Raised Duplex with Separate
New
For Sale
$349,000
5961 COLBERT Street, New Orleans, LA 70124
Multi-Family, Shot Gun, New Orleans, LA
Property Size1,824 SF
Lot Size0.15 Acres
Price / SF$191.34
Days on Market4
Property Features for 5961 COLBERT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street, Garage
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
206310703
Size
1,824 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
SQ 339 LOTS 6 7 COLBERT 25X129 EA
Legal Description
SQ 339 LOTS 6 7 COLBERT 25X129 EA
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front porch
private fenced yard
garage
utility room
Building Details
Year built
1940
Floors in Building
1
Number of units
1
Roof type
Shingle
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Gabriella Francescon · License #995706223
(504) 909-4435
Added: Oct 2
Changed: Oct 4
Last Checked: Oct 5 at 6:06PM
MLS# 2579931
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 raised duplex contains two residences, each with two bedrooms and one bathroom. The 1,824-square-foot building has a front porch, high ceilings, wood details, and kitchens with wood cabinetry and storage. Each side has its own driveway, garage, utility room, and fenced yard. Central heating and air conditioning serve the property, and the roof was replaced in 2021.
Built in 1940, the property occupies 0.1481 acres in New Orleans. City Park, Canal Boulevard, interstate access, shopping, and dining are identified as nearby destinations.
Built in 1940, the property occupies 0.1481 acres in New Orleans. City Park, Canal Boulevard, interstate access, shopping, and dining are identified as nearby destinations.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- 1,824 square feet on a 0.1481‑acre lot
- Each side has its own driveway, garage, utility room, and fenced yard
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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
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
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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 - Two residences offer porch access, individual driveways, garages, utility rooms, and fenced outdoor areas.
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: Two residences, each with 2 bedrooms and 1 bathroom; 1,824 square feet on a 0.1481‑acre lot; Each side has its own driveway, garage, utility room, and fenced yard
