As-Is Duplex with Hardwood
For Sale
$450,000
2319 21 Lowerline Street, New Orleans, LA 70118
Two units offer open layouts, hardwood floors, central air and heat, natural light, and laundry hookups.
Property Size3,169 SF
Price / SF$142
Days on Market48
Property Features for 2319 21 Lowerline Street
General Information
Standard status
Active
Size
3,169 SF
Property subtype
Multi Family Home
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Building Size
3,169 SF
Year Built
1921
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty 455-0100
(504) 517-6533
Listed By:
Mary Danna · License #995689808
(504) 517-6533
Source:
Nolalivingrealty
Added: Jun 25
Changed: Aug 9
Last Checked: Aug 11 at 2:00PM
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 Keller Williams Realty 455-0100
Investment Insights
Based on property information with market context.
Built in 1921, this two-unit duplex contains approximately 3,169 square feet and is being offered strictly as-is, with no repairs planned by the seller. Each unit includes an open layout, hardwood flooring, central air and heat, natural light, and laundry hookups. The property presents an existing multifamily configuration for renovation and repositioning.
Located at 2319 21 Lowerline Street in New Orleans, the duplex is minutes from Tulane University, Audubon Park, the St. Charles Streetcar, and Uptown amenities. The surrounding area is described as a historic, tree-lined neighborhood, and the property is in Flood Zone X.
Located at 2319 21 Lowerline Street in New Orleans, the duplex is minutes from Tulane University, Audubon Park, the St. Charles Streetcar, and Uptown amenities. The surrounding area is described as a historic, tree-lined neighborhood, and the property is in Flood Zone X.
Key Highlights
- Two‑unit duplex built in 1921
- Approximately 3,169 square feet
- Sold strictly as‑is; seller will make no repairs
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
$40,127
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
8.92%
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%
$802,540
$802.5K
Cap Rate 7%
$573,243
$573.2K
Cap Rate 9%
$445,856
$445.9K
Market Conditions
NOI Build-Up for 3,169 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
$62.7K $19.80/SF
− Vacancy
−$5.4K −$1.71/SF
EGI
$57.3K $18.09/SF
− OpEx
−$17.2K −$5.43/SF
NOI
$40.1K $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%
$802,540
Cap Rate 7%
$573,243
Cap Rate 9%
$445,856
Alternative Uses
Best Use
Multifamily LT 5
$573.2K
$501.6K – $668.8K
NOI $40,127 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$526.9K
$461.0K – $614.7K
NOI $36,883 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$805.5K
$704.8K – $939.7K
NOI $56,382 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
834
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 - Two units offer open layouts, hardwood floors, central air and heat, natural light, and laundry hookups.
Where is this duplex located?
The property is located at 2319 21 Lowerline 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: Two‑unit duplex built in 1921; Approximately 3,169 square feet; Sold strictly as‑is; seller will make no repairs
