Renovated Duplex with Flexible
For Sale
$325,000
2644 Gladiolus St, New Orleans, LA 70122
Updated two-unit property with a three-bedroom main residence and separate one-bedroom unit.
Property Size1,656 SF
Price / SF$196.26
Days on Market114
Property Features for 2644 Gladiolus St
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 289-4810
Listed By:
John McCann · License #995704833
(504) 289-4810
Source:
Exprealty
Added: May 1
Changed: Aug 21
Last Checked: Aug 22 at 9:08AM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This renovated duplex at 2644 Gladiolus St includes a primary residence with three bedrooms and two bathrooms, plus a separate one-bedroom, one-bathroom unit. The main unit is described as open and bright, with refreshed finishes and a functional interior layout. The additional unit provides a distinct living space that can support rental use, guest accommodations, or another flexible arrangement.
Major improvements include a new roof, updated plumbing and electrical systems, new appliances, and upgraded interior finishes. The property contains 1,656 square feet and is located in New Orleans, Louisiana. Its two-unit configuration combines a larger main dwelling with a compact secondary residence within one renovated property.
Major improvements include a new roof, updated plumbing and electrical systems, new appliances, and upgraded interior finishes. The property contains 1,656 square feet and is located in New Orleans, Louisiana. Its two-unit configuration combines a larger main dwelling with a compact secondary residence within one renovated property.
Key Highlights
- Renovated duplex with 1,656 square feet
- Main residence offers 3 bedrooms and 2 bathrooms
- Separate second unit includes 1 bedroom and 1 bathroom
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
$17,157
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
5.28%
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%
$343,140
$343.1K
Cap Rate 7%
$245,100
$245.1K
Cap Rate 9%
$190,633
$190.6K
Market Conditions
NOI Build-Up for 1,656 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
$26.8K $16.20/SF
− Vacancy
−$2.3K −$1.40/SF
EGI
$24.5K $14.80/SF
− OpEx
−$7.4K −$4.44/SF
NOI
$17.2K $10.36/SF
Area
ZIP 70122
Vacancy
8.64%
Lease Rate
$16.20 /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%
$343,140
Cap Rate 7%
$245,100
Cap Rate 9%
$190,633
Alternative Uses
Best Use
Multifamily LT 5
$245.1K
$214.5K – $286.0K
NOI $17,157 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$212.9K
$186.3K – $248.4K
NOI $14,903 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$433.3K
$379.2K – $505.6K
NOI $30,333 @ 7.0% cap · market cap 9.33%
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
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
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 - Updated two-unit property with a three-bedroom main residence and separate one-bedroom unit.
Where is this duplex located?
The property is located at 2644 Gladiolus St New Orleans, LA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Renovated duplex with 1,656 square feet; Main residence offers 3 bedrooms and 2 bathrooms; Separate second unit includes 1 bedroom and 1 bathroom
