Updated Duplex with Private Outdoor
For Sale
$779,000
2242 44 State Street, New Orleans, LA 70118
Two units feature equipped kitchens, in-unit laundry, and separate outdoor areas near Tulane University.
Property Size2,367 SF
Price / SF$329.11
Days on Market103
Property Features for 2242 44 State Street
General Information
Standard status
Active
Size
2,367 SF
Property subtype
Multi-Family
Building Details
Year Built
1938
Listing Agency:
Homesmart Realty South
Listed By:
Robyn Schmitt · License #SCHMROBY
(504) 236-1144
Source:
Thepuckettteam
Added: Jul 9
Changed: Oct 2
Last Checked: Oct 19 at 3:50AM
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
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Investment Insights
Based on property information with market context.
This 2,367-square-foot duplex, built in 1938, offers two equipped units with stainless steel appliances and in-unit washers and dryers. The upper residence includes original wood floors, a foyer, fireplace, granite countertops, bar seating, and a private wooden deck. The lower unit has vinyl flooring, a renovated kitchen, and a covered patio. The property contains four bathrooms, including two added approximately two years ago, plus a renovated third bath.
The street-to-street lot provides a fenced yard, shared outdoor space, storage shed, rear access, and parking for approximately five vehicles through State Street and Magnolia Street. Each unit has direct access to its own exterior area. Tulane University is three blocks away, with a streetcar stop 0.5 mile from the property, Audubon Park 0.7 mile away, and Trader Joe’s 0.9 mile away. Major improvements include a roof from 2023, a new approximately 15-foot sewer line installed in 2021, and foundation work completed in 2022. The property is in Flood Zone X.
The street-to-street lot provides a fenced yard, shared outdoor space, storage shed, rear access, and parking for approximately five vehicles through State Street and Magnolia Street. Each unit has direct access to its own exterior area. Tulane University is three blocks away, with a streetcar stop 0.5 mile from the property, Audubon Park 0.7 mile away, and Trader Joe’s 0.9 mile away. Major improvements include a roof from 2023, a new approximately 15-foot sewer line installed in 2021, and foundation work completed in 2022. The property is in Flood Zone X.
Key Highlights
- 2,367 SF duplex built in 1938
- Two units with stainless steel appliances and in‑unit washers and dryers
- Four bathrooms, including two added approximately 2 years ago
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,972
Cap Rate
3.85%
Suggested Prices Based on Cap Rates
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
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 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 3.85%
Second Best
Apartment 5plus
$393.6K
$344.4K – $459.2K
NOI $27,549 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$601.6K
$526.4K – $701.9K
NOI $42,113 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,272
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two units feature equipped kitchens, in-unit laundry, and separate outdoor areas near Tulane University.
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 $779,000.
What are key features of this property?
This property features: 2,367 SF duplex built in 1938; Two units with stainless steel appliances and in‑unit washers and dryers; Four bathrooms, including two added approximately 2 years ago
