Updated Duplex with Outdoor
For Sale
$795,000
2242 STATE Street, New Orleans, LA 70118
Multi-Family, Traditional, New Orleans, LA
Property Size2,367 SF
Price / SF$335.87
Days on Market57
Property Features for 2242 STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Uptown
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
Legal Description
BLOOMINGDALE SQ UPPERSIDE STATE LOT 90 STATE ST 2242-44 STATE ST
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit washer/dryer
deck
patio
storage shed
fenced yard
Building Details
Year built
1938
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Homesmart Realty South · HomeSmart International
(504) 908-7653
Listed By:
Robyn Schmitt · License #995687935
(504) 908-7653
Added: Jul 7
Changed: Aug 19
Last Checked: Sep 1 at 6:06AM
MLS# 2565741
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 1938 duplex contains 2367 square feet with two residential units, four bathrooms, central heating and central air. Both units include stainless steel appliances and in-unit washers and dryers. Interior details include original wood floors, a foyer chandelier, granite countertops, island seating, and updated cabinetry. The lower unit has vinyl flooring, a renovated kitchen, and a large stainless-steel sink. Two bathrooms were added approximately 2 years ago with oversized walk-in showers, while another includes renovated tile finishes.
The street-to-street property includes a fenced yard, storage shed, rear access, an upper wooden deck, and a covered lower patio. Off-street parking and driveway access accommodate approximately 5 vehicles across front and rear spaces, with entry from State Street or Magnolia Street. 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. Current leases are to be assumed at closing, and appointments require a minimum of 24-hour notice.
The street-to-street property includes a fenced yard, storage shed, rear access, an upper wooden deck, and a covered lower patio. Off-street parking and driveway access accommodate approximately 5 vehicles across front and rear spaces, with entry from State Street or Magnolia Street. 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. Current leases are to be assumed at closing, and appointments require a minimum of 24-hour notice.
Key Highlights
- 2367 square feet with two residential units and 4 bathrooms
- Both units include stainless steel appliances plus in‑unit washers and dryers
- Roof installed in 2023; under‑house 15 ft sewer line replaced in 2021
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
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 renovated interiors, private outdoor areas, and off-street parking in Uptown New Orleans.
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: 2367 square feet with two residential units and 4 bathrooms; Both units include stainless steel appliances plus in‑unit washers and dryers; Roof installed in 2023; under‑house 15 ft sewer line replaced in 2021
