Updated Duplex with Covered
For Sale
$450,000
6339 Colbert Street, New Orleans, LA 70124
Separate utility meters, off-street parking, and renovated interiors support practical ownership and management.
Property Size1,938 SF
Days on Market14
Property Features for 6339 Colbert Street
General Information
Standard status
Active
Size
1,938 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered front porch
private covered balcony
backyard
in-unit washer and dryer
Building Details
Building Size
1,938 SF
Year Built
1957
Buildings
1
Stories
2
Listing Agency:
Reve, Realtors
(504) 251-5302
Listed By:
Lazaro Suarez · License #995704303
(504) 251-5302
Source:
Nolalivingrealty
Added: Aug 11
Changed: Aug 20
Last Checked: Aug 23 at 12:34PM
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 Reve, Realtors
Investment Insights
Based on property information with market context.
This two-unit residential income property pairs an updated interior program with durable recent improvements. Each residence offers 2 bedrooms and 1 bathroom, along with living and dining areas, a kitchen equipped with wood cabinetry, granite counters, stainless steel appliances, and a breakfast bar. Refrigerators, washers, and dryers are included in both units. Hardwood flooring, historic-style trim, subway tile bathrooms, and abundant natural light add character, while the upstairs bath includes a marble tub surround.
Outdoor features include a covered front porch for the lower residence, a covered private balcony upstairs, and a backyard with multiple off-street parking spaces accessed from the alley. The roof and exterior siding were completed in 2022, and the upper unit has undergone a full renovation. Separately metered utilities support ownership and property management. Both units are occupied. The property is in Lakeview near Harrison Avenue, restaurants, coffee shops, retail, and everyday services.
Outdoor features include a covered front porch for the lower residence, a covered private balcony upstairs, and a backyard with multiple off-street parking spaces accessed from the alley. The roof and exterior siding were completed in 2022, and the upper unit has undergone a full renovation. Separately metered utilities support ownership and property management. Both units are occupied. The property is in Lakeview near Harrison Avenue, restaurants, coffee shops, retail, and everyday services.
Key Highlights
- Two 2 BDRM/1 BA units, both currently occupied
- New roof and exterior siding completed in 2022
- Full renovation completed on the upstairs unit
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
$24,540
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
5.45%
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%
$490,800
$490.8K
Cap Rate 7%
$350,571
$350.6K
Cap Rate 9%
$272,667
$272.7K
Market Conditions
NOI Build-Up for 1,938 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
$38.4K $19.80/SF
− Vacancy
−$3.3K −$1.71/SF
EGI
$35.1K $18.09/SF
− OpEx
−$10.5K −$5.43/SF
NOI
$24.5K $12.66/SF
Area
New Orleans, LA
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%
$490,800
Cap Rate 7%
$350,571
Cap Rate 9%
$272,667
Alternative Uses
Best Use
Multifamily LT 5
$350.6K
$306.8K – $409.0K
NOI $24,540 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$322.2K
$282.0K – $375.9K
NOI $22,556 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$492.6K
$431.0K – $574.7K
NOI $34,480 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 70124, LA
22,777
Population
8,919
Households
2.6
Avg Household Size
37
Median Age
70%
College-Educated
98%
High-School Grad
6.7 sq mi
ZIP Area
3,400
Density / Sq Mi
$121,318
Median Household Income
$66,323
Median Earnings
$1,752
Median Rent
$577,800
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 - Separate utility meters, off-street parking, and renovated interiors support practical ownership and management.
Where is this duplex located?
The property is located at 6339 Colbert Street New Orleans, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two 2 BDRM/1 BA units, both currently occupied; New roof and exterior siding completed in 2022; Full renovation completed on the upstairs unit
