Two-Unit Shotgun
For Sale
$189,900
8605-07 Belfast St, New Orleans, LA 70118
Two matching residences provide separate two-bedroom, one-bathroom layouts for rental or owner occupancy.
Property Size1,475 SF
Price / SF$128.75
Days on Market8
Property Features for 8605-07 Belfast St
General Information
Standard status
Active
Size
1,475 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1940
Construction
double shotgun
Listing Agency:
Tuxor Realty
(713) 893-5580
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 28
Changed: Oct 4
Last Checked: Oct 4 at 9:04AM
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 1940-built duplex contains 1,475 square feet across two units, each with two bedrooms and one bathroom. The shotgun-style layout is complemented by a newer roof, fresh paint throughout, and a combination of wood and vinyl flooring.
Located at 8605-07 Belfast St in New Orleans, the property is configured as two distinct residences. The units can be occupied or rented separately.
Located at 8605-07 Belfast St in New Orleans, the property is configured as two distinct residences. The units can be occupied or rented separately.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,475 square feet in a shotgun‑style duplex
- Built in 1940
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
$17,167
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
9.04%
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%
$343,340
$343.3K
Cap Rate 7%
$245,243
$245.2K
Cap Rate 9%
$190,744
$190.7K
Market Conditions
NOI Build-Up for 1,475 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
$34.3K $23.28/SF
− Vacancy
−$3.1K −$2.12/SF
EGI
$31.2K $21.16/SF
− OpEx
−$14.0K −$9.52/SF
NOI
$17.2K $11.64/SF
Area
New Orleans, LA
Vacancy
9.10%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$343,340
Cap Rate 7%
$245,243
Cap Rate 9%
$190,744
Alternative Uses
Best Use
Multifamily LT 5
$266.8K
$233.5K – $311.3K
NOI $18,677 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$245.2K
$214.6K – $286.1K
NOI $17,167 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$374.9K
$328.0K – $437.4K
NOI $26,243 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
712
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 - Two matching residences provide separate two-bedroom, one-bathroom layouts for rental or owner occupancy.
Where is this duplex located?
The property is located at 8605-07 Belfast St New Orleans, LA.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,475 square feet in a shotgun‑style duplex; Built in 1940
