Corner-Lot Duplex Near the
For Sale
$350,000
244-46 Pacific Avenue, New Orleans, LA 70114
Two independent residences feature private laundry, central air and heat, screened porches, and separate interior finishes.
Property Size2,146 SF
Price / SF$163.09
Days on Market185
Property Features for 244-46 Pacific Avenue
General Information
Standard status
Active
Size
2,146 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
screened-in porches
private laundry room
central air/heat
off-street parking
Central Air
Central
1
2
4
Inside
Other
Pillar/Post/Pier
HardiPlank Type, Wood Siding
Porch
Building Details
Year Built
1950
Buildings
1
Listing Agency:
REMAX N.O. Properties
(504) 616-3462
Listed By:
Ryan Halsrud · License #000073789
(504) 616-3462
Source:
Compass
Added: Mar 1
Changed: Aug 31
Last Checked: Sep 1 at 11:50PM
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 REMAX N.O. Properties
Investment Insights
Based on property information with market context.
This top-and-bottom duplex at 244-46 Pacific Avenue contains two residences, each with 2 bedrooms, 1 bathroom, and approximately 1,073 square feet of living space. The 2,146-square-foot property was built in 1950 and has a freshly painted exterior, screened porches, private laundry rooms, and separate central air and heat systems. Interior details include solid wood trim, picture frame molding, wood cabinetry, and a mix of refinished wood and laminate flooring. The upper residence retains a traditional kitchen and bathroom, while the lower unit includes granite countertops and updated laminate flooring in the living areas and bedrooms.
Set on a corner lot in Algier's Point, the property is a block and a half from the Mississippi River and near the ferry. A large backyard provides off-street parking, while dining, shops, and ferry access to downtown are nearby.
Set on a corner lot in Algier's Point, the property is a block and a half from the Mississippi River and near the ferry. A large backyard provides off-street parking, while dining, shops, and ferry access to downtown are nearby.
Key Highlights
- 2,146‑square‑foot duplex on a corner lot at 244‑46 Pacific Avenue
- Two units, each with 2 bedrooms, 1 bathroom, and approximately 1,073 sq ft
- Each residence has its own central air/heat system and private laundry room
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
$27,174
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
7.76%
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%
$543,480
$543.5K
Cap Rate 7%
$388,200
$388.2K
Cap Rate 9%
$301,933
$301.9K
Market Conditions
NOI Build-Up for 2,146 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
$42.5K $19.80/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$38.8K $18.09/SF
− OpEx
−$11.6K −$5.43/SF
NOI
$27.2K $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%
$543,480
Cap Rate 7%
$388,200
Cap Rate 9%
$301,933
Alternative Uses
Best Use
Multifamily LT 5
$388.2K
$339.7K – $452.9K
NOI $27,174 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$356.8K
$312.2K – $416.3K
NOI $24,977 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$545.4K
$477.3K – $636.4K
NOI $38,181 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 70114, LA
23,127
Population
11,860
Households
2
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
4,535
Density / Sq Mi
$41,435
Median Household Income
$31,743
Median Earnings
$1,113
Median Rent
$194,100
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 independent residences feature private laundry, central air and heat, screened porches, and separate interior finishes.
Where is this duplex located?
The property is located at 244-46 Pacific Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,146‑square‑foot duplex on a corner lot at 244‑46 Pacific Avenue; Two units, each with 2 bedrooms, 1 bathroom, and approximately 1,073 sq ft; Each residence has its own central air/heat system and private laundry room
