Updated Duplex with Outdoor
For Sale
$795,000
2242 44 State St, New Orleans, LA 70118
Tenant-occupied duplex with private exterior areas, in-unit laundry, parking, and access from State Street and Magnolia Street.
Property Size2,367 SF
Price / SF$335.87
Days on Market44
Property Features for 2242 44 State St
General Information
Standard status
Active
Size
2,367 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Gross Income
$90,000
Multifamily Units
2
Amenities
stainless steel appliances
in-unit washer & dryer
floor-to-ceiling windows
crystal chandelier
faux brick fireplace
granite counters
bar island seating
dual entry parking
fenced yard
wooden deck
covered patio
storage shed
Building Details
Year Built
1938
Listing Agency:
Homesmart Realty South
(504) 236-1144
Listed By:
Robyn Schmitt · License #995687935
Source:
Fiorellaavenue
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 31 at 7:46PM
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 2,367-square-foot duplex, built in 1938, includes two equipped units with stainless steel appliances and in-unit washers and dryers. The upper residence features original wood floors, floor-to-ceiling front windows, a faux-brick fireplace, granite countertops, bar seating, and an updated bathroom. The lower unit has vinyl flooring, a renovated kitchen with white shaker cabinetry, black granite counters, and a large stainless-steel sink. Each unit opens to a private outdoor area, with an upper wood deck and covered lower patio connected to a shared fenced yard and storage shed.
The street-to-street lot provides rear access and parking for approximately 5 vehicles through State Street and Magnolia Street. The property is in Flood Zone X and has received foundation work in 2022, a new under-house 15-foot sewer line in 2021, and a roof installed in 2023. It is tenant occupied, and current leases are to be assumed at closing. The property is 3 blocks from Tulane University, 0.5 mile from a streetcar stop, 0.7 mile from Audubon Park, and 0.9 mile from Trader Joe’s.
The street-to-street lot provides rear access and parking for approximately 5 vehicles through State Street and Magnolia Street. The property is in Flood Zone X and has received foundation work in 2022, a new under-house 15-foot sewer line in 2021, and a roof installed in 2023. It is tenant occupied, and current leases are to be assumed at closing. The property is 3 blocks from Tulane University, 0.5 mile from a streetcar stop, 0.7 mile from Audubon Park, and 0.9 mile from Trader Joe’s.
Key Highlights
- 2,367 SF duplex built in 1938 with two tenant‑occupied units
- Street‑to‑street lot with approximately 5 parking spaces and access from State Street and Magnolia Street
- Roof installed in 2023; foundation work completed in 2022
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
$29,972
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
3.77%
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%
$599,440
$599.4K
Cap Rate 7%
$428,171
$428.2K
Cap Rate 9%
$333,022
$333.0K
Market Conditions
NOI Build-Up for 2,367 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
$46.9K $19.80/SF
− Vacancy
−$4.0K −$1.71/SF
EGI
$42.8K $18.09/SF
− OpEx
−$12.8K −$5.43/SF
NOI
$30.0K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /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%
$599,440
Cap Rate 7%
$428,171
Cap Rate 9%
$333,022
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 authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,158
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Tenant-occupied duplex with private exterior areas, in-unit laundry, parking, and access from State Street and Magnolia Street.
Where is this duplex located?
The property is located at 2242 44 State St 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: 2,367 SF duplex built in 1938 with two tenant‑occupied units; Street‑to‑street lot with approximately 5 parking spaces and access from State Street and Magnolia Street; Roof installed in 2023; foundation work completed in 2022
