Renovated Duplex with Courtyard
For Sale
$619,000
Pending
928-930 SECOND Street, New Orleans, LA 70130
Two updated units retain historic character while offering modern kitchen and bath improvements.
Property Size1,725 SF
Days on Market51
Property Features for 928-930 SECOND Street
General Information
Standard status
Pending
Size
1,725 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
1,725 SF
Year Built
1870
Buildings
1
Listing Agency:
Freret Realty
Listed By:
David Toso · License #995709332
(504) 621-3283
Source:
Ewbank.kw
Added: Jul 16
Changed: Aug 31
Last Checked: Sep 4 at 2:14AM
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 Freret Realty
Investment Insights
Based on property information with market context.
Built in 1870, this duplex combines period character with a recent interior refresh across both residences. The wood flooring has been refinished, interiors repainted, and each kitchen upgraded with new cabinetry, countertops, appliances, and tankless water heaters. One residence also includes a remodeled shower and built-in banquette seating in the dining area.
Exterior improvements include refreshed landscaping and two ways to reach the rear courtyard. The property is located one block from Magazine Street, with coffee shops, restaurants, and retail within walking distance. The address is 928-930 2nd St in New Orleans.
Exterior improvements include refreshed landscaping and two ways to reach the rear courtyard. The property is located one block from Magazine Street, with coffee shops, restaurants, and retail within walking distance. The address is 928-930 2nd St in New Orleans.
Key Highlights
- Duplex with two residences and a recent renovation
- Built in 1870 with refinished wood floors and refreshed interior paint
- Both kitchens feature new cabinets, countertops, appliances, and tankless water heaters
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
$21,843
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
3.53%
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%
$436,860
$436.9K
Cap Rate 7%
$312,043
$312.0K
Cap Rate 9%
$242,700
$242.7K
Market Conditions
NOI Build-Up for 1,725 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
$34.2K $19.80/SF
− Vacancy
−$3.0K −$1.71/SF
EGI
$31.2K $18.09/SF
− OpEx
−$9.4K −$5.43/SF
NOI
$21.8K $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%
$436,860
Cap Rate 7%
$312,043
Cap Rate 9%
$242,700
Alternative Uses
Best Use
Multifamily LT 5
$312.0K
$273.0K – $364.1K
NOI $21,843 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$286.8K
$251.0K – $334.6K
NOI $20,077 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$438.4K
$383.6K – $511.5K
NOI $30,691 @ 7.0% cap · market cap 4.96%
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
2,353
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 - Two updated units retain historic character while offering modern kitchen and bath improvements.
Where is this duplex located?
The property is located at 928-930 SECOND Street New Orleans, LA.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Duplex with two residences and a recent renovation; Built in 1870 with refinished wood floors and refreshed interior paint; Both kitchens feature new cabinets, countertops, appliances, and tankless water heaters
