Craftsman Duplex with
For Sale
$450,000
431 33 Elmira Ave, New Orleans, LA 70114
Two-bedroom units feature updated kitchens, laundry, and central AC.
Property Size2,726 SF
Price / SF$165.08
Days on Market24
Property Features for 431 33 Elmira Ave
General Information
Standard status
Active
Size
2,726 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
parking
laundry
central AC
front porch
side yard
big back deck
huge shed
Building Details
Year Built
1901
Buildings
1
Construction
craftsman
Listing Agency:
REMAX N.O. Properties
(504) 606-0466
Listed By:
Rachael Kansas · License #995705288
Source:
Fiorellaavenue
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 6:40PM
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 REMAX N.O. Properties
Investment Insights
Based on property information with market context.
This 1901 craftsman duplex contains two spacious units, each with two bedrooms, an updated kitchen, laundry, and central AC. The interiors retain defined living and dining areas, while the kitchens are positioned toward the front of the home. The property also includes parking, a side yard, a large rear deck, and a substantial shed that may offer future office or studio use.
Set in Algiers Point at 431 33 Elmira Ave, the property is within walking distance of Barracuda Tacos, Little House wine bar, Congregation coffee, a playground, and other neighborhood destinations. The 2,716-square-foot building provides a two-unit residential configuration with outdoor areas that complement both residences.
Set in Algiers Point at 431 33 Elmira Ave, the property is within walking distance of Barracuda Tacos, Little House wine bar, Congregation coffee, a playground, and other neighborhood destinations. The 2,716-square-foot building provides a two-unit residential configuration with outdoor areas that complement both residences.
Key Highlights
- Duplex with 2 units, each offering 2 bedrooms
- 2,716 SF craftsman property built in 1901
- Updated kitchens, laundry, and central AC in both units
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
$34,518
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
7.67%
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%
$690,360
$690.4K
Cap Rate 7%
$493,114
$493.1K
Cap Rate 9%
$383,533
$383.5K
Market Conditions
NOI Build-Up for 2,726 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
$54.0K $19.80/SF
− Vacancy
−$4.7K −$1.71/SF
EGI
$49.3K $18.09/SF
− OpEx
−$14.8K −$5.43/SF
NOI
$34.5K $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%
$690,360
Cap Rate 7%
$493,114
Cap Rate 9%
$383,533
Alternative Uses
Best Use
Multifamily LT 5
$493.1K
$431.5K – $575.3K
NOI $34,518 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$453.2K
$396.6K – $528.8K
NOI $31,727 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$692.9K
$606.3K – $808.3K
NOI $48,500 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 70114, LA
23,127
Population
11,860
Households
2
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
4,535
Density / Sq Mi
$41,435
Median Household Income
$31,743
Median Earnings
$1,113
Median Rent
$194,100
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-bedroom units feature updated kitchens, laundry, and central AC.
Where is this duplex located?
The property is located at 431 33 Elmira Ave 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: Duplex with 2 units, each offering 2 bedrooms; 2,716 SF craftsman property built in 1901; Updated kitchens, laundry, and central AC in both units
