Renovated Duplex with Two
For Sale
$249,000
2426 28 Music St, New Orleans, LA 70117
Renovated two-unit property with appliances, parking, and yard space.
Property Size1,612 SF
Price / SF$154.47
Days on Market43
Property Features for 2426 28 Music St
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Ecomm Realty, LLC
(504) 864-9799
Listed By:
Javier Vichot · License #099564604
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 31 at 6:41PM
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 Ecomm Realty, LLC
Investment Insights
Based on property information with market context.
This renovated duplex is arranged as two separate residential units in a shotgun-style configuration. Each unit includes two bedrooms and one full bathroom, creating a consistent layout across the property. Appliances are included, and the site provides parking along with yard space.
Built in 1920, the property is located at 2426 28 Music St in New Orleans, Louisiana. Its two-unit setup supports an income-producing residential use, with layouts suited to families or individual residents.
Built in 1920, the property is located at 2426 28 Music St in New Orleans, Louisiana. Its two-unit setup supports an income-producing residential use, with layouts suited to families or individual residents.
Key Highlights
- Two‑unit duplex with 1,612 property size
- Each unit has 2 bedrooms and 1 full bathroom
- Renovated shotgun‑style double
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
$20,412
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
8.20%
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%
$408,240
$408.2K
Cap Rate 7%
$291,600
$291.6K
Cap Rate 9%
$226,800
$226.8K
Market Conditions
NOI Build-Up for 1,612 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
$31.9K $19.80/SF
− Vacancy
−$2.8K −$1.71/SF
EGI
$29.2K $18.09/SF
− OpEx
−$8.7K −$5.43/SF
NOI
$20.4K $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%
$408,240
Cap Rate 7%
$291,600
Cap Rate 9%
$226,800
Alternative Uses
Best Use
Multifamily LT 5
$291.6K
$255.2K – $340.2K
NOI $20,412 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$268.0K
$234.5K – $312.7K
NOI $18,762 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$409.7K
$358.5K – $478.0K
NOI $28,680 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 - Renovated two-unit property with appliances, parking, and yard space.
Where is this duplex located?
The property is located at 2426 28 Music St New Orleans, LA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,612 property size; Each unit has 2 bedrooms and 1 full bathroom; Renovated shotgun‑style double
