Stucco Duplex with Flexible Bonus
For Sale
$475,000
206 S SOLOMON Street, New Orleans, LA 70119
Multi-Family, Traditional, New Orleans, LA
Property Size2,620 SF
Price / SF$181.30
Days on Market49
Property Features for 206 S SOLOMON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Balcony, Courtyard, Fence, Porch, Window Screens
Fencing
Fenced
Lot features
Regular
Subdivision
Mid City
Standard status
Active
APN
206SSolomonST
Size
2,620 SF
Taxes and HOA fees
Tax Description
SQ 782 LOT 29 SO SOLOMON 43 7X110 206-206 1/2 SO SOLOMON
Legal Description
SQ 782 LOT 29 SO SOLOMON 43 7X110 206-206 1/2 SO SOLOMON
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Number of units
3
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Chris Smith · License #000009641
(504) 231-2004
Added: Jul 24
Changed: Sep 10
Last Checked: Sep 10 at 8:06PM
MLS# 2569309
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 1950 duplex provides 2,620 square feet across two residential units. The upper residence includes approximately 1,519 square feet, three separate bedrooms, two full baths, and an open living arrangement. The lower unit measures approximately 1,100 square feet and includes oversized living and dining areas, an updated kitchen, and a private primary suite. An additional approximately 560-square-foot area, excluded from the stated living area, includes an attached half bath and can accommodate a range of personal or household uses.
The property is positioned one block from Canal Street and one block from Carrollton Avenue, with restaurants, cafes, shops, and daily conveniences along the nearby N. Carrollton Avenue commercial corridor. Exterior features include an all-stucco finish, balcony, courtyard, porch, fencing, and window screens. Central heating and cooling, public water, shingle roofing, and driveway parking are also included.
The property is positioned one block from Canal Street and one block from Carrollton Avenue, with restaurants, cafes, shops, and daily conveniences along the nearby N. Carrollton Avenue commercial corridor. Exterior features include an all-stucco finish, balcony, courtyard, porch, fencing, and window screens. Central heating and cooling, public water, shingle roofing, and driveway parking are also included.
Key Highlights
- 2,620 square feet arranged as a duplex
- Upper unit offers approximately 1,519 square feet, three bedrooms, and two full baths
- Lower unit contains approximately 1,100 square feet with updated kitchen and private primary suite
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
$33,176
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
6.98%
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%
$663,520
$663.5K
Cap Rate 7%
$473,943
$473.9K
Cap Rate 9%
$368,622
$368.6K
Market Conditions
NOI Build-Up for 2,620 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
$51.9K $19.80/SF
− Vacancy
−$4.5K −$1.71/SF
EGI
$47.4K $18.09/SF
− OpEx
−$14.2K −$5.43/SF
NOI
$33.2K $12.66/SF
Area
ZIP 70119
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%
$663,520
Cap Rate 7%
$473,943
Cap Rate 9%
$368,622
Alternative Uses
Best Use
Multifamily LT 5
$473.9K
$414.7K – $552.9K
NOI $33,176 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$435.6K
$381.2K – $508.2K
NOI $30,494 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$685.6K
$599.9K – $799.8K
NOI $47,990 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,967
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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-unit property with separate living areas, updated lower-level kitchen, and additional versatile space with a half bath.
Where is this duplex located?
The property is located at 206 S SOLOMON Street New Orleans, LA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2,620 square feet arranged as a duplex; Upper unit offers approximately 1,519 square feet, three bedrooms, and two full baths; Lower unit contains approximately 1,100 square feet with updated kitchen and private primary suite
