Side-by-Side
New
For Sale
$129,900
2237 39 Harmony St, New Orleans, LA 70115
Built in 2008 with two-bedroom units and interior laundry hookups.
Property Size1,325 SF
Price / SF$98.04
Days on Market2
Property Features for 2237 39 Harmony St
General Information
Standard status
Active
Size
1,325 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
2008
Listing Agency:
Nola Homes Co., LLC
(504) 586-8900
Listed By:
April Brown
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 6
Last Checked: Sep 7 at 7:38AM
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 Homes Co., LLC
Investment Insights
Based on property information with market context.
This duplex contains two adjoining residential units, each arranged with two bedrooms, one full bathroom, a kitchen, and a living area. Both units also include interior laundry hookups, providing a practical in-home utility feature. The property was built in 2008 and occupies a corner lot in New Orleans.
The property is near public transportation and provides access to the CBD, French Quarter, and surrounding areas. Its two-unit configuration supports separate occupancy, with each side offering a comparable residential layout.
The property is near public transportation and provides access to the CBD, French Quarter, and surrounding areas. Its two-unit configuration supports separate occupancy, with each side offering a comparable residential layout.
Key Highlights
- Two adjoining residential units
- Each unit includes 2 bedrooms and 1 full bath
- Kitchens and living areas in both units
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
$11,389
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
8.77%
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%
$227,780
$227.8K
Cap Rate 7%
$162,700
$162.7K
Cap Rate 9%
$126,544
$126.5K
Market Conditions
NOI Build-Up for 1,325 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
$17.8K $13.44/SF
− Vacancy
−$1.5K −$1.16/SF
EGI
$16.3K $12.28/SF
− OpEx
−$4.9K −$3.68/SF
NOI
$11.4K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$227,780
Cap Rate 7%
$162,700
Cap Rate 9%
$126,544
Alternative Uses
Best Use
Multifamily LT 5
$162.7K
$142.4K – $189.8K
NOI $11,389 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$144.2K
$126.2K – $168.3K
NOI $10,095 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$349.6K
$305.9K – $407.8K
NOI $24,470 @ 7.0% cap · market cap 18.84%
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
2,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 - Built in 2008 with two-bedroom units and interior laundry hookups.
Where is this duplex located?
The property is located at 2237 39 Harmony St New Orleans, LA.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two adjoining residential units; Each unit includes 2 bedrooms and 1 full bath; Kitchens and living areas in both units
