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    Historic New Orleans Shotgun Double Title is generated by Realmo AI

    918 MONTEGUT Street, New Orleans, LA 70117

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    For Sale
    $279,900

    MULTI_FAMILY - New Orleans, LA

    Property size:
    1,890 SF
    Price / SF:
    $148/SF
    Added:
    Apr 1, 2026
    Days on Market:
    60
    Last Refresh:
    May 30 at 1:06 am

    Property Features for 918 MONTEGUT Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Off Street
    Exterior features
    Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    39W200406
    Size
    1,890 SF

    Utilities

    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1850
    Floors in Building
    1
    Number of units
    2
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Trey Miley

    Listing agent Trey Miley License #995709617

    Listing office 1 Percent Lists Legacy 1007 E Judge Perez Dr, Chalmette, LA

    Listing date Apr 1, 2026

    MLS# 2550819 Listing URL

    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.

    HighLights

    • Historic 1850's shotgun double with New Orleans charm
    • Two units, each with 2 bedrooms and 1 bath
    • Excellent opportunity for restoration and value‑add
    • Convenient interior laundry area with washer/dryer hookups in each unit
    • Fenced rear yard for outdoor activities
    • Close proximity to restaurants, shops, and downtown New Orleans amenities

    Overview

    This historic 1850's shotgun double is priced for restoration and retains New Orleans charm. The property features two units, each offering two bedrooms and one bath. The units include tall ceilings, decorative mantels, and transoms, with a classic shotgun layout that allows for flexible living and dining spaces. Each unit also has an eat-in style kitchen with cabinet storage and a gas range, plus an interior laundry area with washer/dryer hookups. The home requires updating and deferred maintenance, presenting an opportunity for investors or owner-occupants to restore a historic facade and interiors. A fenced rear yard provides green space for gardening, outdoor entertaining, or future improvements. With approximately 1,890 total square feet, this duplex is located in a vibrant neighborhood close to restaurants, shops, and downtown New Orleans amenities. The property is intended for use as a multi-family residential income property.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $37.4k $19.80
    − Vacancy −$3.2k −$1.71
    EGI $34.2k $18.09
    − OpEx −$10.3k −$5.43
    NOI $23.9k $12.66
    1,890 SF · lease $19.80/SF/yr · vacancy 8.64% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $341.9K
    $299.2K – $398.9K (±1% cap)
    NOI $23,932 @ 7.0% cap · market cap 8.55%
    Second Best
    Apartment 5plus
    $314.2K
    $275.0K – $366.6K (±1% cap)
    NOI $21,997 @ 7.0% cap · market cap 7.86%
    Theoretical Best
    Office A
    $480.4K
    $420.3K – $560.4K (±1% cap)
    NOI $33,626 @ 7.0% cap · market cap 12.01%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.046745
    Latitude
    29.966323

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    FAQs

    What type of property is this?
    Duplex - Two-unit property with restoration potential in vibrant New Orleans neighborhood.
    Where is this duplex located?
    The property is located at 918 MONTEGUT Street New Orleans, LA.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: Historic 1850's shotgun double with New Orleans charm; Two units, each with 2 bedrooms and 1 bath; Excellent opportunity for restoration and value‑add
    (504) 499-0047
    We can help!
    Listing Contact
    Trey Miley
    Real Estate License ID: 995709617
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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