Duplex with Separate Guest
For Sale
$399,000
3205 LAFITTE Street, New Orleans, LA 70119
Multi-Family, New Orleans, LA
Property Size1,523 SF
Price / SF$261.98
Days on Market8
Property Features for 3205 LAFITTE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Subdivision
Bayou St John
Standard status
Active
APN
3205-LAFITTEST
Size
1,523 SF
Taxes and HOA fees
Tax Description
SQ 427 LOT 17 LAFITTE
Legal Description
SQ 427 LOT 17 LAFITTE
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Roof type
Shingle
Listing Agency:
eXp Realty, LLC
(337) 522-7554
Listed By:
Jamie Harris
(914) 714-9261
Added: Aug 24
Changed: Aug 27
Last Checked: Aug 31 at 5:06PM
MLS# 2574488
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.
Located at 3205-3207 Lafitte Street in New Orleans, this 1,523-square-foot residential property dates to 1920 and is configured with a main residence plus a separate guest suite. The primary space includes an open living arrangement, a lofted area beneath a skylight, a kitchen with custom wood counters and a vintage stove, and an upper deck with downtown skyline views. The guest suite provides one bedroom, a full kitchen, and both interior and exterior access.
The property sits at the convergence of the Lafitte Greenway, Bayou St. John, and Norman C. Francis Bike Paths, across from the former Greenway Station. City Park, NOMA, Jazz Fest, and downtown New Orleans are identified as nearby destinations. Additional features include fenced landscaping, a porch, public water, a shingle roof, central heating, central air, and window units.
The property sits at the convergence of the Lafitte Greenway, Bayou St. John, and Norman C. Francis Bike Paths, across from the former Greenway Station. City Park, NOMA, Jazz Fest, and downtown New Orleans are identified as nearby destinations. Additional features include fenced landscaping, a porch, public water, a shingle roof, central heating, central air, and window units.
Key Highlights
- 1,523 square feet on a 1920‑built residential property
- Main residence includes a 2+ bedroom layout and upper flex space
- Separate 1‑bedroom guest suite with full kitchen and dual access
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
$19,285
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
4.83%
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%
$385,700
$385.7K
Cap Rate 7%
$275,500
$275.5K
Cap Rate 9%
$214,278
$214.3K
Market Conditions
NOI Build-Up for 1,523 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
$30.2K $19.80/SF
− Vacancy
−$2.6K −$1.71/SF
EGI
$27.5K $18.09/SF
− OpEx
−$8.3K −$5.43/SF
NOI
$19.3K $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%
$385,700
Cap Rate 7%
$275,500
Cap Rate 9%
$214,278
Alternative Uses
Best Use
Multifamily LT 5
$275.5K
$241.1K – $321.4K
NOI $19,285 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$253.2K
$221.6K – $295.4K
NOI $17,726 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$398.5K
$348.7K – $464.9K
NOI $27,896 @ 7.0% cap · market cap 6.99%
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
2,288
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 - Flexible residential property with two kitchen areas, enclosed grounds, porch, and central heating and cooling.
Where is this duplex located?
The property is located at 3205 LAFITTE Street New Orleans, LA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,523 square feet on a 1920‑built residential property; Main residence includes a 2+ bedroom layout and upper flex space; Separate 1‑bedroom guest suite with full kitchen and dual access
