Updated Duplex with Dual Entry
2242-44 State Street New Orleans, LA 70118
2242-44 State Street, New Orleans, LA, 70118
$795,000
For Sale
$795,000
Updated duplex with in-unit washers and dryers, fenced yard, and private outdoor space for each unit.
Property Size2,367 SF
Price / SF$335.87
Days on Market29
Property Features for 2242-44 State Street
General Information
- Standard status
- Active
- Size
- 2,367 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1938
Listing agency
Homesmart Realty South
(504) 236-1144
Listed by
Robyn Schmitt · License #995687935
(504) 236-1144
Source
Compass
Added: Jun 24 Updated: Jul 21 at 9:58PM Checked: Jul 22 at 11:00AM
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 Homesmart Realty South
Investment Insights
Based on property information with market context.
This updated duplex includes two separate units, each with stainless steel appliances and in-unit washers and dryers. The layout features floor-to-ceiling front windows, original wood floors, and an upstairs foyer with a crystal chandelier, along with a faux brick fireplace and granite counters with bar island seating. The downstairs unit includes vinyl flooring and a renovated kitchen with white shaker cabinets, black granite counters, and a large stainless-steel sink. Outdoor space is provided for both units with direct access to a shared fenced yard, including an expansive upper wooden deck and a covered patio below. Major improvements noted include a roof completed in 2023, new under-house sewer line work (approximately 15 feet) in 2021, and foundation work in 2022. Two of the four bathrooms are newly added (approximately two years old) with oversized walk-in showers.
The property is set on an oversized lot with dual entry parking accommodating approximately five vehicles across both front and rear spaces, with rear access described via direct access from State Street or Magnolia Street. The flood zone is listed as Flood Zone X. Tenant occupancy is in place, and all appointments require a minimum of 24-hour notice through ShowingTime.
The current revenue is described as generating $7,500 per month. Offers must include the provided agent remarks verbiage stating the buyer will assume the current leases at closing, subject to the attached property disclosure and reports (total 67 pages). The duplex is described as being about three blocks to Tulane University, 0.5 mile to a streetcar stop, 0.7 mile to Audubon Park, and 0.9 mile to Trader Joe’s.
The property is set on an oversized lot with dual entry parking accommodating approximately five vehicles across both front and rear spaces, with rear access described via direct access from State Street or Magnolia Street. The flood zone is listed as Flood Zone X. Tenant occupancy is in place, and all appointments require a minimum of 24-hour notice through ShowingTime.
The current revenue is described as generating $7,500 per month. Offers must include the provided agent remarks verbiage stating the buyer will assume the current leases at closing, subject to the attached property disclosure and reports (total 67 pages). The duplex is described as being about three blocks to Tulane University, 0.5 mile to a streetcar stop, 0.7 mile to Audubon Park, and 0.9 mile to Trader Joe’s.
Key Highlights
- Duplex built in 1938 with 6 bedrooms and 4 full bathrooms, offering indoor laundry in each unit
- Generates $7,500/month revenue and is tenant occupied; offers must include language agreeing to assume current leases at closing
- Two‑year‑old additions: 2 of 4 bathrooms with oversized walk‑in showers; additional renovated bath with marble basketweave floor tile and white subway tub tiles
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 | $46.9k | $19.80 |
| − Vacancy | −$4.0k | −$1.71 |
| EGI | $42.8k | $18.09 |
| − OpEx | −$12.8k | −$5.43 |
| NOI | $30.0k | $12.66 |
2,367 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$428.2K
$374.7K – $499.5K
NOI $29,972 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$393.6K
$344.4K – $459.2K
NOI $27,549 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$601.6K
$526.4K – $701.9K
NOI $42,113 @ 7.0% cap · market cap 5.30%
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 - Updated duplex with in-unit washers and dryers, fenced yard, and private outdoor space for each unit.
Where is this duplex located?
The property is located at 2242-44 State Street New Orleans, LA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Duplex built in 1938 with 6 bedrooms and 4 full bathrooms, offering indoor laundry in each unit; Generates $7,500/month revenue and is tenant occupied; offers must include language agreeing to assume current leases at closing; Two‑year‑old additions: 2 of 4 bathrooms with oversized walk‑in showers; additional renovated bath with marble basketweave floor tile and white subway tub tiles
