Historic Double
For Sale
$249,000
2544 ST PHILIP, New Orleans, LA 70119
MULTI_FAMILY - New Orleans, LA
Property Size1,633 SF
Price / SF$152.48
Days on Market109
Property Features for 2544 ST PHILIP
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Regular
Subdivision
7th Ward
Standard status
Active
APN
2544
Size
1,633 SF
Taxes and HOA fees
Tax Description
SQ 322 LOT 98
Legal Description
SQ 322 LOT 98
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1912
Floors in Building
1
Number of units
2
Roof type
Asbestos Shingle
Architectural style
Other
Listing Agency:
Crane Realtors
(504) 210-2014
Listed By:
Aaron Dare · License #995681183
(504) 899-8666
Added: May 8
Changed: Aug 8
Last Checked: Aug 24 at 3:06AM
MLS# 2557151
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This classic New Orleans double duplex offers two residential units with a configuration designed for flexible occupancy. Both units feature wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light. The property also has spacious living areas and generously sized bedrooms, reflecting the architectural character typical of the area.
The building is located in a walkable New Orleans setting, with nearby access to neighborhood restaurants, bars, music venues, and everyday conveniences. The location supports tenants and occupants who value close-in neighborhood amenities and everyday walkability.
As a for-sale residential income property, the duplex layout can work well for an owner-occupant looking to live in one unit while maintaining an additional unit for rental use, or for an investor seeking a two-unit asset. The combination of original interior details and a “renovation opportunity” context may appeal to buyers planning to refresh finishes and maximize the existing layout.
The building is located in a walkable New Orleans setting, with nearby access to neighborhood restaurants, bars, music venues, and everyday conveniences. The location supports tenants and occupants who value close-in neighborhood amenities and everyday walkability.
As a for-sale residential income property, the duplex layout can work well for an owner-occupant looking to live in one unit while maintaining an additional unit for rental use, or for an investor seeking a two-unit asset. The combination of original interior details and a “renovation opportunity” context may appeal to buyers planning to refresh finishes and maximize the existing layout.
Key Highlights
- 1912‑built classic New Orleans double with historic architectural details throughout.
- Both units feature wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light.
- Double layout offers flexible living for an owner‑occupant or rental setup.
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
$20,678
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
8.30%
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%
$413,560
$413.6K
Cap Rate 7%
$295,400
$295.4K
Cap Rate 9%
$229,756
$229.8K
Market Conditions
NOI Build-Up for 1,633 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
$32.3K $19.80/SF
− Vacancy
−$2.8K −$1.71/SF
EGI
$29.5K $18.09/SF
− OpEx
−$8.9K −$5.43/SF
NOI
$20.7K $12.66/SF
Area
ZIP 70119
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%
$413,560
Cap Rate 7%
$295,400
Cap Rate 9%
$229,756
Alternative Uses
Best Use
Multifamily LT 5
$295.4K
$258.5K – $344.6K
NOI $20,678 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$271.5K
$237.6K – $316.8K
NOI $19,006 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$427.3K
$373.9K – $498.5K
NOI $29,911 @ 7.0% cap · market cap 12.01%
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
1,710
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 duplex with original fireplaces, tall ceilings, transom windows, and wood floors, suited for owner or investment use.
Where is this duplex located?
The property is located at 2544 ST PHILIP 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: 1912‑built classic New Orleans double with historic architectural details throughout.; Both units feature wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light.; Double layout offers flexible living for an owner‑occupant or rental setup.
