Duplex with Elevator
New
For Sale
$775,000
51 NERON Place, New Orleans, LA 70118
Multi-Family, Raised Basement, New Orleans, LA
Property Size5,757 SF
Price / SF$134.62
Days on Market2
Property Features for 51 NERON Place
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
51-NERONPL
Size
5,757 SF
Taxes and HOA fees
Tax Description
SQ 317 LOT E NERON 39 X 120
Legal Description
SQ 317 LOT E NERON 39 X 120
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
porches
rear brick-paved yard
Building Details
Year built
1919
Floors in Building
3
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Homesmart Realty South · HomeSmart International
(504) 908-7653
Listed By:
Mario Gonzalez · License #995709553
(504) 220-9530
Added: Oct 4
Changed: Oct 5
Last Checked: Oct 5 at 7:06AM
MLS# 2580160
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.
Built in 1919, this duplex includes elevator access, porches on the ground and second levels, and a fenced rear yard with brick paving. Unit B is approximately 3,620 total square feet, including an approximately 1,772-square-foot air-conditioned basement. Ceiling heights are approximately 10 feet on the first and second floors and approximately 6.9 feet in the basement. Each level has a full bathroom, and the building also offers 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 month-to-month, and the property is identified as being in Flood Zone X; buyers should verify flood information. The property’s configuration includes a basement, elevator, multiple porches, and fenced outdoor space.
The two units have separate gas, water, and electric meters. Current tenants are month-to-month, and the property is identified as being in Flood Zone X; buyers should verify flood information. The property’s configuration includes a basement, elevator, multiple porches, and fenced outdoor space.
Key Highlights
- Duplex with elevator and porches on the ground and second levels
- Unit B totals approximately 3,620 square feet, including an approximately 1,772‑square‑foot air‑conditioned basement
- Ceilings measure approximately 10 feet on the first and second floors and approximately 6.9 feet in the basement
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
$67,005
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
8.65%
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%
$1,340,100
$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
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
$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 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%
$1,340,100
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
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, with month-to-month tenants currently in place.
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: Duplex with elevator and porches on the ground and second levels; Unit B totals approximately 3,620 square feet, including an approximately 1,772‑square‑foot air‑conditioned basement; Ceilings measure approximately 10 feet on the first and second floors and approximately 6.9 feet in the basement
