Furnished Brick
For Sale
$899,000
501 03 Lowerline St, New Orleans, LA 70118
Two furnished residences offer equipped kitchens, separate living and dining areas, and off-street parking.
Property Size4,372 SF
Price / SF$205.63
Days on Market36
Property Features for 501 03 Lowerline St
General Information
Standard status
Active
Size
4,372 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Furnished
Yes
Building Details
Year Built
1923
Buildings
1
Construction
brick
Listing Agency:
LATTER & BLUM
(504) 669-0211
Listed By:
Eleanor Farnsworth · License #000042529
Source:
Dominionplace
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 30 at 8:37PM
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 LATTER & BLUM
Investment Insights
Based on property information with market context.
Built in 1923, this 4,372-square-foot brick duplex occupies a corner lot in the University area. Both residences are furnished and include kitchen appliances, a living room, dining room, three bedrooms, and three bathrooms. The layout supports separate occupancy while providing comparable features in each unit.
Off-street parking accommodates two cars per unit. The downstairs residence is currently leased, while the upstairs unit can be used by an owner or occupied by a tenant. The property is located at 501 03 Lowerline St in New Orleans, with the University area providing the stated surrounding context.
Off-street parking accommodates two cars per unit. The downstairs residence is currently leased, while the upstairs unit can be used by an owner or occupied by a tenant. The property is located at 501 03 Lowerline St in New Orleans, with the University area providing the stated surrounding context.
Key Highlights
- 4,372‑square‑foot brick duplex built in 1923
- Located on a corner lot in New Orleans’ University area
- Each unit includes 3 bedrooms and 3 bathrooms
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
$55,360
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
6.16%
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%
$1,107,200
$1.1M
Cap Rate 7%
$790,857
$790.9K
Cap Rate 9%
$615,111
$615.1K
Market Conditions
NOI Build-Up for 4,372 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
$86.6K $19.80/SF
− Vacancy
−$7.5K −$1.71/SF
EGI
$79.1K $18.09/SF
− OpEx
−$23.7K −$5.43/SF
NOI
$55.4K $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%
$1,107,200
Cap Rate 7%
$790,857
Cap Rate 9%
$615,111
Alternative Uses
Best Use
Multifamily LT 5
$790.9K
$692.0K – $922.7K
NOI $55,360 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$726.9K
$636.1K – $848.1K
NOI $50,885 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.11M
$972.3K – $1.30M
NOI $77,785 @ 7.0% cap · market cap 8.65%
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
1,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 furnished residences offer equipped kitchens, separate living and dining areas, and off-street parking.
Where is this duplex located?
The property is located at 501 03 Lowerline St New Orleans, LA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 4,372‑square‑foot brick duplex built in 1923; Located on a corner lot in New Orleans’ University area; Each unit includes 3 bedrooms and 3 bathrooms
