Duplex with Private
For Sale
$349,000
Pending
5961 Colbert Street, New Orleans, LA 70124
Both residences have two bedrooms, a bathroom, a garage, and a separate driveway.
Property Size1,824 SF
Days on Market29
Property Features for 5961 Colbert Street
General Information
Standard status
Pending
Size
1,824 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Lakeview
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Gabriella M Francescon · License #995706223
(504) 909-4435
Source:
Exprealty
Added: Oct 2
Changed: Oct 29
Last Checked: Oct 28 at 6:56AM
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 REVE, REALTORS
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,824-square-foot duplex at 5961 Colbert Street has two residences, each with two bedrooms and one bathroom. The raised shotgun-style building includes a front porch, high ceilings, natural light, wood details, and kitchens with wood cabinetry and storage. Each side also has a fenced yard, garage, utility room, and its own driveway. The roof was replaced in 2021.
The property is in Lakeview, with access to City Park, Canal Boulevard, the interstate, nearby shopping, and dining.
The property is in Lakeview, with access to City Park, Canal Boulevard, the interstate, nearby shopping, and dining.
Key Highlights
- 1,824‑square‑foot duplex with two 2‑bedroom, 1‑bath residences
- Raised shotgun‑style building with a front porch and high ceilings
- Each residence has a private fenced yard, garage, utility room, and separate driveway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,096
Cap Rate
6.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$461,920
$461.9K
Cap Rate 7%
$329,943
$329.9K
Cap Rate 9%
$256,622
$256.6K
Market Conditions
NOI Build-Up for 1,824 SF
Gross rent
$36.1K $19.80/SF
− Vacancy
−$3.1K −$1.71/SF
EGI
$33.0K $18.09/SF
− OpEx
−$9.9K −$5.43/SF
NOI
$23.1K $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%
$461,920
Cap Rate 7%
$329,943
Cap Rate 9%
$256,622
Alternative Uses
Best Use
Multifamily LT 5
$329.9K
$288.7K – $384.9K
NOI $23,096 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$303.3K
$265.4K – $353.8K
NOI $21,229 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$463.6K
$405.7K – $540.9K
NOI $32,452 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Explore this area
Business Placement
Demographics for 70124, LA
22,777
Population
8,919
Households
2.6
Avg Household Size
37
Median Age
70%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
3,400
Density / Sq Mi
$121,318
Median Household Income
$66,323
Median Earnings
$1,752
Median Rent
$577,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have two bedrooms, a bathroom, a garage, and a separate driveway.
Where is this duplex located?
The property is located at 5961 Colbert Street New Orleans, LA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,824‑square‑foot duplex with two 2‑bedroom, 1‑bath residences; Raised shotgun‑style building with a front porch and high ceilings; Each residence has a private fenced yard, garage, utility room, and separate driveway
