Updated Duplex with Private Outdoor
For Sale
$779,000
2242 STATE Street, New Orleans, LA 70118
Multifamily, New Orleans, LA
Property Size2,367 SF
Price / SF$329.11
Days on Market109
Property Features for 2242 STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 1, Bathroom 4, Bedroom 5, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2
Parking
3
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Elementary school
The Willow
Middle school
Newman, De La Salle
High school
Ursuline
Directions
https://maps.app.goo.gl/jx8NT8yZhWKzJwww9
Standard status
Active
APN
615113838
Size
2,367 SF
Additional Details
Tenant in Place
Yes
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
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
stainless steel appliances
in-unit washer and dryer
granite counters
bar island seating
faux brick fireplace
original wood floors
crystal chandelier
renovated kitchen
fenced yard
dual entry parking
wooden deck
covered patio
storage shed
Building Details
Year built
1938
Number of units
2
Building materials
Wood Siding
Architectural style
Other
Buildings
1
Listing Agency:
Homesmart Realty South - Metairie · HomeSmart International
(504) 908-7653
Listed By:
Robyn H Schmitt · License #995687935
(504) 236-1144
Added: Jul 7
Changed: Oct 23
Last Checked: Oct 23 at 1:06PM
MLS# 2565741
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,367-square-foot duplex, built in 1938, contains two occupied units with a combined six bedrooms and four bathrooms. Each residence has stainless steel kitchen appliances and its own washer and dryer. The upper unit includes wood floors and a deck; the lower unit has a renovated kitchen and a covered patio. Both outdoor areas connect to a shared yard with a storage shed.
The street-to-street parcel has access from State Street and Magnolia Street, with front and rear parking for approximately 5 vehicles. The property is in Flood Zone X and is 3 blocks from Tulane University, 0.5 mile from a streetcar stop, and 0.7 mile from Audubon Park.
Recorded improvements include a roof installed in 2023, foundation work in 2022, and a new ~15 ft sewer line beneath the house in 2021. Two bathrooms were added about 2 years ago; another bathroom has been renovated. The sale is subject to the existing leases.
The street-to-street parcel has access from State Street and Magnolia Street, with front and rear parking for approximately 5 vehicles. The property is in Flood Zone X and is 3 blocks from Tulane University, 0.5 mile from a streetcar stop, and 0.7 mile from Audubon Park.
Recorded improvements include a roof installed in 2023, foundation work in 2022, and a new ~15 ft sewer line beneath the house in 2021. Two bathrooms were added about 2 years ago; another bathroom has been renovated. The sale is subject to the existing leases.
Key Highlights
- Two‑unit duplex with 2,367 square feet, six bedrooms, and four bathrooms
- Separate private outdoor areas: upper wood deck and lower covered patio
- Street‑to‑street site with access from State Street and Magnolia Street; parking for approximately 5 vehicles
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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Lease Details
2
Residential units
Yes
Paved road access
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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences have equipped kitchens, in-unit laundry, and separate outdoor areas.
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 $779,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,367 square feet, six bedrooms, and four bathrooms; Separate private outdoor areas: upper wood deck and lower covered patio; Street‑to‑street site with access from State Street and Magnolia Street; parking for approximately 5 vehicles
