1921 Duplex with Hardwood
For Sale
$450,000
2319 LOWERLINE Street, New Orleans, LA 70118
Multi-Family, Traditional, New Orleans, LA
Property Size3,169 SF
Lot Size0.12 Acres
Price / SF$142
Days on Market103
Property Features for 2319 LOWERLINE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Subdivision
Uptown/Carrollton
Standard status
Active
APN
615312910
Size
3,169 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
FRIBURG SQ 56 LOT 18 PT 17 LOWERLINE 44 X 123 2319-21 LOWERLINE DUP-W FILE #77640 6/98
Legal Description
FRIBURG SQ 56 LOT 18 PT 17 LOWERLINE 44 X 123 2319-21 LOWERLINE DUP-W FILE #77640 6/98
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Mary Danna · License #995689808
(504) 517-6533
Added: Jun 25
Changed: Sep 16
Last Checked: Oct 5 at 9:06AM
MLS# 2564599
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.
Built in 1921, this duplex contains approximately 3,169 square feet on a 0.1242-acre lot. Both units offer open floor plans, hardwood floors, central air and heat, natural light, and laundry hookups. Exterior features include a porch, asphalt roofing, and a driveway, with public water service serving the property.
The property is located in Uptown New Orleans near Tulane University, Audubon Park, the St. Charles Streetcar, and Uptown amenities. It is within Flood Zone X and is being offered strictly as-is, with no seller repairs. The existing two-unit configuration provides a foundation for renovation and future residential use.
The property is located in Uptown New Orleans near Tulane University, Audubon Park, the St. Charles Streetcar, and Uptown amenities. It is within Flood Zone X and is being offered strictly as-is, with no seller repairs. The existing two-unit configuration provides a foundation for renovation and future residential use.
Key Highlights
- Two‑unit duplex totaling approximately 3,169 square feet
- 0.1242‑acre lot in Uptown New Orleans
- Built in 1921; offered strictly as‑is
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - As-is duplex with two open-plan units, central air and heat, natural light, and laundry hookups.
Where is this duplex located?
The property is located at 2319 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 totaling approximately 3,169 square feet; 0.1242‑acre lot in Uptown New Orleans; Built in 1921; offered strictly as‑is
