Duplex with Attic
For Sale
$265,000
2622 24 S Derbigny Street, New Orleans, LA 70125
Two residential units feature practical layouts, laundry connections, and private outdoor areas.
Property Size1,508 SF
Days on Market148
Property Features for 2622 24 S Derbigny Street
General Information
Standard status
Active
Size
1,508 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
indoor washer and dryer connections
back porch
yard
Building Details
Building Size
1,508 SF
Year Built
1940
Stories
1
Listing Agency:
Russell Frank Realty Group, L. L. C.
(504) 914-9036
Listed By:
Josline Frank · License #000040643
(504) 914-9036
Source:
Nolalivingrealty
Added: Mar 18
Changed: Aug 6
Last Checked: Aug 11 at 2:19PM
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 Russell Frank Realty Group, L. L. C.
Investment Insights
Based on property information with market context.
This 1940-built duplex contains two residential units, each arranged with 2 bedrooms and 1 bath. Kitchens and living rooms are positioned toward the front, while the bedrooms sit toward the rear. Both sides include indoor washer and dryer connections, and the property offers a back porch and yard for outdoor use. An upstairs attic provides additional space that could be converted into expanded living area, subject to applicable requirements.
The property is located minutes from Downtown New Orleans, Caesars Superdome, and Smoothie King Center. Starbucks and local businesses are within walking distance, while Magnolia Marketplace is a short drive away. Taylor Center Park is directly across the street, with improvements underway. The same owner also has 2626-28 and 2622-24 available for potential combined acquisition.
The property is located minutes from Downtown New Orleans, Caesars Superdome, and Smoothie King Center. Starbucks and local businesses are within walking distance, while Magnolia Marketplace is a short drive away. Taylor Center Park is directly across the street, with improvements underway. The same owner also has 2626-28 and 2622-24 available for potential combined acquisition.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath on each side
- 1940 construction with an upstairs attic offering conversion potential
- Indoor washer and dryer connections in both units
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
$19,095
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
7.21%
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%
$381,900
$381.9K
Cap Rate 7%
$272,786
$272.8K
Cap Rate 9%
$212,167
$212.2K
Market Conditions
NOI Build-Up for 1,508 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
$29.9K $19.80/SF
− Vacancy
−$2.6K −$1.71/SF
EGI
$27.3K $18.09/SF
− OpEx
−$8.2K −$5.43/SF
NOI
$19.1K $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%
$381,900
Cap Rate 7%
$272,786
Cap Rate 9%
$212,167
Alternative Uses
Best Use
Multifamily LT 5
$272.8K
$238.7K – $318.3K
NOI $19,095 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$250.7K
$219.4K – $292.5K
NOI $17,551 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$383.3K
$335.4K – $447.2K
NOI $26,830 @ 7.0% cap · market cap 10.12%
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
1,658
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature practical layouts, laundry connections, and private outdoor areas.
Where is this duplex located?
The property is located at 2622 24 S Derbigny Street New Orleans, LA.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath on each side; 1940 construction with an upstairs attic offering conversion potential; Indoor washer and dryer connections in both units
