Renovated Duplex on Corner
For Sale
$485,000
2928 30 Upperline St, New Orleans, LA 70115
Two residential units offer private bedrooms, upgraded kitchens, and individual utility metering.
Property Size2,058 SF
Price / SF$235.67
Days on Market45
Property Features for 2928 30 Upperline St
General Information
Standard status
Active
Size
2,058 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1924
Year Renovated
2024
Listing Agency:
FQR Realtors
(504) 603-6577
Listed By:
Jacob Freedman · License #995703560
Source:
Fiorellaavenue
Added: Jul 19
Changed: Aug 31
Last Checked: Aug 31 at 6:50PM
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 FQR Realtors
Investment Insights
Based on property information with market context.
This two-unit property provides 2,058 square feet of residential space, with each unit offering three independent bedrooms and one bathroom in a non-shotgun layout. The building was renovated and upgraded in 2024 with a new roof, new TRANE HVAC systems, replacement subfloor and flooring, and refreshed interior and exterior paint. Both kitchens feature wood cabinetry, stainless steel appliances, and stone countertops.
Situated on an oversized corner lot at 2928 30 Upperline St in New Orleans, the property is identified with the Uptown and Freret neighborhoods. The rear area can accommodate the addition of off-street parking. Separate electric, gas, and water meters allow tenants to pay their own utilities. Originally built in 1924, the duplex combines historic character with updated building systems and finishes.
Situated on an oversized corner lot at 2928 30 Upperline St in New Orleans, the property is identified with the Uptown and Freret neighborhoods. The rear area can accommodate the addition of off-street parking. Separate electric, gas, and water meters allow tenants to pay their own utilities. Originally built in 1924, the duplex combines historic character with updated building systems and finishes.
Key Highlights
- 2,058 SF duplex with two residential units
- Each unit includes 3 independent bedrooms and 1 bath
- Renovated and upgraded in 2024
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
$17,689
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
3.65%
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%
$353,780
$353.8K
Cap Rate 7%
$252,700
$252.7K
Cap Rate 9%
$196,544
$196.5K
Market Conditions
NOI Build-Up for 2,058 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
$27.7K $13.44/SF
− Vacancy
−$2.4K −$1.16/SF
EGI
$25.3K $12.28/SF
− OpEx
−$7.6K −$3.68/SF
NOI
$17.7K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$353,780
Cap Rate 7%
$252,700
Cap Rate 9%
$196,544
Alternative Uses
Best Use
Multifamily LT 5
$252.7K
$221.1K – $294.8K
NOI $17,689 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$224.0K
$196.0K – $261.3K
NOI $15,680 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$543.0K
$475.1K – $633.5K
NOI $38,007 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,617
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 private bedrooms, upgraded kitchens, and individual utility metering.
Where is this duplex located?
The property is located at 2928 30 Upperline St New Orleans, LA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,058 SF duplex with two residential units; Each unit includes 3 independent bedrooms and 1 bath; Renovated and upgraded in 2024
