Two-Unit Duplex with In-Unit
For Sale
$395,000
627-29 South Alexander Street, New Orleans, LA 70119
One side is vacant, while both units include in-unit laundry and central air.
Property Size1,984 SF
Price / SF$199.09
Days on Market166
Property Features for 627-29 South Alexander Street
General Information
Standard status
Active
Size
1,984 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
washer and dryer
backyard
Central Air
Central
1
2
6
in unit
Other
Pillar/Post/Pier
Wood Siding
Building Details
Year Built
1940
Listing Agency:
eXp Realty, LLC
(504) 344-0877
Listed By:
Adrienne LaBauve · License #995684424
(504) 344-0877
Source:
Compass
Added: Mar 19
Changed: Aug 30
Last Checked: Aug 30 at 11:21PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located at 627-29 South Alexander Street, this two-unit duplex was built in 1940 and contains 1,984 square feet. Each side provides three bedrooms and one bathroom, with open living and dining areas, abundant natural light, and in-unit washer and dryer connections. Central air serves the property, and the backyard adds outdoor space for gardening or casual use.
One unit is currently vacant, creating flexibility for an owner occupant or a new tenant. The property is situated in Mid-City near Bayou St. John, City Park, streetcar access, and area restaurants and cafes. Its established residential setting combines a two-unit layout with functional amenities and character details.
One unit is currently vacant, creating flexibility for an owner occupant or a new tenant. The property is situated in Mid-City near Bayou St. John, City Park, streetcar access, and area restaurants and cafes. Its established residential setting combines a two-unit layout with functional amenities and character details.
Key Highlights
- Two‑unit duplex with 1,984 SF
- Each unit includes 3 bedrooms and 1 bathroom
- In‑unit washer and dryer in both units
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
$25,122
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
6.36%
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%
$502,440
$502.4K
Cap Rate 7%
$358,886
$358.9K
Cap Rate 9%
$279,133
$279.1K
Market Conditions
NOI Build-Up for 1,984 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
$39.3K $19.80/SF
− Vacancy
−$3.4K −$1.71/SF
EGI
$35.9K $18.09/SF
− OpEx
−$10.8K −$5.43/SF
NOI
$25.1K $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%
$502,440
Cap Rate 7%
$358,886
Cap Rate 9%
$279,133
Alternative Uses
Best Use
Multifamily LT 5
$358.9K
$314.0K – $418.7K
NOI $25,122 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$329.9K
$288.6K – $384.9K
NOI $23,091 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$519.2K
$454.3K – $605.7K
NOI $36,341 @ 7.0% cap · market cap 9.20%
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
1,774
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 - One side is vacant, while both units include in-unit laundry and central air.
Where is this duplex located?
The property is located at 627-29 South Alexander Street New Orleans, LA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,984 SF; Each unit includes 3 bedrooms and 1 bathroom; In‑unit washer and dryer in both units
