Residential Income Property with
For Sale
$900,000
304-06 WALNUT Street, New Orleans, LA 70118
Two-story townhouse with separate meters, off-street parking, and renovation potential across from Audubon Park.
Property Size3,590 SF
Lot Size0.08 Acres
Days on Market27
Property Features for 304-06 WALNUT Street
General Information
Standard status
Active
Size
3,590 SF
Lot size
0.08 Acres
Property subtype
Duplex
Additional Details
Utilities to Site
Yes
Building Details
Building Size
3,590 SF
Year Built
1926
Buildings
1
Stories
2
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
Listed By:
Sarah Keiffer · License #995693332
(225) 270-0438
Source:
Ewbank.kw
Added: Aug 9
Changed: Sep 2
Last Checked: Sep 4 at 2:09AM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This two-story townhouse includes a basement, off-street parking, and a 30 x 120 lot. The upper levels contain 2 bedrooms and 1 bath, along with a front porch. A partially built-out basement adds 3 bedrooms and 2 baths, creating additional interior space for renovation or reconfiguration. Window units are currently installed, and the property has two separate meters.
The address is across from Audubon Park in New Orleans. The rear yard provides space for outdoor improvements, while the property’s X Flood Zone designation is also noted. The existing layout and separate metering support consideration of a single residence, two condominium units, or an arrangement combining occupancy and rental use, subject to verification of zoning requirements, restrictions, and permitted uses.
The address is across from Audubon Park in New Orleans. The rear yard provides space for outdoor improvements, while the property’s X Flood Zone designation is also noted. The existing layout and separate metering support consideration of a single residence, two condominium units, or an arrangement combining occupancy and rental use, subject to verification of zoning requirements, restrictions, and permitted uses.
Key Highlights
- Two‑story townhouse with basement on a 30 x 120 lot
- Located across from Audubon Park in New Orleans
- Upper levels include 2 bedrooms, 1 bath, and a front porch
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
$41,783
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
4.64%
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%
$835,660
$835.7K
Cap Rate 7%
$596,900
$596.9K
Cap Rate 9%
$464,256
$464.3K
Market Conditions
NOI Build-Up for 3,590 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
$83.6K $23.28/SF
− Vacancy
−$7.6K −$2.12/SF
EGI
$76.0K $21.16/SF
− OpEx
−$34.2K −$9.52/SF
NOI
$41.8K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$835,660
Cap Rate 7%
$596,900
Cap Rate 9%
$464,256
Alternative Uses
Best Use
Apartment 5plus
$596.9K
$522.3K – $696.4K
NOI $41,783 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$912.5K
$798.4K – $1.06M
NOI $63,872 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
654
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-story townhouse with separate meters, off-street parking, and renovation potential across from Audubon Park.
Where is this residential income property located?
The property is located at 304-06 WALNUT Street New Orleans, LA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Two‑story townhouse with basement on a 30 x 120 lot; Located across from Audubon Park in New Orleans; Upper levels include 2 bedrooms, 1 bath, and a front porch
