Creole Duplex with Detached
New
For Sale
$485,000
2424 VALENCE Street, New Orleans, LA 70115
Multi-Family, CreoleTownhouse, New Orleans, LA
Property Size2,749 SF
Price / SF$176.43
Days on Market2
Property Features for 2424 VALENCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Patio and Porch features
Porch
Exterior features
Balcony, Driveway Permeable Surface, Porch
Lot features
Regular
Standard status
Active
APN
614324605
Size
2,749 SF
Taxes and HOA fees
Tax Description
SQ 581 LOT 12 VALENCE 30X120 2424-26 VALENCE ST DUP-W TAX SALE 1/10 1%
Legal Description
SQ 581 LOT 12 VALENCE 30X120 2424-26 VALENCE ST DUP-W TAX SALE 1/10 1%
Utilities
Water source
Public
Amenities
front porch
upstairs balcony
in-unit laundry
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Creole
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Philip Ewbank · License #995700196
(504) 335-7481
Added: Sep 9
Last Checked: Sep 10 at 5:06AM
MLS# 2575621
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,749-square-foot Creole-style property was built in 1940 and includes a two-story main residence with upper and lower living spaces, plus a detached studio apartment. The layout provides three total spaces. Each space is configured with two bedrooms, one bathroom, a kitchen, and in-unit laundry; the detached studio remains unfinished. Exterior features include a front porch, upstairs balcony, permeable-surface driveway, shingle roof, and off-street parking. Public water serves the property.
Located two doors from Freret Street in New Orleans, the property is within walking distance of MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure. Its residential layout combines the original Creole architectural style with multiple separate living areas and outdoor features.
Located two doors from Freret Street in New Orleans, the property is within walking distance of MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure. Its residential layout combines the original Creole architectural style with multiple separate living areas and outdoor features.
Key Highlights
- 2,749‑square‑foot Creole‑style property built in 1940
- Main residence includes upper and lower living spaces plus a detached studio apartment
- Three total living spaces, each with 2 bedrooms, 1 bath, kitchen, and in‑unit laundry
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
$23,628
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
4.87%
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%
$472,560
$472.6K
Cap Rate 7%
$337,543
$337.5K
Cap Rate 9%
$262,533
$262.5K
Market Conditions
NOI Build-Up for 2,749 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
$36.9K $13.44/SF
− Vacancy
−$3.2K −$1.16/SF
EGI
$33.8K $12.28/SF
− OpEx
−$10.1K −$3.68/SF
NOI
$23.6K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$472,560
Cap Rate 7%
$337,543
Cap Rate 9%
$262,533
Alternative Uses
Best Use
Multifamily LT 5
$337.5K
$295.4K – $393.8K
NOI $23,628 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$299.2K
$261.8K – $349.1K
NOI $20,945 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$725.3K
$634.6K – $846.2K
NOI $50,769 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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-story property offers separate living spaces, private kitchens, in-unit laundry, a porch, balcony, and off-street parking.
Where is this duplex located?
The property is located at 2424 VALENCE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,749‑square‑foot Creole‑style property built in 1940; Main residence includes upper and lower living spaces plus a detached studio apartment; Three total living spaces, each with 2 bedrooms, 1 bath, kitchen, and in‑unit laundry
