Two-Unit Duplex with Separate
For Sale
$494,000
2536-2538 State St, New Orleans, LA 70118
Each residence includes two private bedrooms, a full bath, in-unit laundry, and central HVAC.
Property Size1,940 SF
Price / SF$254.64
Days on Market98
Property Features for 2536-2538 State St
General Information
Standard status
Active
Size
1,940 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
off-street parking
fenced yard
storage/garage space
Building Details
Year Built
1942
Listing Agency:
McEnery Residential, LLC
Listed By:
Lauren Chiu · License #995712310
(662) 571-2148
Source:
Fiorellaavenue
Added: Jul 14
Changed: Oct 15
Last Checked: Oct 19 at 9:23AM
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 McEnery Residential, LLC
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Investment Insights
Based on property information with market context.
This 1,940 SF duplex, built in 1942, contains two residences with matching layouts that include two private bedrooms, one full bathroom, in-unit laundry, and central HVAC. Separate driveways provide off-street parking for each unit. The left-side residence also has a fenced yard and dedicated storage or garage space.
The property occupies a corner lot at 2536-2538 State St in New Orleans, across from Ursuline and near established single-family residences. Tulane University is three blocks away, placing the duplex within a short distance of the campus. The configuration supports continued use as a two-unit residential property, with the added flexibility of occupying one side while renting the other.
The property occupies a corner lot at 2536-2538 State St in New Orleans, across from Ursuline and near established single-family residences. Tulane University is three blocks away, placing the duplex within a short distance of the campus. The configuration supports continued use as a two-unit residential property, with the added flexibility of occupying one side while renting the other.
Key Highlights
- Two‑unit duplex with 1,940 SF of building area
- Each unit has 2 private bedrooms and 1 full bath
- In‑unit laundry and central HVAC in both residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,565
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$491,300
$491.3K
Cap Rate 7%
$350,929
$350.9K
Cap Rate 9%
$272,944
$272.9K
Market Conditions
NOI Build-Up for 1,940 SF
Gross rent
$38.4K $19.80/SF
− Vacancy
−$3.3K −$1.71/SF
EGI
$35.1K $18.09/SF
− OpEx
−$10.5K −$5.43/SF
NOI
$24.6K $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 Rate 5%
$491,300
Cap Rate 7%
$350,929
Cap Rate 9%
$272,944
Alternative Uses
Best Use
Multifamily LT 5
$350.9K
$307.1K – $409.4K
NOI $24,565 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$322.6K
$282.2K – $376.3K
NOI $22,579 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$493.1K
$431.5K – $575.3K
NOI $34,516 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,162
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes two private bedrooms, a full bath, in-unit laundry, and central HVAC.
Where is this duplex located?
The property is located at 2536-2538 State St New Orleans, LA.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,940 SF of building area; Each unit has 2 private bedrooms and 1 full bath; In‑unit laundry and central HVAC in both residences
