Duplex with Updated
For Sale
$450,000
4033 35 Palmyra St, New Orleans, LA 70119
Single-story duplex with two three-bedroom residences, independent baths, interior laundry, and a deep rear yard.
Property Size3,070 SF
Lot Size0.12 Acres
Price / SF$146.58
Days on Market52
Property Features for 4033 35 Palmyra St
General Information
Standard status
Active
Size
3,070 SF
Lot size
0.12 Acres
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$39,900
Average Monthly Rent
$1,662
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
shady front porch
interior washer and dryer
deep backyard
Building Details
Year Built
1925
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Witry Collective, L.L.C.
Listed By:
Katie Witry · License #995710150
(504) 919-8585
Source:
Fiorellaavenue
Added: Jul 14
Changed: Aug 30
Last Checked: Sep 1 at 9:23PM
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 single-story duplex at 4033 35 Palmyra St includes two separate residences, each with three bedrooms, two independent bathrooms, double parlors, front picture windows, a kitchen with substantial storage, and a shotgun-style layout. Wood and vinyl flooring, 9.5 ft ceilings, and a shaded front porch add to the existing character. Both sides are occupied, with leases available for review.
The property sits on a 34x159 lot near S. Carrollton Avenue, one block from the Carrollton and Canal Streetcar transit lines. City Park, MidCity restaurants, local shops, and access to I-10 are nearby. Improvements include updated plumbing, water heaters purchased in 2023, AC units purchased in 2020, and spray foam in the crawlspace. Interior washers and dryers serve the residences, while the deep backyard provides additional outdoor space.
The property sits on a 34x159 lot near S. Carrollton Avenue, one block from the Carrollton and Canal Streetcar transit lines. City Park, MidCity restaurants, local shops, and access to I-10 are nearby. Improvements include updated plumbing, water heaters purchased in 2023, AC units purchased in 2020, and spray foam in the crawlspace. Interior washers and dryers serve the residences, while the deep backyard provides additional outdoor space.
Key Highlights
- 3,070 sq. ft. duplex on a 34x159 lot
- Two residences, each with 3 bedrooms and 2 independent baths
- Water heaters purchased in 2023 and AC units purchased in 2020
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
Property Profile
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 - Single-story duplex with two three-bedroom residences, independent baths, interior laundry, and a deep rear yard.
Where is this duplex located?
The property is located at 4033 35 Palmyra St 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: 3,070 sq. ft. duplex on a 34x159 lot; Two residences, each with 3 bedrooms and 2 independent baths; Water heaters purchased in 2023 and AC units purchased in 2020
