Renovated Duplex
New
For Sale
$434,900
940 CONGRESS Street, New Orleans, LA 70117
Multi-Family, Creole Cottage, New Orleans, LA
Property Size1,040 SF
Price / SF$418.17
Days on Market5
Property Features for 940 CONGRESS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Exterior features
Driveway Permeable Surface, Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Bywater
Standard status
Active
APN
70117940CongressST
Size
1,040 SF
Taxes and HOA fees
Tax Description
1. SQ 287 LOT B PT 12 CONGRESS 2. AND N RAMPART 28X75 3. 938-40 CONGRESS ST 4. W/FR DBLE 10/RM C/R
Legal Description
1. SQ 287 LOT B PT 12 CONGRESS 2. AND N RAMPART 28X75 3. 938-40 CONGRESS ST 4. W/FR DBLE 10/RM C/R
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
off-street parking
private backyard
Ring doorbell
Building Details
Year built
1922
Floors in Building
1
Number of units
2
Roof type
Metal
Architectural style
Cottage
Listing Agency:
Keller Williams Realty Services
(985) 727-7000
Listed By:
Gregg Tepper · License #69919
(985) 789-8717
Added: Sep 10
Last Checked: Sep 14 at 4:06AM
MLS# 2576317
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,040-square-foot duplex property combines cottage architecture with a 2022 renovation. The residence includes 2 bedrooms and 2 bathrooms, along with high ceilings, wood flooring, marble countertops, stainless steel appliances, a built-in wine rack, and in-unit laundry. Electrical, HVAC, and plumbing systems were also updated during the renovation. Central heating and cooling support year-round comfort, while a metal roof and public water service complete the core improvements.
Positioned on a corner lot at 940 CONGRESS Street, the property includes off-street parking, a permeable-surface driveway, fencing, and a private backyard. Its Bywater setting places the home near Crescent Park, the river levee, local dining, wine bars, galleries, and the Rusty Rainbow pedestrian bridge. The property was built in 1922 and offers a residential income profile within New Orleans’ 70117 ZIP code.
Positioned on a corner lot at 940 CONGRESS Street, the property includes off-street parking, a permeable-surface driveway, fencing, and a private backyard. Its Bywater setting places the home near Crescent Park, the river levee, local dining, wine bars, galleries, and the Rusty Rainbow pedestrian bridge. The property was built in 1922 and offers a residential income profile within New Orleans’ 70117 ZIP code.
Key Highlights
- 2022 renovation with updated electrical, HVAC, and plumbing
- 1,040 square feet with 2 bedrooms and 2 bathrooms
- Corner‑lot property at 940 CONGRESS Street in New Orleans
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
$13,169
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
3.03%
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%
$263,380
$263.4K
Cap Rate 7%
$188,129
$188.1K
Cap Rate 9%
$146,322
$146.3K
Market Conditions
NOI Build-Up for 1,040 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
$20.6K $19.80/SF
− Vacancy
−$1.8K −$1.71/SF
EGI
$18.8K $18.09/SF
− OpEx
−$5.6K −$5.43/SF
NOI
$13.2K $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%
$263,380
Cap Rate 7%
$188,129
Cap Rate 9%
$146,322
Alternative Uses
Best Use
Multifamily LT 5
$188.1K
$164.6K – $219.5K
NOI $13,169 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$172.9K
$151.3K – $201.7K
NOI $12,104 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$264.3K
$231.3K – $308.4K
NOI $18,503 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,124
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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 - Corner-lot cottage with updated systems, off-street parking, and a fenced backyard in New Orleans’ Bywater neighborhood.
Where is this duplex located?
The property is located at 940 CONGRESS Street New Orleans, LA.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: 2022 renovation with updated electrical, HVAC, and plumbing; 1,040 square feet with 2 bedrooms and 2 bathrooms; Corner‑lot property at 940 CONGRESS Street in New Orleans
