Renovated Greek Revival
For Sale
$895,000
2332 34 Chippewa St, New Orleans, LA 70130
Two-unit property with a spacious owner residence, separate rental apartment, private outdoor space, and in-unit laundry.
Property Size3,331 SF
Price / SF$268.69
Days on Market8
Property Features for 2332 34 Chippewa St
General Information
Standard status
Active
Size
3,331 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Furnished
No
Amenities
wood floors
reclaimed bargeboard mantel
stainless steel appliances
butcherblock counter tops
soaking tub
French doors
wood deck
storage shed
washer/dryer
Building Details
Year Built
1863
Year Renovated
2010
Construction
Greek Revival Creole cottage
Tenancy
Single
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:21AM
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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
This duplex is a c-1863 Greek Revival Creole cottage with Victorian and Eastlake detailing, renovated in 2010. The larger owner's residence includes four bedrooms and three bathrooms across two levels, along with twelve-foot ceilings, wood floors, a flexible open layout, and built-in reclaimed bargeboard features. Its kitchen was updated in 2022 with stainless steel appliances and butcherblock countertops. The primary bathroom has dual vanities, separate closets, a large shower, and a freestanding soaking tub.
The second residence provides two bedrooms and two bathrooms, while both units include their own washer and dryer. Oversized windows bring natural light throughout the building, with additional closet and storage capacity. French doors open to a backyard with a wood deck and storage shed. The property is located at 2332 34 Chippewa St in New Orleans, Louisiana.
The second residence provides two bedrooms and two bathrooms, while both units include their own washer and dryer. Oversized windows bring natural light throughout the building, with additional closet and storage capacity. French doors open to a backyard with a wood deck and storage shed. The property is located at 2332 34 Chippewa St in New Orleans, Louisiana.
Key Highlights
- c‑1863 Greek Revival Creole cottage with Victorian and Eastlake detailing
- Renovated in 2010; kitchen updated in 2022
- Owner's unit offers 4 bedrooms and 3 bathrooms across two levels
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
$42,179
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
4.71%
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%
$843,580
$843.6K
Cap Rate 7%
$602,557
$602.6K
Cap Rate 9%
$468,656
$468.7K
Market Conditions
NOI Build-Up for 3,331 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
$66.0K $19.80/SF
− Vacancy
−$5.7K −$1.71/SF
EGI
$60.3K $18.09/SF
− OpEx
−$18.1K −$5.43/SF
NOI
$42.2K $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%
$843,580
Cap Rate 7%
$602,557
Cap Rate 9%
$468,656
Alternative Uses
Best Use
Multifamily LT 5
$602.6K
$527.2K – $703.0K
NOI $42,179 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$553.8K
$484.6K – $646.2K
NOI $38,769 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$846.6K
$740.8K – $987.7K
NOI $59,264 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 - Two-unit property with a spacious owner residence, separate rental apartment, private outdoor space, and in-unit laundry.
Where is this duplex located?
The property is located at 2332 34 Chippewa St New Orleans, LA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: c‑1863 Greek Revival Creole cottage with Victorian and Eastlake detailing; Renovated in 2010; kitchen updated in 2022; Owner's unit offers 4 bedrooms and 3 bathrooms across two levels
