Duplex with Unfinished Ground
For Sale
$649,000
2635-37 Jefferson Avenue, New Orleans, LA 70115
Two residential units provide separate outdoor areas, off-street parking, and flexible shared-yard options.
Property Size3,589 SF
Price / SF$180.83
Days on Market117
Property Features for 2635-37 Jefferson Avenue
General Information
Standard status
Active
Size
3,589 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
w/d
sun room
porch
Central Air
Central
2
4
6
In unit
Asphalt
Other
Balcony
Pillar/Post/Pier
Stucco, Wood Siding
Building Details
Year Built
1945
Buildings
1
Listing Agency:
Freret Realty
(504) 621-3283
Listed By:
David Toso · License #995709332
(504) 621-3283
Source:
Compass
Added: May 8
Changed: Aug 31
Last Checked: Aug 30 at 11:09PM
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 Freret Realty
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom, two-bath residences within a 3,589-square-foot property. Both units feature in-unit laundry, central air, central heating, and wood flooring. The upper residence includes an enclosed sunroom, while the lower residence opens to a porch. An additional 1,890 square feet of unfinished ground-floor area provides substantial interior space for future configuration or storage.
The property occupies a larger lot with off-street parking for both units and a spacious backyard. The yard can remain shared or be fenced for owner-only use. The address is near universities, Ochsner Baptist Hospital, and Freret Street’s restaurants, coffee shops, and retail. The upper unit is scheduled to be vacant at the end of May.
The property occupies a larger lot with off-street parking for both units and a spacious backyard. The yard can remain shared or be fenced for owner-only use. The address is near universities, Ochsner Baptist Hospital, and Freret Street’s restaurants, coffee shops, and retail. The upper unit is scheduled to be vacant at the end of May.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 baths in each residence
- 3,589‑square‑foot property with 1,890 square feet of unfinished ground‑floor space
- Upper unit includes an enclosed sunroom; lower unit has a porch
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
$30,848
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
4.75%
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%
$616,960
$617.0K
Cap Rate 7%
$440,686
$440.7K
Cap Rate 9%
$342,756
$342.8K
Market Conditions
NOI Build-Up for 3,589 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
$48.2K $13.44/SF
− Vacancy
−$4.2K −$1.16/SF
EGI
$44.1K $12.28/SF
− OpEx
−$13.2K −$3.68/SF
NOI
$30.8K $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%
$616,960
Cap Rate 7%
$440,686
Cap Rate 9%
$342,756
Alternative Uses
Best Use
Multifamily LT 5
$440.7K
$385.6K – $514.1K
NOI $30,848 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$390.6K
$341.8K – $455.8K
NOI $27,345 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$946.9K
$828.5K – $1.10M
NOI $66,282 @ 7.0% cap · market cap 10.21%
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
1,653
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 - Two residential units provide separate outdoor areas, off-street parking, and flexible shared-yard options.
Where is this duplex located?
The property is located at 2635-37 Jefferson Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 baths in each residence; 3,589‑square‑foot property with 1,890 square feet of unfinished ground‑floor space; Upper unit includes an enclosed sunroom; lower unit has a porch
