Rehabilitated Duplex with
For Sale
$1,000,000
601 EIGHTH Street, New Orleans, LA 70115
Multi-Family, New Orleans, LA
Property Size3,844 SF
Price / SF$260.15
Days on Market83
Property Features for 601 EIGHTH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Balcony, Fence
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
601-8THST
Size
3,844 SF
Taxes and HOA fees
Tax Description
As Per Title
Legal Description
As Per Title
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1830
Floors in Building
2
Number of units
2
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 799-1702
Listed By:
Frederick Lemann
(504) 460-6340
Added: Jun 15
Changed: Aug 19
Last Checked: Sep 5 at 6:06AM
MLS# 2563161
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 duplex contains a three-bedroom, three-bathroom residence on the second floor and an income-producing space at street level. The upper residence features an open floor plan, sophisticated kitchen, vaulted nickel gap ceilings, heart pine flooring, and a deep balcony. Both units are occupied.
The property underwent a complete rehabilitation with new framing, structural beams, plumbing, electrical systems, a fortified metal roof, and central heating and cooling. ADA-accessible design and full fire safety compliance are also in place. The building measures 3,844 square feet and sits at 601 EIGHTH Street in New Orleans, near the Irish Channel and Tchoupitoulas corridor. Additional exterior features include fencing and public water service.
The property underwent a complete rehabilitation with new framing, structural beams, plumbing, electrical systems, a fortified metal roof, and central heating and cooling. ADA-accessible design and full fire safety compliance are also in place. The building measures 3,844 square feet and sits at 601 EIGHTH Street in New Orleans, near the Irish Channel and Tchoupitoulas corridor. Additional exterior features include fencing and public water service.
Key Highlights
- 3,844‑square‑foot duplex at 601 EIGHTH Street, New Orleans, LA 70115
- Second‑floor residence with 3 bedrooms, 3 bathrooms, open layout, and deep balcony
- First‑floor income‑producing space; both units are occupied
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
$46,705
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
4.67%
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%
$934,100
$934.1K
Cap Rate 7%
$667,214
$667.2K
Cap Rate 9%
$518,944
$518.9K
Market Conditions
NOI Build-Up for 3,844 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
$83.0K $21.60/SF
− Vacancy
−$8.3K −$2.16/SF
EGI
$74.7K $19.44/SF
− OpEx
−$28.0K −$7.29/SF
NOI
$46.7K $12.15/SF
Area
ZIP 70115
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$934,100
Cap Rate 7%
$667,214
Cap Rate 9%
$518,944
Alternative Uses
Best Use
Mixed Use
$667.2K
$583.8K – $778.4K
NOI $46,705 @ 7.0% cap · market cap 4.67%
Second Best
Multifamily LT 5
$472.0K
$413.0K – $550.7K
NOI $33,040 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.01M
$887.4K – $1.18M
NOI $70,991 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,875
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units include an upper-level residence and a first-floor income-producing space with updated building systems.
Where is this duplex located?
The property is located at 601 EIGHTH Street New Orleans, LA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3,844‑square‑foot duplex at 601 EIGHTH Street, New Orleans, LA 70115; Second‑floor residence with 3 bedrooms, 3 bathrooms, open layout, and deep balcony; First‑floor income‑producing space; both units are occupied
