Two-Unit Duplex with Front
For Sale
$345,000
2912 BANKS Street, New Orleans, LA 70119
Multi-Family, Traditional, New Orleans, LA
Property Size1,836 SF
Price / SF$187.91
Days on Market180
Property Features for 2912 BANKS Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
105203816
Size
1,836 SF
Taxes and HOA fees
Tax Description
SQ 628 LOT 17 BANKS
Legal Description
SQ 628 LOT 17 BANKS
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front porch
spacious backyard
Building Details
Year built
1923
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Adrienne LaBauve
(504) 344-0877
Added: Mar 19
Changed: Sep 12
Last Checked: Sep 14 at 5:06PM
MLS# 2535240
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.
Built in 1923, this 1,836-square-foot duplex contains two residential units. Each unit offers an open living and kitchen area, two bedrooms positioned toward the rear, hardwood floors, and high ceilings. The property also includes a front porch and a spacious backyard, with central heating and central air serving the building. Public water and an asphalt roof are in place.
The property is located at 2912 Banks Street in New Orleans, within the 70119 postal area. Shops, restaurants, Bayou St. John, and the Canal Street streetcar are identified nearby, placing neighborhood retail, dining, recreation, and transit within the surrounding context.
The property is located at 2912 Banks Street in New Orleans, within the 70119 postal area. Shops, restaurants, Bayou St. John, and the Canal Street streetcar are identified nearby, placing neighborhood retail, dining, recreation, and transit within the surrounding context.
Key Highlights
- Two‑unit duplex totaling 1,836 square feet
- Built in 1923 with hardwood floors and high ceilings
- Each unit includes an open living and kitchen area plus 2 bedrooms
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
$23,248
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
6.74%
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%
$464,960
$465.0K
Cap Rate 7%
$332,114
$332.1K
Cap Rate 9%
$258,311
$258.3K
Market Conditions
NOI Build-Up for 1,836 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
$36.4K $19.80/SF
− Vacancy
−$3.1K −$1.71/SF
EGI
$33.2K $18.09/SF
− OpEx
−$10.0K −$5.43/SF
NOI
$23.2K $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%
$464,960
Cap Rate 7%
$332,114
Cap Rate 9%
$258,311
Alternative Uses
Best Use
Multifamily LT 5
$332.1K
$290.6K – $387.5K
NOI $23,248 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$305.3K
$267.1K – $356.2K
NOI $21,369 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$480.4K
$420.4K – $560.5K
NOI $33,630 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,472
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
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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 - Traditional duplex with two-bedroom units, hardwood flooring, central systems, and private outdoor space.
Where is this duplex located?
The property is located at 2912 BANKS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,836 square feet; Built in 1923 with hardwood floors and high ceilings; Each unit includes an open living and kitchen area plus 2 bedrooms
