Historic 2-Unit
For Sale
$540,000
4223-25 BURGUNDY Street, New Orleans, LA 70117
Multi-Family, Creole Cottage, New Orleans, LA
Property Size1,966 SF
Price / SF$274.67
Days on Market180
Property Features for 4223-25 BURGUNDY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Courtyard
Lot features
Regular
Subdivision
Bywater
Standard status
Active
APN
SQ 294
Size
1,966 SF
Taxes and HOA fees
Tax Description
1. SQ 294 LOT 1 2. 33 X 125 3. 4223-25 BURGUNDY ST
Legal Description
1. SQ 294 LOT 1 2. 33 X 125 3. 4223-25 BURGUNDY ST
Utilities
Heating system
Other (Heating), Ductless (Heating)
Cooling system
Ductless, Wall Unit(s)
Water source
Public
Amenities
back porch
private yard area
Building Details
Year built
1871
Floors in Building
1
Number of units
2
Roof type
Asphalt
Architectural style
Cottage
Listing Agency:
McEnery Residential, LLC
(504) 605-4400
Listed By:
Jennifer Lott · License #995704495
(504) 256-7310
Added: Mar 9
Changed: Aug 19
Last Checked: Sep 4 at 2:06AM
MLS# 2546648
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 1,966-square-foot duplex was built in 1871 and presents a cottage-style design with two distinct residences. Each side has a shotgun-style floor plan, two bedrooms, and one full bathroom. Tall ceilings, strong natural light, and freshly painted interiors complement the property's historic character. The residence at 4223 includes a loft in its first bedroom that accommodates a full-size mattress.
Both units include a private back porch and dedicated yard area, while a courtyard adds outdoor space. The property is served by public water and features an asphalt roof, ductless heating, and ductless and wall-unit cooling. Located in New Orleans, Louisiana, the property is identified by the 70117 postal code.
Both units include a private back porch and dedicated yard area, while a courtyard adds outdoor space. The property is served by public water and features an asphalt roof, ductless heating, and ductless and wall-unit cooling. Located in New Orleans, Louisiana, the property is identified by the 70117 postal code.
Key Highlights
- Two‑unit duplex totaling 1,966 square feet
- Built in 1871 with cottage architectural style
- Each residence has 2 bedrooms and 1 full bathroom
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
$24,894
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
4.61%
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%
$497,880
$497.9K
Cap Rate 7%
$355,629
$355.6K
Cap Rate 9%
$276,600
$276.6K
Market Conditions
NOI Build-Up for 1,966 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
$38.9K $19.80/SF
− Vacancy
−$3.4K −$1.71/SF
EGI
$35.6K $18.09/SF
− OpEx
−$10.7K −$5.43/SF
NOI
$24.9K $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%
$497,880
Cap Rate 7%
$355,629
Cap Rate 9%
$276,600
Alternative Uses
Best Use
Multifamily LT 5
$355.6K
$311.2K – $414.9K
NOI $24,894 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$326.9K
$286.0K – $381.4K
NOI $22,882 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$499.7K
$437.2K – $583.0K
NOI $34,978 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
828
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 separately arranged residences offer private outdoor areas and refreshed interiors in a classic cottage design.
Where is this duplex located?
The property is located at 4223-25 BURGUNDY Street New Orleans, LA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,966 square feet; Built in 1871 with cottage architectural style; Each residence has 2 bedrooms and 1 full bathroom
