Historic Duplex with Original
New
For Sale
$300,000
320 S Cortez St, New Orleans, LA 70119
One side is ready for occupancy, while the second unit requires extensive renovation and offers room for a full redesign.
Property Size2,200 SF
Price / SF$136.36
Days on Market2
Property Features for 320 S Cortez St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Building Details
Year Built
1915
Listing Agency:
Nola Living Realty
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 8:49AM
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 Nola Living Realty
Investment Insights
Based on property information with market context.
Built in 1915, this 2,200-square-foot duplex pairs a partially finished owner’s residence with a second unit requiring comprehensive renovation. The completed side features 14ft ceilings, hardwood flooring, decorative molding, exposed brick, original woodwork, transom windows, large windows, multiple fireplaces, and original doors and trim. Its kitchen includes wood cabinetry, granite countertops, stainless steel appliances, a center island, and built-in storage.
The property is located at 320 S Cortez St in New Orleans. Exterior features include a fenced backyard with mature shade trees and a detached storage shed. Known conditions include foundation separation and the absence of HVAC units serving the main house, although the home is configured for installation. The second unit also requires extensive interior work.
The property is located at 320 S Cortez St in New Orleans. Exterior features include a fenced backyard with mature shade trees and a detached storage shed. Known conditions include foundation separation and the absence of HVAC units serving the main house, although the home is configured for installation. The second unit also requires extensive interior work.
Key Highlights
- 2,200‑square‑foot duplex built in 1915
- Owner’s side includes 14ft ceilings, hardwood floors, exposed brick, and original architectural details
- Kitchen has granite countertops, stainless steel appliances, wood cabinetry, and a center island
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
$25,605
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
8.54%
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%
$512,100
$512.1K
Cap Rate 7%
$365,786
$365.8K
Cap Rate 9%
$284,500
$284.5K
Market Conditions
NOI Build-Up for 2,200 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
$51.2K $23.28/SF
− Vacancy
−$4.7K −$2.12/SF
EGI
$46.6K $21.16/SF
− OpEx
−$20.9K −$9.52/SF
NOI
$25.6K $11.64/SF
Area
ZIP 70119
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%
$512,100
Cap Rate 7%
$365,786
Cap Rate 9%
$284,500
Alternative Uses
Best Use
Multifamily LT 5
$398.0K
$348.2K – $464.3K
NOI $27,857 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$365.8K
$320.1K – $426.8K
NOI $25,605 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$575.7K
$503.7K – $671.6K
NOI $40,297 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,196
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 - One side is ready for occupancy, while the second unit requires extensive renovation and offers room for a full redesign.
Where is this duplex located?
The property is located at 320 S Cortez St New Orleans, LA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex built in 1915; Owner’s side includes 14ft ceilings, hardwood floors, exposed brick, and original architectural details; Kitchen has granite countertops, stainless steel appliances, wood cabinetry, and a center island
