Two-Story Duplex with Covered
For Sale
$589,000
2830 32 Palmer Ave, New Orleans, LA 70118
Two residential units offer flexible layouts, hardwood flooring, and substantial off-street parking near Tulane and Loyola campuses.
Property Size3,458 SF
Price / SF$170.33
Days on Market54
Property Features for 2830 32 Palmer Ave
General Information
Standard status
Active
Size
3,458 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
patio
Building Details
Year Built
1932
Buildings
1
Stories
2
Listing Agency:
Crescent Sotheby's International
(504) 650-3912
Listed By:
Dawnne Keeney · License #995696801
Source:
Fiorellaavenue
Added: Jul 10
Changed: Aug 31
Last Checked: Aug 31 at 7:27PM
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 Crescent Sotheby's International
Investment Insights
Based on property information with market context.
Built in 1932, this two-story duplex was most recently configured as two four-bedroom, two-bath units. Each side includes a spacious living room, adjoining dining area, separate kitchen, center hall, three bedrooms, and two full baths; the fourth bedroom can serve as a home office or playroom. Hardwood flooring runs throughout the property.
The front yard upgrade added off-street parking for eight cars, including four spaces in front, two in the driveway, and two covered spaces in the rear garages. Each unit also has a covered rear carport, while a shared concrete patio provides outdoor grilling and dining space.
The property is a few blocks from Tulane and Loyola campuses and near dining along Claiborne Avenue. Maple Street and Carrollton Avenue retail, shopping, and restaurants are also nearby.
The front yard upgrade added off-street parking for eight cars, including four spaces in front, two in the driveway, and two covered spaces in the rear garages. Each unit also has a covered rear carport, while a shared concrete patio provides outdoor grilling and dining space.
The property is a few blocks from Tulane and Loyola campuses and near dining along Claiborne Avenue. Maple Street and Carrollton Avenue retail, shopping, and restaurants are also nearby.
Key Highlights
- Two‑story duplex built in 1932
- Most recently rented as two 4‑bedroom, 2‑bath units
- Off‑street parking for 8 cars, including 2 covered rear garage spaces
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
$43,787
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
7.43%
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%
$875,740
$875.7K
Cap Rate 7%
$625,529
$625.5K
Cap Rate 9%
$486,522
$486.5K
Market Conditions
NOI Build-Up for 3,458 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
$68.5K $19.80/SF
− Vacancy
−$5.9K −$1.71/SF
EGI
$62.6K $18.09/SF
− OpEx
−$18.8K −$5.43/SF
NOI
$43.8K $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%
$875,740
Cap Rate 7%
$625,529
Cap Rate 9%
$486,522
Alternative Uses
Best Use
Multifamily LT 5
$625.5K
$547.3K – $729.8K
NOI $43,787 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$575.0K
$503.1K – $670.8K
NOI $40,247 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$878.9K
$769.1K – $1.03M
NOI $61,524 @ 7.0% cap · market cap 10.45%
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
1,485
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Two residential units offer flexible layouts, hardwood flooring, and substantial off-street parking near Tulane and Loyola campuses.
Where is this duplex located?
The property is located at 2830 32 Palmer Ave New Orleans, LA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Two‑story duplex built in 1932; Most recently rented as two 4‑bedroom, 2‑bath units; Off‑street parking for 8 cars, including 2 covered rear garage spaces
