Duplex with Separate
For Sale
$539,000
2701 ST THOMAS, New Orleans, LA 70130
Multi-Family, Creole Cottage, New Orleans, LA
Property Size1,749 SF
Price / SF$308.18
Days on Market11
Property Features for 2701 ST THOMAS
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Courtyard, Fence
Fencing
Fenced
Lot features
Corner
Subdivision
IRISH CHANNEL
Standard status
Active
APN
2701StThomasSt
Size
1,749 SF
Taxes and HOA fees
Tax Description
LOT X SQ 59
Legal Description
LOT X SQ 59
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Cottage
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Chris Smith · License #000009641
(504) 231-2004
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 27 at 1:06PM
MLS# 2577592
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.
This duplex property includes two independent residences positioned in separate structures. The primary home offers 2 bedrooms and 2 full bathrooms, while the additional cottage contains 2 bedrooms and 1 full bathroom. Combined building area totals 1,749 square feet. Exterior features include a fenced setting and courtyard, with central heating and central air conditioning. Public water service and an asphalt roof are also in place.
Located in New Orleans’ Irish Channel, the property sits four blocks from Magazine Street. Restaurants, bars, coffee shops, retail, and neighborhood conveniences are nearby, including Breaux Mart and The Fresh Market. Parasol’s, Coquette, The Channel, Molly’s Rise and Shine, and District Donuts are also identified in the surrounding area.
Located in New Orleans’ Irish Channel, the property sits four blocks from Magazine Street. Restaurants, bars, coffee shops, retail, and neighborhood conveniences are nearby, including Breaux Mart and The Fresh Market. Parasol’s, Coquette, The Channel, Molly’s Rise and Shine, and District Donuts are also identified in the surrounding area.
Key Highlights
- Two separate residences in two separate structures
- Main residence has 2 bedrooms and 2 full bathrooms
- Additional cottage includes 2 bedrooms and 1 full 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
$22,147
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
4.11%
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%
$442,940
$442.9K
Cap Rate 7%
$316,386
$316.4K
Cap Rate 9%
$246,078
$246.1K
Market Conditions
NOI Build-Up for 1,749 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
$34.6K $19.80/SF
− Vacancy
−$3.0K −$1.71/SF
EGI
$31.6K $18.09/SF
− OpEx
−$9.5K −$5.43/SF
NOI
$22.1K $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%
$442,940
Cap Rate 7%
$316,386
Cap Rate 9%
$246,078
Alternative Uses
Best Use
Multifamily LT 5
$316.4K
$276.8K – $369.1K
NOI $22,147 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,356 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$444.5K
$389.0K – $518.6K
NOI $31,118 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences provide flexible owner-occupant and rental-use options.
Where is this duplex located?
The property is located at 2701 ST THOMAS New Orleans, LA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two separate residences in two separate structures; Main residence has 2 bedrooms and 2 full bathrooms; Additional cottage includes 2 bedrooms and 1 full bathroom
