Renovated Two-Unit
For Sale
$650,000
729 31 Fern Street, New Orleans, LA 70118
HU-B1 zoning, off-street parking, in-unit laundry, and private outdoor areas support flexible residential use.
Property Size2,652 SF
Price / SF$245.10
Days on Market215
Property Features for 729 31 Fern Street
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Residential Income
Zoning
HU-B1
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
off-street parking
in-unit washer and dryer
porch
balcony
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX N.O. Properties
(504) 931-0095
Listed By:
Lauren Richmond · License #995685101
(504) 931-0095
Source:
Exprealty
Added: Jan 30
Changed: Aug 31
Last Checked: Sep 1 at 10:52PM
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 RE/MAX N.O. Properties
Investment Insights
Based on property information with market context.
Located at 729 31 Fern Street in New Orleans, this 2,652-square-foot duplex contains two separately serviced units with established tenancy. Each residence includes off-street parking and an in-unit washer and dryer, while private outdoor areas include a ground-level porch and an upper-level balcony.
The downstairs unit was fully renovated in 2021 with solid oak hardwood flooring, granite countertops, custom cabinetry, updated HVAC, and a Jack and Jill bathroom. The upper unit is in good condition and offers a bright, functional layout with its own private balcony. The property is zoned HU-B1, allowing residential and commercial uses, and provides access to streetcar service along St Charles Ave and S Carrollton Ave. Current leases expire on June 30.
The downstairs unit was fully renovated in 2021 with solid oak hardwood flooring, granite countertops, custom cabinetry, updated HVAC, and a Jack and Jill bathroom. The upper unit is in good condition and offers a bright, functional layout with its own private balcony. The property is zoned HU-B1, allowing residential and commercial uses, and provides access to streetcar service along St Charles Ave and S Carrollton Ave. Current leases expire on June 30.
Key Highlights
- 2,652‑square‑foot duplex with two units and separate utilities
- Downstairs unit renovated in 2021 with oak floors, granite counters, custom cabinetry, updated HVAC, and Jack and Jill bath
- Each unit includes off‑street parking and an in‑unit 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
$33,581
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
5.17%
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%
$671,620
$671.6K
Cap Rate 7%
$479,729
$479.7K
Cap Rate 9%
$373,122
$373.1K
Market Conditions
NOI Build-Up for 2,652 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
$52.5K $19.80/SF
− Vacancy
−$4.5K −$1.71/SF
EGI
$48.0K $18.09/SF
− OpEx
−$14.4K −$5.43/SF
NOI
$33.6K $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%
$671,620
Cap Rate 7%
$479,729
Cap Rate 9%
$373,122
Alternative Uses
Best Use
Multifamily LT 5
$479.7K
$419.8K – $559.7K
NOI $33,581 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$440.9K
$385.8K – $514.4K
NOI $30,866 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$674.1K
$589.8K – $786.4K
NOI $47,184 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - HU-B1 zoning, off-street parking, in-unit laundry, and private outdoor areas support flexible residential use.
Where is this duplex located?
The property is located at 729 31 Fern Street New Orleans, LA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,652‑square‑foot duplex with two units and separate utilities; Downstairs unit renovated in 2021 with oak floors, granite counters, custom cabinetry, updated HVAC, and Jack and Jill bath; Each unit includes off‑street parking and an in‑unit washer and dryer
