Updated Duplex with Private Outdoor
For Sale
$795,000
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$335.87
Days on Market54
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
(504) 236-1144
Listed By:
Robyn Schmitt · License #SCHMROBY
Source:
Thepuckettteam
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 1:29PM
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, 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 = 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,272
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 - 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 $795,000.
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
