Renovated Duplex with Historic
For Sale
$469,000
2421 23 Columbus St, New Orleans, LA 70119
Two updated residential units retain original hardwood floors, pocket doors, and high ceilings.
Property Size2,400 SF
Price / SF$195.42
Days on Market20
Property Features for 2421 23 Columbus St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1920
Year Renovated
2021
Listing Agency:
Crescent Sotheby's International
(504) 458-5719
Listed By:
Marcel Tullier · License #995694386
Source:
Fiorellaavenue
Added: Aug 13
Changed: Aug 31
Last Checked: Aug 30 at 8:47PM
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 Crescent Sotheby's International
Investment Insights
Based on property information with market context.
Built in 1920, this duplex offers approximately 2,400 square feet across two residential sides. Each side includes three bedrooms and two bathrooms, with 11-foot ceilings, original hardwood flooring, and historic pocket doors. The property underwent a down-to-the-studs renovation in 2021 and has since received additional refresh work.
Located on Columbus Street in New Orleans, the property sits a short distance from the neutral grounds of Esplanade Avenue. The Fair Grounds, Bayou St. John, and the French Quarter are accessible by walking or bicycle, with local restaurants, coffee shops, and cultural destinations nearby.
Located on Columbus Street in New Orleans, the property sits a short distance from the neutral grounds of Esplanade Avenue. The Fair Grounds, Bayou St. John, and the French Quarter are accessible by walking or bicycle, with local restaurants, coffee shops, and cultural destinations nearby.
Key Highlights
- Approximately 2,400 sq. ft. duplex
- Two 3‑bedroom, 2‑bathroom sides
- Down‑to‑the‑studs renovation completed in 2021
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
$30,390
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
6.48%
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%
$607,800
$607.8K
Cap Rate 7%
$434,143
$434.1K
Cap Rate 9%
$337,667
$337.7K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$4.1K −$1.71/SF
EGI
$43.4K $18.09/SF
− OpEx
−$13.0K −$5.43/SF
NOI
$30.4K $12.66/SF
Area
ZIP 70119
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%
$607,800
Cap Rate 7%
$434,143
Cap Rate 9%
$337,667
Alternative Uses
Best Use
Multifamily LT 5
$434.1K
$379.9K – $506.5K
NOI $30,390 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$399.0K
$349.2K – $465.6K
NOI $27,933 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$628.0K
$549.5K – $732.7K
NOI $43,960 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,370
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 updated residential units retain original hardwood floors, pocket doors, and high ceilings.
Where is this duplex located?
The property is located at 2421 23 Columbus St New Orleans, LA.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Approximately 2,400 sq. ft. duplex; Two 3‑bedroom, 2‑bathroom sides; Down‑to‑the‑studs renovation completed in 2021
