Renovation-Ready Shotgun
For Sale
$339,900
720 Soraparu Street, New Orleans, LA 70130
Gutted duplex cottage with completed structural and exterior improvements, offering a defined path for residential redevelopment.
Property Size1,582 SF
Price / SF$214.85
Days on Market152
Property Features for 720 Soraparu Street
General Information
Standard status
Active
Size
1,582 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Property Condition
Severity
Repairs Needed
Evidence
renovate
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
1
4
Asphalt
Other
Pillar/Post/Pier
Porch
Building Details
Year Built
1923
Buildings
1
Construction
shotgun
Listing Agency:
NOLA Living Realty
Listed By:
Feras Ayyad · License #995701308
(504) 428-6552
Source:
Compass
Added: Apr 4
Changed: Aug 31
Last Checked: Sep 1 at 10:39PM
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 NOLA Living Realty
Investment Insights
Based on property information with market context.
Built in 1923, this 1,582-square-foot duplex is configured as a double shotgun cottage and has been fully gutted for redevelopment. Completed work includes foundation repairs, underground plumbing, new framing, Hardie board siding, and exterior paint. The roof is approximately 4 to 5 years old, and the property also includes a porch with pillar/post/pier construction.
The property is in New Orleans’ Irish Channel, less than a mile from Magazine Street, St. Charles, and the streetcar. It is located in an X Flood Zone. The existing layout supports redevelopment as either a single-family residence or a two-unit property, subject to applicable requirements.
The property is in New Orleans’ Irish Channel, less than a mile from Magazine Street, St. Charles, and the streetcar. It is located in an X Flood Zone. The existing layout supports redevelopment as either a single-family residence or a two-unit property, subject to applicable requirements.
Key Highlights
- 1,582‑square‑foot duplex cottage built in 1923
- Double shotgun configuration with dual‑unit redevelopment potential
- Fully gutted interior ready for reconstruction
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
$20,032
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
5.89%
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%
$400,640
$400.6K
Cap Rate 7%
$286,171
$286.2K
Cap Rate 9%
$222,578
$222.6K
Market Conditions
NOI Build-Up for 1,582 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
$31.3K $19.80/SF
− Vacancy
−$2.7K −$1.71/SF
EGI
$28.6K $18.09/SF
− OpEx
−$8.6K −$5.43/SF
NOI
$20.0K $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%
$400,640
Cap Rate 7%
$286,171
Cap Rate 9%
$222,578
Alternative Uses
Best Use
Multifamily LT 5
$286.2K
$250.4K – $333.9K
NOI $20,032 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$263.0K
$230.2K – $306.9K
NOI $18,413 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$402.1K
$351.8K – $469.1K
NOI $28,146 @ 7.0% cap · market cap 8.28%
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
1,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 70130, LA
14,521
Population
10,927
Households
1.3
Avg Household Size
38
Median Age
64%
College-Educated
92%
High-School Grad
2.1 sq mi
ZIP Area
6,915
Density / Sq Mi
$82,758
Median Household Income
$52,492
Median Earnings
$1,410
Median Rent
$529,300
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 - Gutted duplex cottage with completed structural and exterior improvements, offering a defined path for residential redevelopment.
Where is this duplex located?
The property is located at 720 Soraparu Street New Orleans, LA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1,582‑square‑foot duplex cottage built in 1923; Double shotgun configuration with dual‑unit redevelopment potential; Fully gutted interior ready for reconstruction
