Two-Unit Duplex with Front
For Sale
$450,000
4033-35 Palmyra Street, New Orleans, LA 70119
Both sides are leased and offer three-bedroom layouts with two independent baths.
Property Size3,070 SF
Lot Size0.12 Acres
Price / SF$146.58
Days on Market178
Property Features for 4033-35 Palmyra Street
General Information
Standard status
Active
Size
3,070 SF
Lot size
0.12 Acres
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
Double parlors
front picture windows
good size kitchen
Shady front porch
wood and vinyl floors
9.5 ft ceiling height
ample kitchen storage
Interior washer and dryer
spray foam installed in crawlspace
deep backyard
Central Air
Central
1
2
6
INSIDE
Asphalt
Pillar/Post/Pier
HardiPlank Type, Wood Siding
Porch
Building Details
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
Witry Collective, L.L.C.
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Source:
Compass
Added: Mar 8
Changed: Aug 31
Last Checked: Sep 1 at 11:55PM
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 Witry Collective, L.L.C.
Investment Insights
Based on property information with market context.
Built in 1925, this 3070 sq. ft. duplex provides a three-bedroom, two-bath configuration on each side, with shotgun-style layouts, double parlors, front picture windows, and generously sized kitchens. Interior washer and dryer connections, kitchen storage, wood and vinyl flooring, 9.5 ft. ceilings, and a shaded front porch add to the existing improvements. Spray foam has been installed in the crawlspace, while plumbing, water heaters, and AC units have been updated. Each side is currently rented, and leases are available for review.
The property sits on a 34x 159 lot near S. Carrollton Avenue in Mid-City. Both the Carrollton and Canal Streetcar lines are one block away, with access to I-10, City Park, restaurants, and local shops. A deep backyard extends behind the building, and the two-unit layout supports either owner occupancy of one side or continued rental use.
The property sits on a 34x 159 lot near S. Carrollton Avenue in Mid-City. Both the Carrollton and Canal Streetcar lines are one block away, with access to I-10, City Park, restaurants, and local shops. A deep backyard extends behind the building, and the two-unit layout supports either owner occupancy of one side or continued rental use.
Key Highlights
- 3070 sq. ft. duplex on a 34x 159 lot
- Each side includes 3 bedrooms and 2 independent baths
- Both units are rented; leases are available for review
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
$38,874
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
8.64%
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%
$777,480
$777.5K
Cap Rate 7%
$555,343
$555.3K
Cap Rate 9%
$431,933
$431.9K
Market Conditions
NOI Build-Up for 3,070 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
$60.8K $19.80/SF
− Vacancy
−$5.3K −$1.71/SF
EGI
$55.5K $18.09/SF
− OpEx
−$16.7K −$5.43/SF
NOI
$38.9K $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 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%
$777,480
Cap Rate 7%
$555,343
Cap Rate 9%
$431,933
Alternative Uses
Best Use
Multifamily LT 5
$555.3K
$485.9K – $647.9K
NOI $38,874 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$510.4K
$446.6K – $595.5K
NOI $35,731 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$803.3K
$702.9K – $937.2K
NOI $56,233 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,009
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
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 - Both sides are leased and offer three-bedroom layouts with two independent baths.
Where is this duplex located?
The property is located at 4033-35 Palmyra Street New Orleans, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3070 sq. ft. duplex on a 34x 159 lot; Each side includes 3 bedrooms and 2 independent baths; Both units are rented; leases are available for review
