Historic Duplex with Covered
For Sale
$759,000
1118 20 Milan St, New Orleans, LA 70115
Two-unit property with original architectural details, refreshed kitchens, and a private fenced rear yard.
Property Size2,855 SF
Price / SF$265.85
Days on Market27
Property Features for 1118 20 Milan St
General Information
Standard status
Active
Size
2,855 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
covered porch
second-floor balcony
fenced backyard
Building Details
Year Built
1900
Listing Agency:
Satsuma Real Estate LLC
(504) 345-9737
Listed By:
William King · License #995688927
Source:
Fiorellaavenue
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 30 at 7:46PM
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 Satsuma Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 2,855 SF duplex combines historic character with updated interior features. The property includes two units, each arranged with airy double parlors and kitchens finished with stone countertops. Original wood flooring, mantels, and detailed millwork remain, while a deep covered porch and full-width second-floor balcony define the front elevation.
The property is located at 1118 20 Milan St in New Orleans, between St. Charles and Magazine. It sits two blocks from the Mardi Gras parade route and includes a large fenced backyard. The existing duplex configuration supports use as a two-unit residence, while the source information also identifies the possibility of conversion to a single-family home.
The property is located at 1118 20 Milan St in New Orleans, between St. Charles and Magazine. It sits two blocks from the Mardi Gras parade route and includes a large fenced backyard. The existing duplex configuration supports use as a two-unit residence, while the source information also identifies the possibility of conversion to a single-family home.
Key Highlights
- 2,855 SF duplex built in 1900
- Two units with double‑parlor layouts
- Updated kitchens with stone countertops
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
$24,539
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
3.23%
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%
$490,780
$490.8K
Cap Rate 7%
$350,557
$350.6K
Cap Rate 9%
$272,656
$272.7K
Market Conditions
NOI Build-Up for 2,855 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
$38.4K $13.44/SF
− Vacancy
−$3.3K −$1.16/SF
EGI
$35.1K $12.28/SF
− OpEx
−$10.5K −$3.68/SF
NOI
$24.5K $8.60/SF
Area
ZIP 70115
Vacancy
8.64%
Lease Rate
$13.44 /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%
$490,780
Cap Rate 7%
$350,557
Cap Rate 9%
$272,656
Alternative Uses
Best Use
Multifamily LT 5
$350.6K
$306.7K – $409.0K
NOI $24,539 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$310.8K
$271.9K – $362.6K
NOI $21,753 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$753.2K
$659.1K – $878.8K
NOI $52,726 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,748
Businesses Nearby
Explore this area
Business Placement
Demographics for 70115, LA
31,736
Population
18,134
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
95%
High-School Grad
3.8 sq mi
ZIP Area
8,352
Density / Sq Mi
$94,181
Median Household Income
$57,242
Median Earnings
$1,442
Median Rent
$616,600
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-unit property with original architectural details, refreshed kitchens, and a private fenced rear yard.
Where is this duplex located?
The property is located at 1118 20 Milan St New Orleans, LA.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: 2,855 SF duplex built in 1900; Two units with double‑parlor layouts; Updated kitchens with stone countertops
