Three-Bedroom
For Sale
$299,000
2924 Republic Street, New Orleans, LA 70119
Two separately metered units provide a practical income-property configuration near major New Orleans cultural and recreational destinations.
Property Size1,992 SF
Price / SF$150.10
Days on Market288
Property Features for 2924 Republic Street
General Information
Standard status
Active
Size
1,992 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Amenities
Central Air
Central
1
2
6
inside
4
Asphalt
Pillar/Post/Pier
Wood Siding
Building Details
Year Built
1941
Listing Agency:
Demand Realty
Listed By:
Aimee Ashe · License #995705647
(504) 319-0443
Source:
Compass
Added: Nov 18, 2025
Changed: Aug 29
Last Checked: Aug 29 at 9:42PM
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 Demand Realty
Investment Insights
Based on property information with market context.
This New Orleans duplex contains 1,992 square feet and was built in 1941. Each side offers three bedrooms and one and a half baths, creating a balanced two-unit layout with separate utility meters. Central air and central heating serve the property, while the exterior combines wood siding with an asphalt surface and pillar/post/pier construction. The roof is four years old.
The property is located at 2924 Republic Street in New Orleans, approximately five minutes from the New Orleans Fairgrounds and its Gentilly gate. City Park is also nearby, and the French Quarter is about a 15-minute drive away. These nearby destinations place the duplex within reach of established recreational, cultural, and downtown areas.
The property is located at 2924 Republic Street in New Orleans, approximately five minutes from the New Orleans Fairgrounds and its Gentilly gate. City Park is also nearby, and the French Quarter is about a 15-minute drive away. These nearby destinations place the duplex within reach of established recreational, cultural, and downtown areas.
Key Highlights
- Two‑unit duplex with three bedrooms and one and a half baths on each side
- 1,992 square feet on a 0.1‑acre lot
- Separate meters for the two 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
$25,224
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
8.44%
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%
$504,480
$504.5K
Cap Rate 7%
$360,343
$360.3K
Cap Rate 9%
$280,267
$280.3K
Market Conditions
NOI Build-Up for 1,992 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
$39.4K $19.80/SF
− Vacancy
−$3.4K −$1.71/SF
EGI
$36.0K $18.09/SF
− OpEx
−$10.8K −$5.43/SF
NOI
$25.2K $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%
$504,480
Cap Rate 7%
$360,343
Cap Rate 9%
$280,267
Alternative Uses
Best Use
Multifamily LT 5
$360.3K
$315.3K – $420.4K
NOI $25,224 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$331.2K
$289.8K – $386.4K
NOI $23,185 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$521.2K
$456.1K – $608.1K
NOI $36,487 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
713
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 separately metered units provide a practical income-property configuration near major New Orleans cultural and recreational destinations.
Where is this duplex located?
The property is located at 2924 Republic Street New Orleans, LA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with three bedrooms and one and a half baths on each side; 1,992 square feet on a 0.1‑acre lot; Separate meters for the two units
