Seven-Bedroom
For Sale
$674,000
2615 Jefferson Ave, New Orleans, LA 70115
Separate upper and lower residences support owner occupancy or leasing both units.
Property Size3,209 SF
Price / SF$210.03
Days on Market8
Property Features for 2615 Jefferson Ave
General Information
Standard status
Active
Size
3,209 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Amenities
new driveway
automatic gated driveway
off street parking
fenced outdoor space
Building Details
Year Built
1931
Listing Agency:
Century 21 Action Realty, Inc.
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 4:03PM
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 Century 21 Action Realty, Inc.
Investment Insights
Based on property information with market context.
This 3,209-square-foot duplex, built in 1931, contains two independent residences totaling 7 bedrooms and 5 bathrooms. The upper unit offers 4 bedrooms and 3 bathrooms, while the lower unit includes 3 bedrooms and 2 bathrooms. Both residences are currently vacant, allowing an owner occupant to use the larger unit while leasing the other, or to lease the full property.
Property improvements include a new driveway, an automatic gate, off-street parking, and a fenced outdoor area. The home is positioned in Uptown New Orleans near the Freret corridor, Tulane and Loyola Universities, restaurants, shopping, and hospitals.
Property improvements include a new driveway, an automatic gate, off-street parking, and a fenced outdoor area. The home is positioned in Uptown New Orleans near the Freret corridor, Tulane and Loyola Universities, restaurants, shopping, and hospitals.
Key Highlights
- 3,209 SF duplex built in 1931
- 7 bedrooms and 5 bathrooms across two residences
- Upper unit includes 4BR/3BA; lower unit includes 3BR/2BA
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
$27,582
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
4.09%
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%
$551,640
$551.6K
Cap Rate 7%
$394,029
$394.0K
Cap Rate 9%
$306,467
$306.5K
Market Conditions
NOI Build-Up for 3,209 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
$43.1K $13.44/SF
− Vacancy
−$3.7K −$1.16/SF
EGI
$39.4K $12.28/SF
− OpEx
−$11.8K −$3.68/SF
NOI
$27.6K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$551,640
Cap Rate 7%
$394,029
Cap Rate 9%
$306,467
Alternative Uses
Best Use
Multifamily LT 5
$394.0K
$344.8K – $459.7K
NOI $27,582 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$349.3K
$305.6K – $407.5K
NOI $24,450 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$846.6K
$740.8K – $987.7K
NOI $59,264 @ 7.0% cap · market cap 8.79%
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
1,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 - Separate upper and lower residences support owner occupancy or leasing both units.
Where is this duplex located?
The property is located at 2615 Jefferson Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $674,000.
What are key features of this property?
This property features: 3,209 SF duplex built in 1931; 7 bedrooms and 5 bathrooms across two residences; Upper unit includes 4BR/3BA; lower unit includes 3BR/2BA
