Two-Unit Duplex with Commercial
New
For Sale
$420,000
4021 23 Saint Claude Avenue, New Orleans, LA 70117
Two separate residences each include indoor laundry and an individual water meter.
Property Size2,299 SF
Price / SF$182.69
Days on Market6
Property Features for 4021 23 Saint Claude Avenue
General Information
Standard status
Active
Size
2,299 SF
Property subtype
Residential Income
Amenities
indoor laundry
separate water meter
distinctive foyer/display area
Building Details
Tenancy
Multi
Listing Agency:
Gulf South Pinnacle Group
(504) 638-6742
Listed By:
Vasiliki Acosta
(504) 319-6748
Source:
Exprealty
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 12:53PM
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 Gulf South Pinnacle Group
Investment Insights
Based on property information with market context.
This duplex contains two units with a combined six bedrooms and three bathrooms. Each residence has its own indoor laundry area and water meter, and the floors are carpet-free. The front unit includes a foyer or display area that can accommodate a business use such as a gallery, studio, office, or retail space, as described in the property information.
The property is commercially zoned and located on Saint Claude Avenue in the Bywater area of New Orleans. It is in an X flood zone.
The property is commercially zoned and located on Saint Claude Avenue in the Bywater area of New Orleans. It is in an X flood zone.
Key Highlights
- Two units with a total of 6 bedrooms and 3 bathrooms
- Indoor laundry and a separate water meter in each unit
- Front‑unit foyer/display area suited to gallery, studio, office, or retail use
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
$31,037
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
7.39%
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%
$620,740
$620.7K
Cap Rate 7%
$443,386
$443.4K
Cap Rate 9%
$344,856
$344.9K
Market Conditions
NOI Build-Up for 2,299 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
$55.2K $24.00/SF
− Vacancy
−$5.5K −$2.40/SF
EGI
$49.7K $21.60/SF
− OpEx
−$18.6K −$8.10/SF
NOI
$31.0K $13.50/SF
Area
New Orleans, LA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$620,740
Cap Rate 7%
$443,386
Cap Rate 9%
$344,856
Alternative Uses
Best Use
Mixed Use
$443.4K
$388.0K – $517.3K
NOI $31,037 @ 7.0% cap · market cap 7.39%
Second Best
Multifamily LT 5
$415.9K
$363.9K – $485.2K
NOI $29,111 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$584.3K
$511.3K – $681.7K
NOI $40,903 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 separate residences each include indoor laundry and an individual water meter.
Where is this duplex located?
The property is located at 4021 23 Saint Claude Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two units with a total of 6 bedrooms and 3 bathrooms; Indoor laundry and a separate water meter in each unit; Front‑unit foyer/display area suited to gallery, studio, office, or retail use
