Updated Duplex with
For Sale
$499,999
4312 BANKS Street, New Orleans, LA 70119
Multi-Family, Modular, New Orleans, LA
Property Size2,480 SF
Price / SF$201.61
Days on Market13
Property Features for 4312 BANKS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Balcony
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
4312-BANKSST
Size
2,480 SF
Taxes and HOA fees
Tax Description
Lot 7, Sq 798
Legal Description
Lot 7, Sq 798
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
Ceiling Fans
Stainless Steel Appliances
Open floor plans
Laminate wood flooring
Central Air & Heat
In-unit washer/dryer
Building Details
Year built
2009
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Kimberly Boudreaux · License #995712760
(504) 722-7003
Added: Aug 19
Changed: Aug 26
Last Checked: Aug 31 at 10:06PM
MLS# 2573356
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 2,480-square-foot duplex contains two separate residences, each arranged with 3 bedrooms and 2 bathrooms. Both units are currently rented and feature open living areas, laminate wood flooring, central air conditioning and heat, ceiling fans, stainless steel appliances, and in-unit washers and dryers. The property is all-electric, with separate electric meters serving the units and one public water meter.
Built in 2009, the building received updates in 2023, including fresh paint and other property improvements. Balconies add exterior amenity space, while the New Orleans setting places the property near eateries and public transportation.
Built in 2009, the building received updates in 2023, including fresh paint and other property improvements. Balconies add exterior amenity space, while the New Orleans setting places the property near eateries and public transportation.
Key Highlights
- 2,480‑square‑foot duplex with two 3‑bedroom, 2‑bath units
- Both units currently rented
- 2023 property updates include fresh paint and other improvements
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
$31,403
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
6.28%
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%
$628,060
$628.1K
Cap Rate 7%
$448,614
$448.6K
Cap Rate 9%
$348,922
$348.9K
Market Conditions
NOI Build-Up for 2,480 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
$49.1K $19.80/SF
− Vacancy
−$4.2K −$1.71/SF
EGI
$44.9K $18.09/SF
− OpEx
−$13.5K −$5.43/SF
NOI
$31.4K $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%
$628,060
Cap Rate 7%
$448,614
Cap Rate 9%
$348,922
Alternative Uses
Best Use
Multifamily LT 5
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$412.3K
$360.8K – $481.1K
NOI $28,864 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$648.9K
$567.8K – $757.1K
NOI $45,426 @ 7.0% cap · market cap 9.09%
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
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,730
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 - Two rented residences offer open layouts, central HVAC, in-unit laundry, and stainless steel appliances.
Where is this duplex located?
The property is located at 4312 BANKS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 2,480‑square‑foot duplex with two 3‑bedroom, 2‑bath units; Both units currently rented; 2023 property updates include fresh paint and other improvements
