Renovated Duplex with Two
For Sale
$249,900
2231 Arts St, New Orleans, LA 70117
Two self-contained residences offer flexibility for rental income, owner occupancy, or multigenerational living.
Property Size1,974 SF
Price / SF$126.60
Days on Market48
Property Features for 2231 Arts St
General Information
Standard status
Active
Size
1,974 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Year Renovated
2016
Buildings
1
Construction
arts and crafts
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Steven Flynn · License #995703619
(504) 975-1150
Source:
Exprealty
Added: Aug 19
Changed: Oct 1
Last Checked: Oct 4 at 1:20PM
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 Keller Williams Realty New Orleans
Investment Insights
Based on property information with market context.
Rebuilt from the studs in 2016, this 1,974-square-foot duplex contains two independent living spaces under one roof. Each unit has its own full kitchen and separate HVAC system, creating a practical configuration for an owner occupant, tenant arrangement, or extended household. The property also includes three balconies or porches, blown insulation, VOC-free finished pine flooring, and rain barrels connected to gutters.
Located at 2231 Arts St in New Orleans, the property is two blocks from the St Roch Greenway and minutes from Morris Jeff High School and the International School of Louisiana. The two-unit layout provides distinct residential areas while retaining the convenience of a single property.
Located at 2231 Arts St in New Orleans, the property is two blocks from the St Roch Greenway and minutes from Morris Jeff High School and the International School of Louisiana. The two-unit layout provides distinct residential areas while retaining the convenience of a single property.
Key Highlights
- 1,974 SF duplex rebuilt from the studs in 2016
- Two independent living spaces under one roof
- Two full kitchens and separate HVAC systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,975
Cap Rate
9.19%
Suggested Prices Based on Cap Rates
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
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 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 10.00%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,975 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$501.7K
$439.0K – $585.4K
NOI $35,121 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two self-contained residences offer flexibility for rental income, owner occupancy, or multigenerational living.
Where is this duplex located?
The property is located at 2231 Arts St New Orleans, LA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 1,974 SF duplex rebuilt from the studs in 2016; Two independent living spaces under one roof; Two full kitchens and separate HVAC systems
