Two-Unit Residential Income
For Sale
$274,900
3100-02 ORLEANS Avenue, New Orleans, LA 70119
MULTI_FAMILY - New Orleans, LA
Property Size1,930 SF
Price / SF$142.44
Days on Market51
Property Features for 3100-02 ORLEANS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Porch
Lot features
Regular
Subdivision
MidCity
Standard status
Active
APN
3102
Size
1,930 SF
Taxes and HOA fees
Tax Description
Sq 429 Lot 10 Orleans and N. Lopez Street
Legal Description
Sq 429 Lot 10 Orleans and N. Lopez Street
Utilities
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Architectural style
Cottage
Listing Agency:
Homesmart Realty South · HomeSmart International
(504) 908-7653
Listed By:
Rhonda Maestri · License #01214
(504) 905-9001
Added: Jun 23
Changed: Jul 26
Last Checked: Aug 12 at 5:06PM
MLS# 2563560
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 two-story duplex offers income-producing residential layout with two separate units. One side is a 2-bedroom, 1-bath unit, and the other is a 2-bedroom, 1.5-bath unit. Both units have fresh interior paint, updated flooring, modern light fixtures, updated kitchens, and spacious bedrooms located upstairs. The bathrooms feature classic clawfoot tubs.
The property is situated on a corner lot in New Orleans, LA, with access to nearby bayou areas, biking and walking trails, and local neighborhood favorites mentioned in the remarks.
Each unit is configured as a 2-bedroom residence with an upstairs bedroom layout, supported by recent interior updates across both sides of the duplex.
The property is situated on a corner lot in New Orleans, LA, with access to nearby bayou areas, biking and walking trails, and local neighborhood favorites mentioned in the remarks.
Each unit is configured as a 2-bedroom residence with an upstairs bedroom layout, supported by recent interior updates across both sides of the duplex.
Key Highlights
- Mid‑City double with two units: 2 bed/1 bath on one side and 2 bed/1.5 bath on the other
- Both units feature fresh interior paint, updated flooring, modern light fixtures, and updated kitchens
- Upstairs bedrooms with spacious layout in each unit
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
$24,439
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
8.89%
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%
$488,780
$488.8K
Cap Rate 7%
$349,129
$349.1K
Cap Rate 9%
$271,544
$271.5K
Market Conditions
NOI Build-Up for 1,930 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
$38.2K $19.80/SF
− Vacancy
−$3.3K −$1.71/SF
EGI
$34.9K $18.09/SF
− OpEx
−$10.5K −$5.43/SF
NOI
$24.4K $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%
$488,780
Cap Rate 7%
$349,129
Cap Rate 9%
$271,544
Alternative Uses
Best Use
Multifamily LT 5
$349.1K
$305.5K – $407.3K
NOI $24,439 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$320.9K
$280.8K – $374.4K
NOI $22,463 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$505.0K
$441.9K – $589.2K
NOI $35,351 @ 7.0% cap · market cap 12.86%
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
2,049
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-story duplex with two 2-bedroom units, each with updated kitchens, flooring, and upstairs bedrooms on a corner lot.
Where is this duplex located?
The property is located at 3100-02 ORLEANS Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Mid‑City double with two units: 2 bed/1 bath on one side and 2 bed/1.5 bath on the other; Both units feature fresh interior paint, updated flooring, modern light fixtures, and updated kitchens; Upstairs bedrooms with spacious layout in each unit
