Duplex with Original Hardwood
3324 Banks Street, New Orleans, LA 70119
For Sale
$347,500
Two matching residential units offer a separate living space or rental option within the same property.
Property Size1,800 SF
Price / SF$193.06
Days on Market68
Property Features for 3324 Banks Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Building Size
Year Built
Units
Listing Agency:
Compass Historic
(504) 948-3011
Listed By:
Micah C Loewenthal · License LA B09937
(225) 205-8552
Source:
Donaldjulienrealestate
Added: Sep 8
Changed: Nov 7
Last Checked: Nov 13 at 7:09PM
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 Compass Historic
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Investment Insights
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Built in 1940, this 1,800-square-foot duplex contains two matching units, each with two bedrooms, one bathroom, and 11.5-foot ceilings. Original hardwood floors and architectural details remain, while updated side windows bring natural light into the interiors. A front porch and a new fence add to the property’s exterior features.
Recent work includes a new roof, two HVAC systems, and two tankless water heaters. The two-unit arrangement allows an owner to occupy one residence and rent the other, a use specifically noted for the property. The duplex is located on Banks Street in New Orleans.
Recent work includes a new roof, two HVAC systems, and two tankless water heaters. The two-unit arrangement allows an owner to occupy one residence and rent the other, a use specifically noted for the property. The duplex is located on Banks Street in New Orleans.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,800 square feet total; 11.5‑foot ceilings
- Original hardwood floors and preserved architectural details
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,792
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,840
$455.8K
Cap Rate 7%
$325,600
$325.6K
Cap Rate 9%
$253,244
$253.2K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$35.6K $19.80/SF
− Vacancy
−$3.1K −$1.71/SF
EGI
$32.6K $18.09/SF
− OpEx
−$9.8K −$5.43/SF
NOI
$22.8K $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%
$455,840
Cap Rate 7%
$325,600
Cap Rate 9%
$253,244
Alternative Uses
Best Use
Multifamily LT 5
$325.6K
$284.9K – $379.9K
NOI $22,792 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$299.3K
$261.9K – $349.2K
NOI $20,950 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$471.0K
$412.1K – $549.5K
NOI $32,970 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,063
Businesses Nearby
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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
$359,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in New Orleans, LA
Properties on Market for Duplexes in New Orleans
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two matching residential units offer a separate living space or rental option within the same property.
Where is this duplex located?
The property is located at 3324 Banks Street New Orleans, LA.
What is the asking price?
The asking price for this property is $347,500.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,800 square feet total; 11.5‑foot ceilings; Original hardwood floors and preserved architectural details
