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 Market84
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
Listed By:
Eleanor Farnsworth · License #000042529
(504) 669-0211
Source:
Dominionplace
Added: Jul 27
Changed: Oct 12
Last Checked: Oct 7 at 3:08PM
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
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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 / Yr
$55,360
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
