Renovated Two-Unit
New
For Sale
$425,000
7728 30 Spruce St, New Orleans, LA 70118
Each residence offers two bedrooms, in-unit laundry and private outdoor space.
Property Size1,886 SF
Price / SF$225.34
Days on Market6
Property Features for 7728 30 Spruce St
General Information
Standard status
Active
Size
1,886 SF
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
front porch
backyard
Building Details
Year Built
1925
Construction
shotgun-style
Listing Agency:
Tuxor Realty
(713) 893-5580
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 8:56AM
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 Tuxor Realty
Investment Insights
Based on property information with market context.
This duplex contains two matching shotgun-style residences, each arranged with two bedrooms and one bathroom. Tall ceilings, new flooring and updated paint accompany the recent renovation. Both units have replacement kitchens with stone counters and stainless steel appliances, as well as refreshed bathrooms featuring low-threshold showers and floating double vanities. Laundry is located inside each residence, with a front porch and backyard providing outdoor areas.
One unit is vacant and ready for occupancy; the other is leased for $1,700 per month. The owner covers water and trash, while tenants pay Entergy. Built in 1925.
One unit is vacant and ready for occupancy; the other is leased for $1,700 per month. The owner covers water and trash, while tenants pay Entergy. Built in 1925.
Key Highlights
- Two matching units, each with 2 bedrooms and 1 bathroom
- Renovated kitchens with stone countertops and stainless steel appliances
- Updated bathrooms with low‑threshold showers and floating double vanities
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
$23,881
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
5.62%
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%
$477,620
$477.6K
Cap Rate 7%
$341,157
$341.2K
Cap Rate 9%
$265,344
$265.3K
Market Conditions
NOI Build-Up for 1,886 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
$37.3K $19.80/SF
− Vacancy
−$3.2K −$1.71/SF
EGI
$34.1K $18.09/SF
− OpEx
−$10.2K −$5.43/SF
NOI
$23.9K $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%
$477,620
Cap Rate 7%
$341,157
Cap Rate 9%
$265,344
Alternative Uses
Best Use
Multifamily LT 5
$341.2K
$298.5K – $398.0K
NOI $23,881 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$313.6K
$274.4K – $365.9K
NOI $21,951 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$479.4K
$419.4K – $559.3K
NOI $33,555 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,148
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers two bedrooms, in-unit laundry and private outdoor space.
Where is this duplex located?
The property is located at 7728 30 Spruce St New Orleans, LA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two matching units, each with 2 bedrooms and 1 bathroom; Renovated kitchens with stone countertops and stainless steel appliances; Updated bathrooms with low‑threshold showers and floating double vanities
