balconies and porches, blown insulation, VOC-free finished pine flooring, gutters, and rain barrels. Central heating and cooling are supported by natural gas, with public water service and an asphalt shingle roof. The home is located two blocks from the St Roch Greenway, near Morris Jeff High School and the International School of Louisiana, and approximately twelve minutes from most of the city.
The property includes three balconies and porches, blown insulation, VOC-free finished pine flooring, gutters, and rain barrels. Central heating and cooling are supported by natural gas, with public water service and an asphalt shingle roof. The home is located two blocks from the St Roch Greenway, near Morris Jeff High School and the International School of Louisiana, and approximately twelve minutes from most of the city.
Key Highlights
- 1,974 SF duplex rebuilt from the studs in 2016
- Two independent living areas under one roof
- Two full kitchens and two separate HVAC systems
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
$22,975
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
8.92%
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%
$459,500
$459.5K
Cap Rate 7%
$328,214
$328.2K
Cap Rate 9%
$255,278
$255.3K
Market Conditions
NOI Build-Up for 1,974 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
$46.0K $23.28/SF
− Vacancy
−$4.2K −$2.12/SF
EGI
$41.8K $21.16/SF
− OpEx
−$18.8K −$9.52/SF
NOI
$23.0K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$459,500
Cap Rate 7%
$328,214
Cap Rate 9%
$255,278
Alternative Uses
Best Use
Multifamily LT 5
$357.1K
$312.5K – $416.6K
NOI $24,996 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,975 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$501.7K
$439.0K – $585.4K
NOI $35,121 @ 7.0% cap · market cap 13.64%
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
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two self-contained residences offer flexible occupancy for an owner, household members, guests, or a tenant.
Where is this duplex located?
The property is located at 2231 ARTS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $257,500.
What are key features of this property?
This property features: 1,974 SF duplex rebuilt from the studs in 2016; Two independent living areas under one roof; Two full kitchens and two separate HVAC systems
