Four-Bedroom Duplex with FORTIFIED
For Sale
$569,000
2412-14 State St, New Orleans, LA 70118
Two-unit property includes one leased residence and one vacant unit.
Property Size3,363 SF
Price / SF$169.19
Days on Market34
Property Features for 2412-14 State St
General Information
Standard status
Active
Size
3,363 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Satsuma Real Estate LLC
(504) 460-7279
Listed By:
Brian Shepard · License #995688465
Source:
Fiorellaavenue
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 31 at 7:25PM
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 Satsuma Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1930, this 3,363-square-foot duplex contains two four-bedroom, two-bath units. The upper residence is leased through May 2027, while the lower residence is vacant and available for a new lease or owner occupancy. A FORTIFIED Roof™ is also in place.
The property is located at 2412-14 State St in New Orleans, near Tulane University and Loyola University. Its two-unit layout, substantial bedroom count, and separate occupancy status provide a clear configuration for residential income use or combined owner occupancy and rental use.
The property is located at 2412-14 State St in New Orleans, near Tulane University and Loyola University. Its two-unit layout, substantial bedroom count, and separate occupancy status provide a clear configuration for residential income use or combined owner occupancy and rental use.
Key Highlights
- Two 4‑bedroom, 2‑bath units
- 3,363 square feet; built in 1930
- Upper unit leased through May 2027
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
$42,584
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
7.48%
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%
$851,680
$851.7K
Cap Rate 7%
$608,343
$608.3K
Cap Rate 9%
$473,156
$473.2K
Market Conditions
NOI Build-Up for 3,363 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
$66.6K $19.80/SF
− Vacancy
−$5.8K −$1.71/SF
EGI
$60.8K $18.09/SF
− OpEx
−$18.3K −$5.43/SF
NOI
$42.6K $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%
$851,680
Cap Rate 7%
$608,343
Cap Rate 9%
$473,156
Alternative Uses
Best Use
Multifamily LT 5
$608.3K
$532.3K – $709.7K
NOI $42,584 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$559.2K
$489.3K – $652.4K
NOI $39,141 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$854.8K
$747.9K – $997.2K
NOI $59,833 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,158
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
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-unit property includes one leased residence and one vacant unit.
Where is this duplex located?
The property is located at 2412-14 State St New Orleans, LA.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Two 4‑bedroom, 2‑bath units; 3,363 square feet; built in 1930; Upper unit leased through May 2027
