Elevator-Served
For Sale
$775,000
51 NERON Place, New Orleans, LA 70118
Multifamily, New Orleans, LA
Property Size5,757 SF
Price / SF$134.62
Days on Market20
Property Features for 51 NERON Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2
Parking
3
Patio and Porch features
Porch
Interior features
Elevator
Accessibility
Accessible Elevator Installed
Standard status
Active
APN
51-NERONPL
Size
5,757 SF
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
gas, water, electric
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
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Amenities
porches
rear brick-paved yard
Building Details
Year built
1919
Number of units
2
Building materials
Wood Siding
Buildings
1
Listing Agency:
Homesmart Realty South - Metairie · HomeSmart International
(504) 908-7653
Listed By:
Mario Alfonso Gonzalez · License #995709553
(504) 220-9530
Added: Oct 4
Changed: Oct 23
Last Checked: Oct 23 at 12:06PM
MLS# 2580160
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1919, this two-unit property includes an elevator, porches on the ground and second floors, and a brick-paved yard behind the building. Unit B measures approximately 3,620 square feet, including an approximately 1,772-square-foot air-conditioned basement. The first and second floors have ceilings of approximately 10 feet; basement ceilings are approximately 6.9 feet. A full bathroom is present on each level, with closets and storage throughout. The electrical system was updated in July 2020.
The units have separate gas, water, and electric meters. Current tenants are month-to-month. The property is in Flood Zone X according to available flood-map information; verification is advised.
The units have separate gas, water, and electric meters. Current tenants are month-to-month. The property is in Flood Zone X according to available flood-map information; verification is advised.
Key Highlights
- Two‑unit property with elevator and porches on the ground and second floors
- Unit B has 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 / 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.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
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
Frequently Asked Questions
What type of property is this?
Duplex - Separate gas, water, and electric meters serve the two units.
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: Two‑unit property with elevator and porches on the ground and second floors; Unit B has 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
