Modern Duplex with Open
For Sale
$469,000
622 24 S Pierce St, New Orleans, LA 70119
Two spacious residences feature three bedrooms, three full bathrooms, contemporary finishes, and in-unit laundry hookups.
Property Size2,430 SF
Price / SF$193
Days on Market43
Property Features for 622 24 S Pierce St
General Information
Standard status
Active
Size
2,430 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
stainless steel appliances
in-unit washer/dryer hookups
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Christian Shane Properties
(504) 252-0455
Listed By:
Christian Galvin · License #995718884
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 31 at 6:50PM
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 Christian Shane Properties
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 2,430 square feet across two residences, each configured with three bedrooms and three full bathrooms. Both units offer open-concept interiors with luxury vinyl plank flooring, quartz countertops, stainless steel appliances, and hookups for in-unit washers and dryers.
The property is located at 622 24 S Pierce St in New Orleans, five blocks from the Canal Streetcar line. City Park, the Fairgrounds, Lafitte Greenway, downtown, and dining and entertainment destinations are identified within the surrounding access network. The property is situated in an X Flood Zone.
The property is located at 622 24 S Pierce St in New Orleans, five blocks from the Canal Streetcar line. City Park, the Fairgrounds, Lafitte Greenway, downtown, and dining and entertainment destinations are identified within the surrounding access network. The property is situated in an X Flood Zone.
Key Highlights
- 2023‑built duplex with 2,430 SF
- Two units, each with 3 bedrooms and 3 full bathrooms
- Open‑concept layouts with luxury vinyl plank flooring
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
$30,770
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
6.56%
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%
$615,400
$615.4K
Cap Rate 7%
$439,571
$439.6K
Cap Rate 9%
$341,889
$341.9K
Market Conditions
NOI Build-Up for 2,430 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
$48.1K $19.80/SF
− Vacancy
−$4.2K −$1.71/SF
EGI
$44.0K $18.09/SF
− OpEx
−$13.2K −$5.43/SF
NOI
$30.8K $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%
$615,400
Cap Rate 7%
$439,571
Cap Rate 9%
$341,889
Alternative Uses
Best Use
Multifamily LT 5
$439.6K
$384.6K – $512.8K
NOI $30,770 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$404.0K
$353.5K – $471.4K
NOI $28,282 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$635.9K
$556.4K – $741.8K
NOI $44,510 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,911
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 spacious residences feature three bedrooms, three full bathrooms, contemporary finishes, and in-unit laundry hookups.
Where is this duplex located?
The property is located at 622 24 S Pierce St New Orleans, LA.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: 2023‑built duplex with 2,430 SF; Two units, each with 3 bedrooms and 3 full bathrooms; Open‑concept layouts with luxury vinyl plank flooring
