Renovated Furnished
For Sale
$565,000
618 South Lopez St, New Orleans, LA 70119
Two permitted short-term rental units with updated interiors, central HVAC, and furnishings included.
Property Size1,820 SF
Price / SF$310.44
Days on Market16
Property Features for 618 South Lopez St
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA (1,350 SF), 1 x 1BR/1BA (470 SF)
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
brick patio
Building Details
Year Built
2018
Year Renovated
2018
Listing Agency:
The McEnery Company
(504) 606-0466
Listed By:
Scott Weston · License #995705288
Source:
Dominionplace
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 25 at 4:25AM
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 The McEnery Company
Investment Insights
Based on property information with market context.
This duplex at 618 South Lopez St includes two fully permitted units totaling 1,820 SF. The larger residence offers 3 bedrooms, 2 bathrooms, and 1,350 SF, while the second unit provides 1 bedroom, 1 bathroom, and 470 SF. Both spaces were renovated in 2018 and include central HVAC, hardwood flooring, granite countertops, updated plumbing and electrical systems, and newer appliances. The sale includes furniture, linens, TVs, and related furnishings.
Outdoor improvements include a brick patio in the rear yard. The property is commercially zoned and positioned near the Tulane Avenue bike lane, approximately 1 mile from Downtown New Orleans.
Outdoor improvements include a brick patio in the rear yard. The property is commercially zoned and positioned near the Tulane Avenue bike lane, approximately 1 mile from Downtown New Orleans.
Key Highlights
- Two‑unit duplex totaling 1,820 SF
- Fully permitted commercial short‑term rental property
- 3‑bedroom, 2‑bath unit with 1,350 SF
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
$23,046
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
4.08%
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%
$460,920
$460.9K
Cap Rate 7%
$329,229
$329.2K
Cap Rate 9%
$256,067
$256.1K
Market Conditions
NOI Build-Up for 1,820 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
$36.0K $19.80/SF
− Vacancy
−$3.1K −$1.71/SF
EGI
$32.9K $18.09/SF
− OpEx
−$9.9K −$5.43/SF
NOI
$23.0K $12.66/SF
Area
ZIP 70119
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 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%
$460,920
Cap Rate 7%
$329,229
Cap Rate 9%
$256,067
Alternative Uses
Best Use
Multifamily LT 5
$329.2K
$288.1K – $384.1K
NOI $23,046 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$302.6K
$264.8K – $353.1K
NOI $21,183 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$476.2K
$416.7K – $555.6K
NOI $33,337 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,967
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 permitted short-term rental units with updated interiors, central HVAC, and furnishings included.
Where is this duplex located?
The property is located at 618 South Lopez St New Orleans, LA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,820 SF; Fully permitted commercial short‑term rental property; 3‑bedroom, 2‑bath unit with 1,350 SF
