Duplex with Covered Front
New
For Sale
$315,000
5023 S LIBERTY Street, New Orleans, LA 70115
Multi-Family, Shot Gun, New Orleans, LA
Property Size1,900 SF
Price / SF$165.79
Days on Market5
Property Features for 5023 S LIBERTY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
614323505
Size
1,900 SF
Taxes and HOA fees
Tax Description
SQ 569 LOT A S LIBERTY 30X120 5023-25 S LIBERTY DU-W MA CHNGD 5/3/05 FILE #88590 2/05 SUCN
Legal Description
SQ 569 LOT A S LIBERTY 30X120 5023-25 S LIBERTY DU-W MA CHNGD 5/3/05 FILE #88590 2/05 SUCN
Utilities
Heating system
Central
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
wood floors
in-unit laundry
spacious living areas
ceiling fans
natural light
covered front porch
architectural details
backyard access
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Forte Realty, LLC
(504) 276-2668
Listed By:
Blaine Tatje · License #995712484
(504) 293-2460
Added: Aug 27
Last Checked: Aug 31 at 4:06PM
MLS# 2573989
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 1,900-square-foot duplex, built in 1960, contains two separate residences with distinct floor plans. The larger unit includes 3 bedrooms and 2 full baths, while the second provides 2 bedrooms and 1 full bath. Both residences have wood flooring, in-unit laundry, ceiling fans, and spacious living areas with natural light.
Exterior features include a covered front porch, architectural detailing, fencing, and a shingle roof. One unit connects directly to the backyard, adding private outdoor access. Heating is provided by central systems, while cooling includes central air and window units. The property is served by public water.
Exterior features include a covered front porch, architectural detailing, fencing, and a shingle roof. One unit connects directly to the backyard, adding private outdoor access. Heating is provided by central systems, while cooling includes central air and window units. The property is served by public water.
Key Highlights
- 1,900‑square‑foot duplex with two separate residences
- Unit mix includes 3 bedrooms and 2 full baths plus 2 bedrooms and 1 full bath
- In‑unit laundry, wood flooring, ceiling fans, and spacious living areas 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
$16,331
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
5.18%
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%
$326,620
$326.6K
Cap Rate 7%
$233,300
$233.3K
Cap Rate 9%
$181,456
$181.5K
Market Conditions
NOI Build-Up for 1,900 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
$25.5K $13.44/SF
− Vacancy
−$2.2K −$1.16/SF
EGI
$23.3K $12.28/SF
− OpEx
−$7.0K −$3.68/SF
NOI
$16.3K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$326,620
Cap Rate 7%
$233,300
Cap Rate 9%
$181,456
Alternative Uses
Best Use
Multifamily LT 5
$233.3K
$204.1K – $272.2K
NOI $16,331 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$206.8K
$181.0K – $241.3K
NOI $14,477 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,089 @ 7.0% cap · market cap 11.14%
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
1,713
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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 distinct residences offer separate layouts, in-unit laundry, wood flooring, and access to a fenced outdoor area.
Where is this duplex located?
The property is located at 5023 S LIBERTY Street New Orleans, LA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,900‑square‑foot duplex with two separate residences; Unit mix includes 3 bedrooms and 2 full baths plus 2 bedrooms and 1 full bath; In‑unit laundry, wood flooring, ceiling fans, and spacious living areas in both units
