Duplex with Central
For Sale
$267,000
2324 26 Governor Nicholls St, New Orleans, LA 70119
Two all-electric residences feature separate utility metering, in-unit laundry hookups, and practical shotgun-style floor plans.
Property Size2,000 SF
Price / SF$133.50
Days on Market39
Property Features for 2324 26 Governor Nicholls St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Building Details
Year Built
1950
Construction
shotgun-style
Listing Agency:
Vallon Real Estate
Listed By:
Larry Francioni
Source:
Dominionplace
Added: Jul 26
Changed: Aug 27
Last Checked: Sep 1 at 10:54PM
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 Vallon Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each approximately 1,000 square feet. Both residences use a shotgun-style arrangement with a front room, bedroom, kitchen, compact dining area, full bathroom, and laundry closet equipped for a full-size washer and dryer. Central air and heat, insulated windows, and a stove and oven serve each unit. Separate water meters are in place, and occupants are responsible for their own utilities.
The property is located two blocks from Esplanade Avenue, between North Broad Street and North Galvez Street. The sale must include the adjoining property at 2328-30 Governor Nicholls Street, creating a combined package of four residential units. The adjoining property is marketed separately, but neither property may be purchased on its own.
The property is located two blocks from Esplanade Avenue, between North Broad Street and North Galvez Street. The sale must include the adjoining property at 2328-30 Governor Nicholls Street, creating a combined package of four residential units. The adjoining property is marketed separately, but neither property may be purchased on its own.
Key Highlights
- Two‑unit duplex with approximately 2,000 SF total
- Each unit is approximately 1,000 square feet
- Shotgun‑style layouts include one bedroom, kitchen, dining area, bath, and laundry closet
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
$23,278
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
8.72%
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%
$465,560
$465.6K
Cap Rate 7%
$332,543
$332.5K
Cap Rate 9%
$258,644
$258.6K
Market Conditions
NOI Build-Up for 2,000 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
$46.6K $23.28/SF
− Vacancy
−$4.2K −$2.12/SF
EGI
$42.3K $21.16/SF
− OpEx
−$19.0K −$9.52/SF
NOI
$23.3K $11.64/SF
Area
ZIP 70119
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$465,560
Cap Rate 7%
$332,543
Cap Rate 9%
$258,644
Alternative Uses
Best Use
Multifamily LT 5
$361.8K
$316.6K – $422.1K
NOI $25,325 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$332.5K
$291.0K – $388.0K
NOI $23,278 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$523.3K
$457.9K – $610.6K
NOI $36,634 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,712
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
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 all-electric residences feature separate utility metering, in-unit laundry hookups, and practical shotgun-style floor plans.
Where is this duplex located?
The property is located at 2324 26 Governor Nicholls St New Orleans, LA.
What is the asking price?
The asking price for this property is $267,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,000 SF total; Each unit is approximately 1,000 square feet; Shotgun‑style layouts include one bedroom, kitchen, dining area, bath, and laundry closet
