Duplex with
New
For Sale
$775,000
51 Neron Place, New Orleans, LA 70118
Separate gas, water, and electric meters serve the two units, which are occupied by month-to-month tenants.
Property Size5,757 SF
Price / SF$134.62
Days on Market3
Property Features for 51 Neron Place
General Information
Standard status
Active
Size
5,757 SF
Elevators
Yes
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
make updates and improvements
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
porches
yard
storage
Building Details
Year Built
1919
Buildings
1
Listing Agency:
Homesmart Realty South
Listed By:
Mario Gonzalez · License #MARIGONZ
(504) 220-9530
Source:
Thepuckettteam
Added: Oct 5
Changed: Oct 6
Last Checked: Oct 7 at 9:20AM
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 Homesmart Realty South
Investment Insights
Based on property information with market context.
This 1919 duplex includes an elevator, porches on both the ground and second floors, and a brick-paved rear yard. Unit B measures approximately 3,620 square feet in total, including an approximately 1,772-square-foot air-conditioned basement. Ceiling heights are about 10 feet on the first and second floors and 6.9 feet in the basement. Each level has a full bathroom, and the building offers extensive closet and storage space. The electrical system was updated in July 2020.
The two units have separate gas, water, and electric meters. Current tenants are on month-to-month terms. The property is identified as being in Flood Zone X; buyers should verify flood information.
The two units have separate gas, water, and electric meters. Current tenants are on month-to-month terms. The property is identified as being in Flood Zone X; buyers should verify flood information.
Key Highlights
- Unit B totals approximately 3,620 square feet, including an approximately 1,772‑square‑foot air‑conditioned basement
- Elevator and porches on the ground and second floors
- Full bathroom on each level; ceiling heights are approximately 10 feet on the first and second floors and 6.9 feet in the basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,005
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,340,100
$1.3M
Cap Rate 7%
$957,214
$957.2K
Cap Rate 9%
$744,500
$744.5K
Market Conditions
NOI Build-Up for 5,757 SF
Gross rent
$134.0K $23.28/SF
− Vacancy
−$12.2K −$2.12/SF
EGI
$121.8K $21.16/SF
− OpEx
−$54.8K −$9.52/SF
NOI
$67.0K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,340,100
Cap Rate 7%
$957,214
Cap Rate 9%
$744,500
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$911.2K – $1.21M
NOI $72,898 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$957.2K
$837.6K – $1.12M
NOI $67,005 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,427 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
997
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
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Frequently Asked Questions
What type of property is this?
Duplex - Separate gas, water, and electric meters serve the two units, which are occupied by month-to-month tenants.
Where is this duplex located?
The property is located at 51 Neron Place New Orleans, LA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Unit B totals approximately 3,620 square feet, including an approximately 1,772‑square‑foot air‑conditioned basement; Elevator and porches on the ground and second floors; Full bathroom on each level; ceiling heights are approximately 10 feet on the first and second floors and 6.9 feet in the basement
