Renovated Two-Unit
For Sale
$399,900
623 North Salcedo Street, New Orleans, LA 70119
Both residences provide three bedrooms, two baths, in-unit laundry, and off-street parking.
Property Size1,898 SF
Price / SF$210.70
Days on Market204
Property Features for 623 North Salcedo Street
General Information
Standard status
Active
Size
1,898 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
in-unit washer/dryer
Central Air
Central
1
4
6
In Unit
Asphalt
Other
Pillar/Post/Pier
Frame, Wood Siding
Porch
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Compass Historic (LATT09)
Listed By:
Micah Loewenthal · License #000026722
(225) 205-8552
Source:
Compass
Added: Feb 13
Changed: Sep 2
Last Checked: Aug 31 at 12:21AM
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 Compass Historic (LATT09)
Investment Insights
Based on property information with market context.
This 1,898-square-foot duplex at 623 North Salcedo Street includes two residences, each with three private bedrooms and two full bathrooms. The property has been renovated with modern finishes, including luxury vinyl flooring, quartz countertops, stainless steel appliances, and abundant windows. Each unit offers an open kitchen and living area, a primary bedroom with an en suite bathroom, and its own washer and dryer. Central air is also provided.
The property is situated in New Orleans’ Bayou St. John/Mid-City area, near shops and restaurants. Off-street parking and a front porch add practical exterior amenities to the residential configuration. Built in 1940, the duplex combines updated interiors with an established building structure.
The property is situated in New Orleans’ Bayou St. John/Mid-City area, near shops and restaurants. Off-street parking and a front porch add practical exterior amenities to the residential configuration. Built in 1940, the duplex combines updated interiors with an established building structure.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 full baths on each side
- 1,898 square feet with renovated interiors and modern finishes
- Each unit includes a washer and dryer
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
$24,033
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
6.01%
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%
$480,660
$480.7K
Cap Rate 7%
$343,329
$343.3K
Cap Rate 9%
$267,033
$267.0K
Market Conditions
NOI Build-Up for 1,898 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
$37.6K $19.80/SF
− Vacancy
−$3.2K −$1.71/SF
EGI
$34.3K $18.09/SF
− OpEx
−$10.3K −$5.43/SF
NOI
$24.0K $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%
$480,660
Cap Rate 7%
$343,329
Cap Rate 9%
$267,033
Alternative Uses
Best Use
Multifamily LT 5
$343.3K
$300.4K – $400.6K
NOI $24,033 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$315.6K
$276.1K – $368.2K
NOI $22,091 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$496.6K
$434.6K – $579.4K
NOI $34,765 @ 7.0% cap · market cap 8.69%
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
2,049
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 - Both residences provide three bedrooms, two baths, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 623 North Salcedo Street New Orleans, LA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 full baths on each side; 1,898 square feet with renovated interiors and modern finishes; Each unit includes a washer and dryer
