Updated Duplex with Private
New
For Sale
$315,000
3605 CALHOUN Street, New Orleans, LA 70125
Multi-Family, Cottage, New Orleans, LA
Property Size2,200 SF
Lot Size0.08 Acres
Price / SF$143.18
Days on Market2
Property Features for 3605 CALHOUN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Lot features
Regular
Subdivision
Fontainbleau
Standard status
Active
APN
615210902
Size
2,200 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
BURTHEVILLE SQ 146 LOT 2 30X114/116 3605-07 CALHOUN ST DU-W FILE #93523 12/07
Legal Description
BURTHEVILLE SQ 146 LOT 2 30X114/116 3605-07 CALHOUN ST DU-W FILE #93523 12/07
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private porch
fenced back yard
storage shed
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Cottage
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Michelle Rose · License #995697318
(504) 909-0017
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 2:06PM
MLS# 2576031
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.
This 2,200-square-foot duplex includes two cottage-style units with practical separation between living and sleeping areas. Each side features an open living area toward the front, bedrooms at the rear, a private porch, and access to a fenced back yard with a storage shed. The property was built in 1953 and includes central heating, central air, public water, and a shingle roof.
Major system work includes foundation stabilization in 2014, along with replacement plumbing, electrical systems, and water heaters. Additional improvements include new air conditioning, updated flooring, and interior and exterior paint; the 3605 side received new A/C in 2026. The property is located at 3605 Calhoun Street in New Orleans, near Tulane University and Audubon Park, with nearby restaurants and coffee shops including Humble Bagel, Mojo Coffee, and Clancy's.
Major system work includes foundation stabilization in 2014, along with replacement plumbing, electrical systems, and water heaters. Additional improvements include new air conditioning, updated flooring, and interior and exterior paint; the 3605 side received new A/C in 2026. The property is located at 3605 Calhoun Street in New Orleans, near Tulane University and Audubon Park, with nearby restaurants and coffee shops including Humble Bagel, Mojo Coffee, and Clancy's.
Key Highlights
- 2,200‑square‑foot duplex on a 0.0799‑acre lot
- Two units with rear bedrooms and private porches
- Fenced back yard with storage shed
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
$27,857
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
8.84%
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%
$557,140
$557.1K
Cap Rate 7%
$397,957
$398.0K
Cap Rate 9%
$309,522
$309.5K
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
$43.6K $19.80/SF
− Vacancy
−$3.8K −$1.71/SF
EGI
$39.8K $18.09/SF
− OpEx
−$11.9K −$5.43/SF
NOI
$27.9K $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%
$557,140
Cap Rate 7%
$397,957
Cap Rate 9%
$309,522
Alternative Uses
Best Use
Multifamily LT 5
$398.0K
$348.2K – $464.3K
NOI $27,857 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$365.8K
$320.1K – $426.8K
NOI $25,605 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$559.2K
$489.3K – $652.4K
NOI $39,142 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,056
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two cottage-style units offer open living areas, rear bedrooms, private porches, and fenced outdoor space.
Where is this duplex located?
The property is located at 3605 CALHOUN Street New Orleans, LA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex on a 0.0799‑acre lot; Two units with rear bedrooms and private porches; Fenced back yard with storage shed
