All-Stucco Duplex with Bonus
For Sale
$475,000
206 S Solomon St, New Orleans, LA 70119
Two independent residences and additional bonus space create flexible options for occupancy, rental income, or multigenerational living.
Property Size2,620 SF
Price / SF$181.30
Days on Market30
Property Features for 206 S Solomon St
General Information
Standard status
Active
Size
2,620 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Construction
stucco
Listing Agency:
Keller Williams Realty New Orleans
(504) 231-2004
Listed By:
Chris Smith · License #09641
(504) 231-2004
Source:
Exprealty
Added: Jul 24
Changed: Aug 22
Last Checked: Aug 22 at 9:17AM
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 Keller Williams Realty New Orleans
Investment Insights
Based on property information with market context.
This all-stucco duplex includes two separate residences with distinct layouts. The upper unit provides approximately 1,519 square feet with three independent bedrooms, two full bathrooms, and an open living arrangement. The lower unit contains approximately 1,100 square feet, including oversized living and dining areas, an updated kitchen, and a private primary suite. A separate approximately 560-square-foot bonus area, excluded from the stated living area, adds an attached half bath and can accommodate a workshop, gym, studio, or other creative use.
The property is positioned one block from Canal Street and one block from Carrollton Avenue, with the N. Carrollton Avenue commercial corridor nearby. Restaurants, cafés, shops, and daily conveniences are located within the surrounding area. The configuration supports owner occupancy with rental income, multigenerational living, or use as a two-unit residential income property.
The property is positioned one block from Canal Street and one block from Carrollton Avenue, with the N. Carrollton Avenue commercial corridor nearby. Restaurants, cafés, shops, and daily conveniences are located within the surrounding area. The configuration supports owner occupancy with rental income, multigenerational living, or use as a two-unit residential income property.
Key Highlights
- All‑stucco duplex with two independent residential units
- Upper unit offers approximately 1,519 square feet, 3 bedrooms, and 2 full baths
- Lower unit includes approximately 1,100 square feet and an updated kitchen
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
Property Profile
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
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 independent residences and additional bonus space create flexible options for occupancy, rental income, or multigenerational living.
Where is this duplex located?
The property is located at 206 S Solomon St 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: All‑stucco duplex with two independent residential units; Upper unit offers approximately 1,519 square feet, 3 bedrooms, and 2 full baths; Lower unit includes approximately 1,100 square feet and an updated kitchen
