Duplex With Private
For Sale
$245,000
7621 23 Benjamin St, New Orleans, LA 70118
Two one-bedroom apartments offer separate outdoor areas, storage, laundry, and off-street parking in an Uptown setting.
Property Size970 SF
Price / SF$252.58
Days on Market8
Property Features for 7621 23 Benjamin St
General Information
Standard status
Active
Size
970 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,000
Utilities to Site
Yes
Amenities
porch
ceiling fans
private outdoor area
storage shed
washer and dryer
Building Details
Year Built
1940
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:24AM
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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
Built in 1940, this 970-square-foot duplex contains two one-bedroom, one-bath apartments with open living and kitchen areas, wood flooring, eating bars, and furnished kitchens. Each unit has a private driveway, attached storage shed with washer and dryer, a separate outdoor area, and window-unit heating and cooling. A front porch adds to the property's exterior character.
The property is located in Uptown's Black Pearl neighborhood near the universities, St. Charles Avenue, Maple Street, and Audubon Park. Both apartments are currently leased, with the lease for 7621 Benjamin Street extending through July 31, 2027, and the lease for 7623 Benjamin Street extending through June 30, 2027. The building has two electric meters, one water meter, and one gas meter; tenants pay electricity, while the owner pays water and gas. The roof was replaced in 2021, and the property is designated X flood zone.
The property is located in Uptown's Black Pearl neighborhood near the universities, St. Charles Avenue, Maple Street, and Audubon Park. Both apartments are currently leased, with the lease for 7621 Benjamin Street extending through July 31, 2027, and the lease for 7623 Benjamin Street extending through June 30, 2027. The building has two electric meters, one water meter, and one gas meter; tenants pay electricity, while the owner pays water and gas. The roof was replaced in 2021, and the property is designated X flood zone.
Key Highlights
- Two one‑bedroom, one‑bath apartments within a 970‑square‑foot duplex
- Private driveway assigned to each unit, plus off‑street parking
- Attached storage sheds with washer and dryer for both apartments
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
$12,283
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
5.01%
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%
$245,660
$245.7K
Cap Rate 7%
$175,471
$175.5K
Cap Rate 9%
$136,478
$136.5K
Market Conditions
NOI Build-Up for 970 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
$19.2K $19.80/SF
− Vacancy
−$1.7K −$1.71/SF
EGI
$17.5K $18.09/SF
− OpEx
−$5.3K −$5.43/SF
NOI
$12.3K $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%
$245,660
Cap Rate 7%
$175,471
Cap Rate 9%
$136,478
Alternative Uses
Best Use
Multifamily LT 5
$175.5K
$153.5K – $204.7K
NOI $12,283 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$161.3K
$141.1K – $188.2K
NOI $11,290 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$246.5K
$215.7K – $287.6K
NOI $17,258 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
978
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments offer separate outdoor areas, storage, laundry, and off-street parking in an Uptown setting.
Where is this duplex located?
The property is located at 7621 23 Benjamin St New Orleans, LA.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath apartments within a 970‑square‑foot duplex; Private driveway assigned to each unit, plus off‑street parking; Attached storage sheds with washer and dryer for both apartments
