Renovated Duplex with Income
For Sale
$325,000
2644 GLADIOLUS Street, New Orleans, LA 70122
Multi-Family, New Orleans, LA
Property Size1,656 SF
Lot Size0.11 Acres
Price / SF$196.26
Days on Market126
Property Features for 2644 GLADIOLUS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway, Off Street
Lot features
Regular
Standard status
Active
APN
38W305614
Size
1,656 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
EDGEWOOD PK SQ 25 LOT Z GLADIOLUS 40X120 DBLE 13/RM A/R
Legal Description
EDGEWOOD PK SQ 25 LOT Z GLADIOLUS 40X120 DBLE 13/RM A/R
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
John McCann · License #995704833
(504) 289-4810
Added: May 1
Changed: Sep 2
Last Checked: Sep 3 at 5:06PM
MLS# 2554642
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.
Located in New Orleans, this renovated duplex includes a 3-bedroom, 2-bathroom main residence and a separate 1-bedroom, 1-bathroom unit. The layout supports distinct living areas within a single two-unit property, with updated finishes and appliances throughout.
Major improvements include a new roof, updated plumbing and electrical systems, and new appliances. Central heating and central air serve the property, while off-street parking and a driveway provide on-site vehicle access. The property sits on 0.1102 acres, contains 1,656 square feet, and was built in 1940. Public water service and a shingle roof are also in place.
Major improvements include a new roof, updated plumbing and electrical systems, and new appliances. Central heating and central air serve the property, while off-street parking and a driveway provide on-site vehicle access. The property sits on 0.1102 acres, contains 1,656 square feet, and was built in 1940. Public water service and a shingle roof are also in place.
Key Highlights
- 3‑bedroom, 2‑bathroom main residence with separate 1‑bedroom, 1‑bathroom unit
- Renovated property with new roof, updated plumbing and electrical systems
- 1,656 square feet on a 0.1102‑acre lot
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property combines an updated primary residence with a separate smaller unit and off-street parking.
Where is this duplex located?
The property is located at 2644 GLADIOLUS Street 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: 3‑bedroom, 2‑bathroom main residence with separate 1‑bedroom, 1‑bathroom unit; Renovated property with new roof, updated plumbing and electrical systems; 1,656 square feet on a 0.1102‑acre lot
