New Construction Duplex with
For Sale
$349,900
Pending
2401-03 Feliciana Street, New Orleans, LA 70117
Two separate residences offer contemporary finishes, private outdoor spaces, and included laundry appliances.
Property Size2,187 SF
Days on Market149
Property Features for 2401-03 Feliciana Street
General Information
Standard status
Pending
Size
2,187 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
front porch
front balcony
stackable washer/dryer
Central Air
Central
2
4
6
Other
Pillar/Post/Pier
HardiPlank Type
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Donald Julien & Associates, Inc.
Listed By:
Davorah Johnson · License #000031800
(504) 416-2876
Source:
Compass
Added: Apr 8
Changed: Sep 3
Last Checked: Sep 2 at 11:38PM
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 Donald Julien & Associates, Inc.
Investment Insights
Based on property information with market context.
This new-construction duplex contains 2,187 square feet across an upstairs residence and a downstairs residence. Each unit provides 3 bedrooms and 2 full bathrooms, with open-plan interiors and contemporary finishes. The lower unit includes a front porch, while the upper unit has a first-level porch and a second-level balcony. Central air and central heating serve the property, and each residence includes a range, microwave hood, and stackable washer and dryer.
Located at 2401-03 Feliciana Street in New Orleans’ Historic Holy Cross area, the property combines two independent living spaces with outdoor features oriented toward the surrounding neighborhood. HardiPlank siding, pillar/post/pier construction, screens, and the 2026 build year add further detail to the physical profile.
Located at 2401-03 Feliciana Street in New Orleans’ Historic Holy Cross area, the property combines two independent living spaces with outdoor features oriented toward the surrounding neighborhood. HardiPlank siding, pillar/post/pier construction, screens, and the 2026 build year add further detail to the physical profile.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 full bathrooms in each unit
- 2,187 square feet with one upstairs residence and one downstairs residence
- 2026 new construction with open‑plan interiors and contemporary finishes
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
$27,693
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
7.91%
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%
$553,860
$553.9K
Cap Rate 7%
$395,614
$395.6K
Cap Rate 9%
$307,700
$307.7K
Market Conditions
NOI Build-Up for 2,187 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
$43.3K $19.80/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$39.6K $18.09/SF
− OpEx
−$11.9K −$5.43/SF
NOI
$27.7K $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%
$553,860
Cap Rate 7%
$395,614
Cap Rate 9%
$307,700
Alternative Uses
Best Use
Multifamily LT 5
$395.6K
$346.2K – $461.6K
NOI $27,693 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$363.6K
$318.2K – $424.2K
NOI $25,454 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$555.9K
$486.4K – $648.5K
NOI $38,910 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 separate residences offer contemporary finishes, private outdoor spaces, and included laundry appliances.
Where is this duplex located?
The property is located at 2401-03 Feliciana Street New Orleans, LA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 full bathrooms in each unit; 2,187 square feet with one upstairs residence and one downstairs residence; 2026 new construction with open‑plan interiors and contemporary finishes
