Two-Unit Duplex with Off-Street
For Sale
$399,000
6215 17 Vermillion Boulevard, New Orleans, LA 70122
Each residence includes private access, laundry, appliances, and an open living-kitchen layout.
Property Size2,638 SF
Price / SF$151.25
Days on Market34
Property Features for 6215 17 Vermillion Boulevard
General Information
Standard status
Active
Size
2,638 SF
Property subtype
Multi-Family
Building Details
Year Built
2012
Listing Agency:
The Agency of M. Grass Group, LLC
(504) 723-1197
Listed By:
Jennifer Silver · License #995717115
Source:
Fiorellaavenue
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 31 at 6:58PM
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 Agency of M. Grass Group, LLC
Investment Insights
Based on property information with market context.
Built in 2012, this duplex contains two 3-bedroom, 2-bath residences totaling 2,638 square feet. Both units offer separate entrances, private laundry rooms, substantial closet storage, and included appliances. Open connections between the living and kitchen areas support flexible everyday use for residents or owner-occupants.
The property provides uncommon off-street parking through separate double driveways serving each unit. A sizable shaded backyard adds private outdoor space for recreation, pets, or gatherings. Its Gentilly location places the duplex near the University of New Orleans, Southern University at New Orleans, Delgado Community College, Dillard University, and Xavier University, with access to I-10, Downtown New Orleans, City Park, the Lakefront, and the Fair Grounds.
The property provides uncommon off-street parking through separate double driveways serving each unit. A sizable shaded backyard adds private outdoor space for recreation, pets, or gatherings. Its Gentilly location places the duplex near the University of New Orleans, Southern University at New Orleans, Delgado Community College, Dillard University, and Xavier University, with access to I-10, Downtown New Orleans, City Park, the Lakefront, and the Fair Grounds.
Key Highlights
- Two 3‑bedroom, 2‑bath units within a 2,638‑square‑foot duplex
- Built in 2012
- Separate private entrances and laundry rooms for each residence
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
$27,330
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
6.85%
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%
$546,600
$546.6K
Cap Rate 7%
$390,429
$390.4K
Cap Rate 9%
$303,667
$303.7K
Market Conditions
NOI Build-Up for 2,638 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
$42.7K $16.20/SF
− Vacancy
−$3.7K −$1.40/SF
EGI
$39.0K $14.80/SF
− OpEx
−$11.7K −$4.44/SF
NOI
$27.3K $10.36/SF
Area
ZIP 70122
Vacancy
8.64%
Lease Rate
$16.20 /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%
$546,600
Cap Rate 7%
$390,429
Cap Rate 9%
$303,667
Alternative Uses
Best Use
Multifamily LT 5
$390.4K
$341.6K – $455.5K
NOI $27,330 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$339.1K
$296.8K – $395.7K
NOI $23,740 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$690.3K
$604.0K – $805.3K
NOI $48,320 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 70122, LA
34,986
Population
17,131
Households
2
Avg Household Size
39
Median Age
37%
College-Educated
89%
High-School Grad
6.3 sq mi
ZIP Area
5,553
Density / Sq Mi
$47,613
Median Household Income
$38,248
Median Earnings
$1,196
Median Rent
$274,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes private access, laundry, appliances, and an open living-kitchen layout.
Where is this duplex located?
The property is located at 6215 17 Vermillion Boulevard New Orleans, LA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units within a 2,638‑square‑foot duplex; Built in 2012; Separate private entrances and laundry rooms for each residence
