New Construction
New
For Sale
$465,000
2409 1st St, New Orleans, LA 70113
Two separately configured units offer open-concept living areas, private outdoor spaces, gated parking, and a backyard.
Property Size2,343 SF
Price / SF$198.46
Days on Market2
Property Features for 2409 1st St
General Information
Standard status
Active
Size
2,343 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
private balcony
front porch
backyard
gated off-street parking
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Riverside Realty, Inc.
(985) 307-1208
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 9
Last Checked: Sep 10 at 6:47AM
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 Riverside Realty, Inc.
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex contains two three-bedroom residences with a combined six bedrooms, four full bathrooms, and two half baths. Each unit has an open-concept living area and kitchen, while the upper residence adds high ceilings, substantial natural light, and a private balcony with downtown views. The lower residence includes a front porch and a generous living area. Quartz countertops and other upgraded finish materials are incorporated throughout both units.
The property is located at 2409 1st St in New Orleans, with gated off-street parking and a backyard. Refrigerators, microwaves, and electric ranges are scheduled for installation before closing. The St. Charles streetcar line and Garden District are nearby, while the New Orleans Superdome is approximately a 6-minute drive away.
The property is located at 2409 1st St in New Orleans, with gated off-street parking and a backyard. Refrigerators, microwaves, and electric ranges are scheduled for installation before closing. The St. Charles streetcar line and Garden District are nearby, while the New Orleans Superdome is approximately a 6-minute drive away.
Key Highlights
- 2026‑built duplex with two three‑bedroom units
- Six bedrooms, four full bathrooms, and two half baths across both units
- Upper residence includes a private balcony with downtown views
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
$29,668
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
6.38%
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%
$593,360
$593.4K
Cap Rate 7%
$423,829
$423.8K
Cap Rate 9%
$329,644
$329.6K
Market Conditions
NOI Build-Up for 2,343 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
$46.4K $19.80/SF
− Vacancy
−$4.0K −$1.71/SF
EGI
$42.4K $18.09/SF
− OpEx
−$12.7K −$5.43/SF
NOI
$29.7K $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%
$593,360
Cap Rate 7%
$423,829
Cap Rate 9%
$329,644
Alternative Uses
Best Use
Multifamily LT 5
$423.8K
$370.9K – $494.5K
NOI $29,668 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$389.6K
$340.9K – $454.5K
NOI $27,270 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$595.5K
$521.1K – $694.8K
NOI $41,686 @ 7.0% cap · market cap 8.96%
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
Location Intelligence
Trade Area within ½ mile
1,873
Businesses Nearby
Explore this area
Business Placement
Demographics for 70113, LA
8,569
Population
5,512
Households
1.6
Avg Household Size
37
Median Age
27%
College-Educated
74%
High-School Grad
0.9 sq mi
ZIP Area
9,521
Density / Sq Mi
$36,897
Median Household Income
$31,126
Median Earnings
$960
Median Rent
$258,500
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 separately configured units offer open-concept living areas, private outdoor spaces, gated parking, and a backyard.
Where is this duplex located?
The property is located at 2409 1st St New Orleans, LA.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 2026‑built duplex with two three‑bedroom units; Six bedrooms, four full bathrooms, and two half baths across both units; Upper residence includes a private balcony with downtown views
