Two-Story Duplex with Front
For Sale
$549,000
2405-07 Milan Street, New Orleans, LA 70115
Renovated kitchens and baths complement wood floors, high ceilings, and flexible bonus space.
Property Size2,878 SF
Price / SF$190.76
Days on Market122
Property Features for 2405-07 Milan Street
General Information
Standard status
Active
Size
2,878 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Amenities
front porch
backyard
storage
wood floors
high ceilings
smart floor plan
solar panels
renovated bathrooms & kitchens
central mini splits
Wall Unit(s)
Wall Furnace
1
4
2
yes
6
Asphalt
Pillar/Post/Pier
HardiPlank Type, Wood Siding
Building Details
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Property New Orleans, LLC
Listed By:
Toni Thompson · License #995709249
(504) 416-7936
Source:
Compass
Added: May 4
Changed: Sep 2
Last Checked: Aug 31 at 10:17PM
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 Property New Orleans, LLC
Investment Insights
Based on property information with market context.
This two-story duplex contains 2,878 square feet, with each side offering 2 bedrooms and 2.5 bathrooms plus bonus space. The interiors feature wood flooring, high ceilings, renovated kitchens and bathrooms, and central mini-split systems. A large front porch, backyard, and storage area extend the usable space. Solar panels serve the owner-occupied side, and the property includes a security system.
Built in 1920, the property is positioned near the Freret corridor and a parade route, with access toward area universities and nearby restaurants. Its dual-unit layout, separate side-by-side living areas, and substantial outdoor features support a range of residential income or owner-occupant arrangements.
Built in 1920, the property is positioned near the Freret corridor and a parade route, with access toward area universities and nearby restaurants. Its dual-unit layout, separate side-by-side living areas, and substantial outdoor features support a range of residential income or owner-occupant arrangements.
Key Highlights
- 2,878‑square‑foot two‑story duplex
- 2 bedrooms and 2.5 bathrooms per side, plus bonus space
- Renovated kitchens and bathrooms with wood floors and high ceilings
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
$24,737
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
4.51%
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%
$494,740
$494.7K
Cap Rate 7%
$353,386
$353.4K
Cap Rate 9%
$274,856
$274.9K
Market Conditions
NOI Build-Up for 2,878 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
$38.7K $13.44/SF
− Vacancy
−$3.3K −$1.16/SF
EGI
$35.3K $12.28/SF
− OpEx
−$10.6K −$3.68/SF
NOI
$24.7K $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%
$494,740
Cap Rate 7%
$353,386
Cap Rate 9%
$274,856
Alternative Uses
Best Use
Multifamily LT 5
$353.4K
$309.2K – $412.3K
NOI $24,737 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$313.3K
$274.1K – $365.5K
NOI $21,928 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$759.3K
$664.4K – $885.9K
NOI $53,151 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,298
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 - Renovated kitchens and baths complement wood floors, high ceilings, and flexible bonus space.
Where is this duplex located?
The property is located at 2405-07 Milan Street New Orleans, LA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 2,878‑square‑foot two‑story duplex; 2 bedrooms and 2.5 bathrooms per side, plus bonus space; Renovated kitchens and bathrooms with wood floors and high ceilings
