Updated Duplex with Dual
2242 STATE Street New Orleans, LA 70118
2242 STATE Street, New Orleans, LA, 70118
$795,000
For Sale
$795,000
MULTI_FAMILY - New Orleans, LA
Property Size2,367 SF
Price / SF$335.87
Days on Market11
Property Features for 2242 STATE Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Off Street, Driveway
- Patio and Porch features
- Porch
- Exterior features
- Fence, Porch
- Fencing
- Fenced
- Standard status
- Active
- APN
- 615113838
- Size
- 2,367 SF
Taxes and HOA fees
- Tax Description
- BLOOMINGDALE SQ UPPERSIDE STATE LOT 90 STATE ST 2242-44 STATE ST
Utilities
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1938
- Floors in Building
- 2
- Number of units
- 2
- Roof type
- Shingle
- Architectural style
- Other
Listing Agency
Homesmart Realty South
(504) 908-7653
3131 N I-10 Service Rd, #101, New Orleans, LA
Listed by
Robyn Schmitt · License #995687935
(504) 908-5037
Added: Jul 7 Checked: Jul 17 at 5:06 am
MLS# 2565741
Listing URL
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This updated duplex offers two units with separate entry to private outdoor space and in-unit washers and dryers. The homes feature stainless steel kitchen appliances, including dishwashers, microwaves, stoves, and refrigerators. Interior finishes include floor-to-ceiling front windows and original wood floors, along with a downstairs unit with vinyl flooring and renovated kitchen elements. The upper unit includes a foyer with a crystal chandelier, a faux brick fireplace, cabinetry, granite counters, and bar island seating. Each unit also benefits from direct access to outdoor areas, including an expansive upper wooden deck and a covered patio below, opening to a shared yard and storage shed.
The property sits on an oversized lot with fenced-in yard space and rear access. Dual entry parking accommodates approximately five vehicles across both front and rear areas via direct access from State Street or Magnolia Street. The listing notes major capital improvements including a roof installed in 2023, an approximately 15-foot under-house sewer line replacement in 2021, and foundation work completed in 2022, with two of four bathrooms newly added within the last two years.
For buyers seeking a residential income property, the duplex configuration provides distinct unit separation with practical tenant amenities such as full appliance packages and laundry in each unit. The property is tenant occupied, and appointments require at least 24-hour notice through ShowingTime. The offer must include provided verbiage indicating the buyer will assume the current leases at closing, subject to the attached disclosures and reports.
The property sits on an oversized lot with fenced-in yard space and rear access. Dual entry parking accommodates approximately five vehicles across both front and rear areas via direct access from State Street or Magnolia Street. The listing notes major capital improvements including a roof installed in 2023, an approximately 15-foot under-house sewer line replacement in 2021, and foundation work completed in 2022, with two of four bathrooms newly added within the last two years.
For buyers seeking a residential income property, the duplex configuration provides distinct unit separation with practical tenant amenities such as full appliance packages and laundry in each unit. The property is tenant occupied, and appointments require at least 24-hour notice through ShowingTime. The offer must include provided verbiage indicating the buyer will assume the current leases at closing, subject to the attached disclosures and reports.
Key Highlights
- $7,500/month revenue duplex with both units updated and tenant‑occupied (assume current leases at closing per agent remark requirements)
- Major capital improvements: roof ~3 years old (2023), new under‑house ~15 ft sewer line (2021), and foundation work (2022)
- Each unit includes in‑unit washer & dryer and stainless steel appliances (dishwashers, microwaves, stoves, refrigerators)
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
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Updated duplex with two separate outdoor areas, dual entry parking, and in-unit laundry for tenant-ready income use.
Where is this duplex located?
The property is located at 2242 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: $7,500/month revenue duplex with both units updated and tenant‑occupied (assume current leases at closing per agent remark requirements); Major capital improvements: roof ~3 years old (2023), new under‑house ~15 ft sewer line (2021), and foundation work (2022); Each unit includes in‑unit washer & dryer and stainless steel appliances (dishwashers, microwaves, stoves, refrigerators)
