Lakeview Duplex With Off-Street
For Sale
$450,000
228 30 22nd Street, New Orleans, LA 70124
Duplex with a 3-bedroom/2-bath unit featuring hardwoods and stainless appliances plus a 2-bedroom/1-bath unit with no-carpet bedrooms.
Property Size2,370 SF
Days on Market84
Property Features for 228 30 22nd Street
General Information
Standard status
Active
Size
2,370 SF
Property subtype
Multi Family Home
Building Details
Building Size
2,370 SF
Year Built
1970
Stories
1
Listing Agency:
Re/Max Affiliates
(504) 421-0197
Listed By:
Shannon Nash · License #995704640
(504) 421-0197
Source:
Nolalivingrealty
Added: May 21
Changed: Aug 8
Last Checked: Aug 11 at 1:17PM
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 Re/Max Affiliates
Investment Insights
Based on property information with market context.
This duplex offers two rental units with distinct layouts and finishes. Unit 228 features three bedrooms and two bathrooms, with hardwood floors in the main living area and a stainless steel appliance package in the eat-in kitchen. The unit also includes off-street parking for two vehicles. Unit 230 has two bedrooms and one bathroom, ceiling fans, and no-carpet bedrooms, with a listed alarm system and nice-sized closets.
Located in Lakeview near restaurants and shops, the property also provides easy access to the interstate and City Park.
Each unit’s configuration is suited to residential income use, with on-site parking for Unit 228 and practical in-unit amenities including hardwood flooring, stainless appliances, ceiling fans, and alarm security as described.
Located in Lakeview near restaurants and shops, the property also provides easy access to the interstate and City Park.
Each unit’s configuration is suited to residential income use, with on-site parking for Unit 228 and practical in-unit amenities including hardwood flooring, stainless appliances, ceiling fans, and alarm security as described.
Key Highlights
- Duplex built in 1970 with two rental units: 228 (3 bed/2 bath) and 230 (2 bed/1 bath).
- Unit 228 includes 3 bedrooms and 2 baths with hardwood floors in the main living area.
- Unit 228 features an eat‑in kitchen with stainless steel appliances and off‑street parking for 2 vehicles.
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
$30,010
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
6.67%
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%
$600,200
$600.2K
Cap Rate 7%
$428,714
$428.7K
Cap Rate 9%
$333,444
$333.4K
Market Conditions
NOI Build-Up for 2,370 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
−$4.1K −$1.71/SF
EGI
$42.9K $18.09/SF
− OpEx
−$12.9K −$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%
$600,200
Cap Rate 7%
$428,714
Cap Rate 9%
$333,444
Alternative Uses
Best Use
Multifamily LT 5
$428.7K
$375.1K – $500.2K
NOI $30,010 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$394.1K
$344.8K – $459.7K
NOI $27,584 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$602.4K
$527.1K – $702.8K
NOI $42,166 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 70124, LA
22,777
Population
8,919
Households
2.6
Avg Household Size
37
Median Age
70%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
3,400
Density / Sq Mi
$121,318
Median Household Income
$66,323
Median Earnings
$1,752
Median Rent
$577,800
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 - Duplex with a 3-bedroom/2-bath unit featuring hardwoods and stainless appliances plus a 2-bedroom/1-bath unit with no-carpet bedrooms.
Where is this duplex located?
The property is located at 228 30 22nd Street New Orleans, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex built in 1970 with two rental units: 228 (3 bed/2 bath) and 230 (2 bed/1 bath).; Unit 228 includes 3 bedrooms and 2 baths with hardwood floors in the main living area.; Unit 228 features an eat‑in kitchen with stainless steel appliances and off‑street parking for 2 vehicles.
