Duplex with Fenced
For Sale
$499,000
3 NERON Place, New Orleans, LA 70118
Multi-Family, Traditional, New Orleans, LA
Property Size3,200 SF
Price / SF$155.94
Days on Market49
Property Features for 3 NERON Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Standard status
Active
APN
716306415
Size
3,200 SF
Taxes and HOA fees
Tax Description
sq 320 lot 2 56x90
Legal Description
sq 320 lot 2 56x90
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1964
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Angela Discon
(504) 554-8267
Added: Jul 24
Changed: Sep 4
Last Checked: Sep 10 at 8:06AM
MLS# 2569267
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.
This 3,200-square-foot duplex, built in 1964, includes two residential units with distinct interior finishes and private laundry setups. The lower residence offers a spacious living room with slate flooring, a separate dining room, three bedrooms, tiled bathrooms, a granite-counter kitchen, and stainless steel appliances. Its rear entry opens to a fenced backyard reserved for that unit. The upper residence features LVP flooring, tiled bathrooms, a granite kitchen, stainless appliances, and an interior stackable washer and dryer. Central heating and central air serve the property, which also has a shingle roof and a private front porch.
Driveway and off-street parking accommodate two vehicles, with one space allocated to each unit. The property is located on NERON Place in New Orleans, near Audubon Park, Loyola University, Tulane University, and the Carrollton Avenue streetcar. Public water serves the duplex, and one unit is currently vacant.
Driveway and off-street parking accommodate two vehicles, with one space allocated to each unit. The property is located on NERON Place in New Orleans, near Audubon Park, Loyola University, Tulane University, and the Carrollton Avenue streetcar. Public water serves the duplex, and one unit is currently vacant.
Key Highlights
- 3,200‑square‑foot duplex on NERON Place in New Orleans
- Two units with separate kitchens, bathrooms, and laundry areas
- Lower unit includes three bedrooms and a fenced backyard
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
$40,520
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
8.12%
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%
$810,400
$810.4K
Cap Rate 7%
$578,857
$578.9K
Cap Rate 9%
$450,222
$450.2K
Market Conditions
NOI Build-Up for 3,200 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
$63.4K $19.80/SF
− Vacancy
−$5.5K −$1.71/SF
EGI
$57.9K $18.09/SF
− OpEx
−$17.4K −$5.43/SF
NOI
$40.5K $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%
$810,400
Cap Rate 7%
$578,857
Cap Rate 9%
$450,222
Alternative Uses
Best Use
Multifamily LT 5
$578.9K
$506.5K – $675.3K
NOI $40,520 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$532.1K
$465.6K – $620.7K
NOI $37,244 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$813.3K
$711.7K – $948.9K
NOI $56,933 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
997
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 updated finishes, private laundry, porch space, and dedicated driveway parking.
Where is this duplex located?
The property is located at 3 NERON Place New Orleans, LA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3,200‑square‑foot duplex on NERON Place in New Orleans; Two units with separate kitchens, bathrooms, and laundry areas; Lower unit includes three bedrooms and a fenced backyard
