Renovation-Ready
For Sale
$250,000
Pending
2909 Carondelet St, New Orleans, LA 70130
Two residential units offer a practical layout with off-street parking in New Orleans’ Garden District.
Property Size1,352 SF
Days on Market15
Property Features for 2909 Carondelet St
General Information
Standard status
Pending
Size
1,352 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
requires renovation
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Listing Agency:
The Pellerin Group NOLA LLC
(504) 447-2479
Listed By:
Latoya Robinson · License #995715997
(504) 914-2043
Source:
Exprealty
Added: Aug 27
Changed: Sep 8
Last Checked: Sep 9 at 8:43AM
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 The Pellerin Group NOLA LLC
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with 2 bedrooms and 1 full bath. The 1,352-square-foot property includes off-street parking and requires renovation, allowing the next owner to update the interiors and rework the property according to a defined plan.
The address is in New Orleans’ Garden District, with St. Charles Avenue located one block away. The property is also near the route used for the city’s carnival-season parades, placing it within an established historic and cultural setting. Its two-unit configuration and existing parking provide a straightforward foundation for a residential renovation project.
The address is in New Orleans’ Garden District, with St. Charles Avenue located one block away. The property is also near the route used for the city’s carnival-season parades, placing it within an established historic and cultural setting. Its two-unit configuration and existing parking provide a straightforward foundation for a residential renovation project.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath per unit
- 1,352‑square‑foot property requiring renovation
- Off‑street parking included
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
$17,120
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
6.85%
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%
$342,400
$342.4K
Cap Rate 7%
$244,571
$244.6K
Cap Rate 9%
$190,222
$190.2K
Market Conditions
NOI Build-Up for 1,352 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 $19.80/SF
− Vacancy
−$2.3K −$1.71/SF
EGI
$24.5K $18.09/SF
− OpEx
−$7.3K −$5.43/SF
NOI
$17.1K $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%
$342,400
Cap Rate 7%
$244,571
Cap Rate 9%
$190,222
Alternative Uses
Best Use
Multifamily LT 5
$244.6K
$214.0K – $285.3K
NOI $17,120 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$224.8K
$196.7K – $262.3K
NOI $15,736 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$343.6K
$300.7K – $400.9K
NOI $24,054 @ 7.0% cap · market cap 9.62%
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
3,017
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 residential units offer a practical layout with off-street parking in New Orleans’ Garden District.
Where is this duplex located?
The property is located at 2909 Carondelet St New Orleans, LA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath per unit; 1,352‑square‑foot property requiring renovation; Off‑street parking included
