Two-Unit Duplex with Hardwood
New
For Sale
$280,000
2822 24 S Roman St, New Orleans, LA 70125
Each residence includes distinct living and kitchen areas within a spacious layout.
Property Size1,684 SF
Price / SF$166.27
Days on Market4
Property Features for 2822 24 S Roman St
General Information
Standard status
Active
Size
1,684 SF
Property subtype
Multi-Family
Building Details
Year Built
1922
Tenancy
Multi
Listing Agency:
Nola Homes Co., LLC
(504) 586-8900
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 7 at 7:34AM
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 Nola Homes Co., LLC
Investment Insights
Based on property information with market context.
Built in 1922, this duplex contains two residences with a combined 6 bedrooms and 4 bathrooms. Both sides are arranged with 3 bedrooms and 2 full bathrooms, along with separate living and kitchen areas. Hardwood flooring and high ceilings add character throughout the interiors, while the unit-by-unit configuration creates a clear separation between the residences.
The property is located at 2822 24 S Roman St in New Orleans, Louisiana 70125. Its two-unit design is suited to an owner-occupant arrangement or a multifamily investment strategy, as supported by the existing layout.
The property is located at 2822 24 S Roman St in New Orleans, Louisiana 70125. Its two-unit design is suited to an owner-occupant arrangement or a multifamily investment strategy, as supported by the existing layout.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 full baths per side
- 6 bedrooms and 4 bathrooms total
- Separate living and kitchen areas in each unit
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
$21,324
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
7.62%
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%
$426,480
$426.5K
Cap Rate 7%
$304,629
$304.6K
Cap Rate 9%
$236,933
$236.9K
Market Conditions
NOI Build-Up for 1,684 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
$33.3K $19.80/SF
− Vacancy
−$2.9K −$1.71/SF
EGI
$30.5K $18.09/SF
− OpEx
−$9.1K −$5.43/SF
NOI
$21.3K $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%
$426,480
Cap Rate 7%
$304,629
Cap Rate 9%
$236,933
Alternative Uses
Best Use
Multifamily LT 5
$304.6K
$266.6K – $355.4K
NOI $21,324 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$280.0K
$245.0K – $326.7K
NOI $19,600 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$428.0K
$374.5K – $499.4K
NOI $29,961 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,692
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
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 - Each residence includes distinct living and kitchen areas within a spacious layout.
Where is this duplex located?
The property is located at 2822 24 S Roman St New Orleans, LA.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 full baths per side; 6 bedrooms and 4 bathrooms total; Separate living and kitchen areas in each unit
