Two-Unit Duplex with Front
For Sale
$429,000
3305 Banks Street, New Orleans, LA 70119
One residence is occupied by a tenant, while the second unit offers flexibility for personal use or rental.
Property Size1,963 SF
Price / SF$218.54
Days on Market8
Property Features for 3305 Banks Street
General Information
Standard status
Active
Size
1,963 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/1.5BA, 1 x 3BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1935
Listing Agency:
Homesmart Realty South
Listed By:
Dominique Dennoun · License #DENNDOMI
(504) 701-9462
Source:
Thepuckettteam
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 19 at 4:09AM
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 Homesmart Realty South
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Investment Insights
Based on property information with market context.
This 1,963-square-foot duplex, built in 1935, contains two residences with distinct bedroom and bath layouts. One unit has 4 bedrooms and 1.5 baths; the other has 3 bedrooms and 1.5 baths. A front porch and architectural detailing contribute to the property's exterior character.
A tenant currently occupies one residence. The other is available for owner occupancy or rental use. The property is on Banks Street in New Orleans, near neighborhood restaurants and shops.
A tenant currently occupies one residence. The other is available for owner occupancy or rental use. The property is on Banks Street in New Orleans, near neighborhood restaurants and shops.
Key Highlights
- Two‑unit duplex with 1,963 square feet
- One unit has 4 bedrooms and 1.5 baths; the other has 3 bedrooms and 1.5 baths
- One residence is tenant‑occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,856
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$497,120
$497.1K
Cap Rate 7%
$355,086
$355.1K
Cap Rate 9%
$276,178
$276.2K
Market Conditions
NOI Build-Up for 1,963 SF
Gross rent
$38.9K $19.80/SF
− Vacancy
−$3.4K −$1.71/SF
EGI
$35.5K $18.09/SF
− OpEx
−$10.7K −$5.43/SF
NOI
$24.9K $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 Rate 5%
$497,120
Cap Rate 7%
$355,086
Cap Rate 9%
$276,178
Alternative Uses
Best Use
Multifamily LT 5
$355.1K
$310.7K – $414.3K
NOI $24,856 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$326.4K
$285.6K – $380.8K
NOI $22,847 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$513.7K
$449.5K – $599.3K
NOI $35,956 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,063
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is occupied by a tenant, while the second unit offers flexibility for personal use or rental.
Where is this duplex located?
The property is located at 3305 Banks Street New Orleans, LA.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,963 square feet; One unit has 4 bedrooms and 1.5 baths; the other has 3 bedrooms and 1.5 baths; One residence is tenant‑occupied
