Duplex with Updated
For Sale
$295,000
2920 Gravier Street, New Orleans, LA 70119
Two residential units offer matching bedroom and bath layouts, central HVAC, and in-unit laundry connections.
Property Size1,645 SF
Price / SF$179.33
Days on Market233
Property Features for 2920 Gravier Street
General Information
Standard status
Active
Size
1,645 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Central Air
Central
1
2
4
INSIDE
Asphalt
Other
Pillar/Post/Pier
Concrete, HardiPlank Type
Porch
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Humble Abode Realtors, LLC
Listed By:
David Soublet · License #000009092
(504) 495-0439
Source:
Compass
Added: Jan 12
Changed: Aug 31
Last Checked: Aug 29 at 4:41PM
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 Humble Abode Realtors, LLC
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath units within a 1,645-square-foot property built in 1920. Both sides feature central air and heat, while the 2922 side has new wood laminate flooring. Additional interior improvements include Formica countertops, ceiling fans, a new Vikio range hood, and washer/dryer connections.
The exterior includes HardiePlank siding installed in 2021, an asphalt surface, concrete pillar/post/pier construction, and a front porch. The property is located on Gravier Street in New Orleans, with supermarkets, restaurants, the CBD, and parks described as a short ride away.
The exterior includes HardiePlank siding installed in 2021, an asphalt surface, concrete pillar/post/pier construction, and a front porch. The property is located on Gravier Street in New Orleans, with supermarkets, restaurants, the CBD, and parks described as a short ride away.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,645‑square‑foot duplex built in 1920
- Central air and heat in both units
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
$20,830
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
7.06%
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%
$416,600
$416.6K
Cap Rate 7%
$297,571
$297.6K
Cap Rate 9%
$231,444
$231.4K
Market Conditions
NOI Build-Up for 1,645 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
$32.6K $19.80/SF
− Vacancy
−$2.8K −$1.71/SF
EGI
$29.8K $18.09/SF
− OpEx
−$8.9K −$5.43/SF
NOI
$20.8K $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%
$416,600
Cap Rate 7%
$297,571
Cap Rate 9%
$231,444
Alternative Uses
Best Use
Multifamily LT 5
$297.6K
$260.4K – $347.2K
NOI $20,830 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$273.5K
$239.3K – $319.1K
NOI $19,146 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$430.4K
$376.6K – $502.2K
NOI $30,131 @ 7.0% cap · market cap 10.21%
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
2,270
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 residential units offer matching bedroom and bath layouts, central HVAC, and in-unit laundry connections.
Where is this duplex located?
The property is located at 2920 Gravier Street New Orleans, LA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,645‑square‑foot duplex built in 1920; Central air and heat in both units
