Updated Cottage-Style
For Sale
$375,000
2441 Chartres St, New Orleans, LA 70117
Two-unit residential property in Faubourg Marigny with private laundry, modernized systems, and proximity to the French Quarter.
Property Size1,859 SF
Price / SF$201.72
Days on Market50
Property Features for 2441 Chartres St
General Information
Standard status
Active
Size
1,859 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1917
Construction
cottage-style
Listing Agency:
Nola Living Realty
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Jul 14
Changed: Aug 31
Last Checked: Aug 31 at 2:45PM
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 Nola Living Realty
Investment Insights
Based on property information with market context.
Built in 1917, this 1,859-square-foot duplex presents a cottage-style design with a more contemporary interior arrangement than a traditional shotgun layout. Each residence includes dedicated in-unit laundry, while one unit has received plumbing updates inside the residence and beneath the slab. The property combines historic architectural character with practical improvements for residential occupancy.
A full roof replacement has been completed, and the HVAC condenser was replaced in 2022. The duplex is located in Faubourg Marigny, a few blocks from the French Quarter and Frenchmen Street, with nearby access to restaurants, cafés, music venues, and neighborhood businesses.
A full roof replacement has been completed, and the HVAC condenser was replaced in 2022. The duplex is located in Faubourg Marigny, a few blocks from the French Quarter and Frenchmen Street, with nearby access to restaurants, cafés, music venues, and neighborhood businesses.
Key Highlights
- 1,859 SF duplex built in 1917
- Located in Faubourg Marigny near the French Quarter and Frenchmen Street
- Full roof replacement completed
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
$23,540
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
6.28%
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%
$470,800
$470.8K
Cap Rate 7%
$336,286
$336.3K
Cap Rate 9%
$261,556
$261.6K
Market Conditions
NOI Build-Up for 1,859 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
$36.8K $19.80/SF
− Vacancy
−$3.2K −$1.71/SF
EGI
$33.6K $18.09/SF
− OpEx
−$10.1K −$5.43/SF
NOI
$23.5K $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%
$470,800
Cap Rate 7%
$336,286
Cap Rate 9%
$261,556
Alternative Uses
Best Use
Multifamily LT 5
$336.3K
$294.3K – $392.3K
NOI $23,540 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$309.1K
$270.5K – $360.6K
NOI $21,637 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$472.5K
$413.4K – $551.3K
NOI $33,075 @ 7.0% cap · market cap 8.82%
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
2,874
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 - Two-unit residential property in Faubourg Marigny with private laundry, modernized systems, and proximity to the French Quarter.
Where is this duplex located?
The property is located at 2441 Chartres St New Orleans, LA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,859 SF duplex built in 1917; Located in Faubourg Marigny near the French Quarter and Frenchmen Street; Full roof replacement completed
