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 Market50
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
(662) 571-2148
Listed By:
Lauren Chiu · License #995712310
Source:
Dominionplace
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 30 at 8:50PM
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 McEnery Residential, LLC
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 = 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
$24,565
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
4.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
