New Construction Duplex with
For Sale
$449,000
2304 NEW ORLEANS Street, New Orleans, LA 70119
Multi-Family, New Orleans, LA
Property Size2,588 SF
Price / SF$173.49
Days on Market11
Property Features for 2304 NEW ORLEANS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Balcony, Porch
Subdivision
Inner City 7th
Lot features
Regular
Standard status
Active
APN
2304-NEWORLEANSST
Size
2,588 SF
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
covered front porches/balconies
quartz counters
stainless steel appliances
wood floors
spray foam insulation
video cameras
wired for surround sound
deep soaking tubs
walk-in showers
spacious closets
Building Details
Year built
2023
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
Christian Shane Properties
(504) 208-5688
Listed By:
Christian Galvin · License #995718884
(504) 252-0455
Added: Sep 17
Last Checked: Sep 27 at 1:06PM
MLS# 2570455
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.
Completed in 2023, this 2,588-square-foot duplex pairs two residences with light-filled open layouts and durable wood flooring. Each unit includes a primary suite with a soaking tub, walk-in shower, and generous closet space. Kitchens feature quartz countertops and stainless steel appliances, with appliances included. Covered front porches and balconies extend the living areas, while central heating and air conditioning support year-round comfort.
Additional improvements include spray foam insulation, video cameras, and wiring for surround sound. The property has a shingle roof, public water service, and driveway parking. Located at 2304 New Orleans Street in New Orleans, the duplex is positioned within a central community with access to local amenities.
Additional improvements include spray foam insulation, video cameras, and wiring for surround sound. The property has a shingle roof, public water service, and driveway parking. Located at 2304 New Orleans Street in New Orleans, the duplex is positioned within a central community with access to local amenities.
Key Highlights
- 2,588‑square‑foot duplex completed in 2023
- Two units with open floor plans and wood flooring
- Quartz kitchen counters and stainless steel appliances included
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
$32,771
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
7.30%
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%
$655,420
$655.4K
Cap Rate 7%
$468,157
$468.2K
Cap Rate 9%
$364,122
$364.1K
Market Conditions
NOI Build-Up for 2,588 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
$51.2K $19.80/SF
− Vacancy
−$4.4K −$1.71/SF
EGI
$46.8K $18.09/SF
− OpEx
−$14.0K −$5.43/SF
NOI
$32.8K $12.66/SF
Area
ZIP 70119
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%
$655,420
Cap Rate 7%
$468,157
Cap Rate 9%
$364,122
Alternative Uses
Best Use
Multifamily LT 5
$468.2K
$409.6K – $546.2K
NOI $32,771 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$430.3K
$376.5K – $502.0K
NOI $30,121 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$677.2K
$592.6K – $790.1K
NOI $47,404 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
972
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with open interiors, covered outdoor spaces, and updated kitchens designed for comfortable occupancy.
Where is this duplex located?
The property is located at 2304 NEW ORLEANS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,588‑square‑foot duplex completed in 2023; Two units with open floor plans and wood flooring; Quartz kitchen counters and stainless steel appliances included
