Modern Two-Unit
For Sale
$269,000
3320 22 Third St, New Orleans, LA 70125
Two residential units feature contemporary finishes, central air and heat, and open layouts suited to rental or owner occupancy.
Property Size1,750 SF
Price / SF$153.71
Days on Market16
Property Features for 3320 22 Third St
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$35,400
Building Details
Year Built
2008
Construction
double shotgun
Listing Agency:
Nola Living Realty
(504) 606-0466
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 2:55PM
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.
This duplex at 3320-22 3rd Street contains two three-bedroom, two-bath units totaling 1,750 square feet. Each residence has an open layout with luxury vinyl plank flooring, granite countertops, tiled bathrooms, and central air and heat. The property’s double-shotgun configuration provides separate living spaces within a modern residential design.
Located in New Orleans, the property offers access to shopping, dining, schools, and major thoroughfares. Its two-unit layout supports continued residential rental use or an owner-occupant arrangement with a separate unit. The address is 3320-22 3rd Street, New Orleans, LA 70125.
Located in New Orleans, the property offers access to shopping, dining, schools, and major thoroughfares. Its two-unit layout supports continued residential rental use or an owner-occupant arrangement with a separate unit. The address is 3320-22 3rd Street, New Orleans, LA 70125.
Key Highlights
- Two 3‑bedroom, 2‑bath residential units
- 1,750 square feet across the duplex
- Luxury vinyl plank flooring, granite countertops, and tile bathrooms
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
$22,159
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
8.24%
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%
$443,180
$443.2K
Cap Rate 7%
$316,557
$316.6K
Cap Rate 9%
$246,211
$246.2K
Market Conditions
NOI Build-Up for 1,750 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
$34.7K $19.80/SF
− Vacancy
−$3.0K −$1.71/SF
EGI
$31.7K $18.09/SF
− OpEx
−$9.5K −$5.43/SF
NOI
$22.2K $12.66/SF
Area
New Orleans, LA
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%
$443,180
Cap Rate 7%
$316,557
Cap Rate 9%
$246,211
Alternative Uses
Best Use
Multifamily LT 5
$316.6K
$277.0K – $369.3K
NOI $22,159 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$291.0K
$254.6K – $339.5K
NOI $20,368 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$444.8K
$389.2K – $518.9K
NOI $31,135 @ 7.0% cap · market cap 11.57%
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
1,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 70125, LA
17,457
Population
7,972
Households
2.2
Avg Household Size
33
Median Age
46%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
7,590
Density / Sq Mi
$58,956
Median Household Income
$39,623
Median Earnings
$1,292
Median Rent
$428,600
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 residential units feature contemporary finishes, central air and heat, and open layouts suited to rental or owner occupancy.
Where is this duplex located?
The property is located at 3320 22 Third St New Orleans, LA.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath residential units; 1,750 square feet across the duplex; Luxury vinyl plank flooring, granite countertops, and tile bathrooms
