1915 Duplex with Renovation
New
For Sale
$300,000
320 S CORTEZ Street, New Orleans, LA 70119
Multi-Family, Traditional, New Orleans, LA
Property Size2,200 SF
Price / SF$136.36
Days on Market4
Property Features for 320 S CORTEZ Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Patio and Porch features
Porch
Exterior features
Balcony, Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
105302417
Size
2,200 SF
Taxes and HOA fees
Tax Description
SQ 729 LOT 18 SOUTH CORTEZ 30' X 138' 6'' 320-22 SO CORTEZ
Legal Description
SQ 729 LOT 18 SOUTH CORTEZ 30' X 138' 6'' 320-22 SO CORTEZ
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
fenced backyard
detached storage shed
Building Details
Year built
1915
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Jonathan Schmitt · License #995704677
(504) 512-9220
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 31 at 4:06PM
MLS# 2569684
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.
Built in 1915, this 2,200-square-foot duplex combines a substantially finished owner’s residence with a second unit requiring comprehensive renovation. The completed side includes 14-foot ceilings, hardwood flooring, decorative millwork, exposed brick, original wood elements, transom windows, multiple fireplaces, and large windows. Its kitchen is equipped with wood cabinetry, granite counters, stainless steel appliances, a center island, and additional storage.
The property also includes a fenced backyard shaded by mature trees, a detached storage shed, balcony, porch, off-street parking, and public water service. Heating is listed as central, while cooling includes window units and central air. The main house is set up for HVAC installation but currently has no HVAC units. Known foundation separation and the extensive work required in the second unit should be considered in planning the property’s renovation.
The property also includes a fenced backyard shaded by mature trees, a detached storage shed, balcony, porch, off-street parking, and public water service. Heating is listed as central, while cooling includes window units and central air. The main house is set up for HVAC installation but currently has no HVAC units. Known foundation separation and the extensive work required in the second unit should be considered in planning the property’s renovation.
Key Highlights
- 2,200‑square‑foot duplex built in 1915
- Finished owner’s side features 14‑foot ceilings, hardwood floors, exposed brick, original woodwork, and multiple fireplaces
- Kitchen includes granite countertops, stainless steel appliances, center island, and storage
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
Lease Details
2
Residential units
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 residence is finished with original architectural details, while the second unit requires comprehensive renovation.
Where is this duplex located?
The property is located at 320 S CORTEZ Street 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; Finished owner’s side features 14‑foot ceilings, hardwood floors, exposed brick, original woodwork, and multiple fireplaces; Kitchen includes granite countertops, stainless steel appliances, center island, and storage
