Newly Built Duplex with Private
For Sale
$469,500
2722-24 New Orleans Street, New Orleans, LA 70119
Two three-bedroom residences offer private outdoor areas, covered porches, and off-street parking near major New Orleans destinations.
Property Size2,710 SF
Price / SF$173.25
Days on Market218
Property Features for 2722-24 New Orleans Street
General Information
Standard status
Active
Size
2,710 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Amenities
Central Air
Central
2
6
Asphalt
Other
Pillar/Post/Pier
Porch
Building Details
Year Built
2022
Buildings
1
Listing Agency:
Compass
Listed By:
Melissa Mcclendon · License #995704113
(504) 417-5131
Source:
Compass
Added: Jan 27
Changed: Sep 1
Last Checked: Aug 31 at 9:53PM
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 Compass
Investment Insights
Based on property information with market context.
Built in 2022, this 2,710-square-foot duplex contains two residences with a combined six bedrooms and six full bathrooms. Each unit features an open living arrangement, high ceilings, recessed lighting, surround sound, luxury vinyl plank flooring, quartz kitchen counters, stainless steel appliances, and substantial cabinetry. Primary suites include walk-in closets with custom shelving, soaking tubs, and separate showers. Covered porches and fenced backyards serve both units, while the upper residence adds a private balcony.
The property includes a recently added driveway for off-street parking and sits near the Fair Grounds, downtown New Orleans, and St. Augustine High School. The property may qualify for a Short-Term Rental license, subject to buyer verification, providing flexibility between long-term and short-term rental strategies.
The property includes a recently added driveway for off-street parking and sits near the Fair Grounds, downtown New Orleans, and St. Augustine High School. The property may qualify for a Short-Term Rental license, subject to buyer verification, providing flexibility between long-term and short-term rental strategies.
Key Highlights
- 2022‑built duplex with 2,710 SF of living area
- Two units with 3 bedrooms and 3 full bathrooms each
- Combined configuration totals 6 bedrooms and 6 full bathrooms
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
$34,315
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
7.31%
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%
$686,300
$686.3K
Cap Rate 7%
$490,214
$490.2K
Cap Rate 9%
$381,278
$381.3K
Market Conditions
NOI Build-Up for 2,710 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
$53.7K $19.80/SF
− Vacancy
−$4.6K −$1.71/SF
EGI
$49.0K $18.09/SF
− OpEx
−$14.7K −$5.43/SF
NOI
$34.3K $12.66/SF
Area
ZIP 70119
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%
$686,300
Cap Rate 7%
$490,214
Cap Rate 9%
$381,278
Alternative Uses
Best Use
Multifamily LT 5
$490.2K
$428.9K – $571.9K
NOI $34,315 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$450.6K
$394.3K – $525.7K
NOI $31,541 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$709.1K
$620.5K – $827.3K
NOI $49,639 @ 7.0% cap · market cap 10.57%
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
758
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 three-bedroom residences offer private outdoor areas, covered porches, and off-street parking near major New Orleans destinations.
Where is this duplex located?
The property is located at 2722-24 New Orleans Street New Orleans, LA.
What is the asking price?
The asking price for this property is $469,500.
What are key features of this property?
This property features: 2022‑built duplex with 2,710 SF of living area; Two units with 3 bedrooms and 3 full bathrooms each; Combined configuration totals 6 bedrooms and 6 full bathrooms
