Creole Duplex with Detached
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 Market27
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
Changed: Sep 25
Last Checked: Oct 5 at 10:06AM
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 duplex includes a two-story main residence with upper and lower units, along with a detached studio apartment, creating three total living spaces. Each space is described with two bedrooms, one bathroom, a kitchen, and in-unit laundry; the detached apartment is unfinished. Exterior features include a front porch, upstairs balcony, permeable-surface driveway, and off-street parking. The structure dates to 1940, has a shingle roof, and uses public water.
Located at 2424 Valence Street in New Orleans, the property sits two doors from Freret Street and within walking distance of MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure. The property is in Orleans Parish and carries a 70115 ZIP code.
Located at 2424 Valence Street in New Orleans, the property sits two doors from Freret Street and within walking distance of MOJO Coffee, Rouse's, Baya Bar, The Husky, and Cure. The property is in Orleans Parish and carries a 70115 ZIP code.
Key Highlights
- Three total living spaces: upper and lower units in the main home plus a detached studio apartment
- Each living space includes 2 bedrooms, 1 bath, a kitchen, and in‑unit laundry
- 2,749 square feet on a 0.14‑acre lot
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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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 configuration includes separate kitchens, in-unit laundry, and outdoor living areas.
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: Three total living spaces: upper and lower units in the main home plus a detached studio apartment; Each living space includes 2 bedrooms, 1 bath, a kitchen, and in‑unit laundry; 2,749 square feet on a 0.14‑acre lot
