Two-Unit Uptown
For Sale
$549,000
2405-07 Milan Street, New Orleans, LA 70115
Two-story layouts include updated kitchens and baths, mini-split climate control, front porch space, and rear storage.
Property Size2,878 SF
Price / SF$190.76
Days on Market12
Property Features for 2405-07 Milan Street
General Information
Standard status
Active
Size
2,878 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Amenities
front porch
back yard
storage
solar panels
central mini splits
Building Details
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Engel & Völkers New Orleans
Listed By:
Kiley Martin · License #MARTKILE
(504) 957-3019
Source:
Thepuckettteam
Added: Sep 16
Last Checked: Sep 24 at 7:16AM
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 Engel & Völkers New Orleans
Investment Insights
Based on property information with market context.
Built in 1920, this 2,878-square-foot duplex at 2405-07 Milan Street features two separate two-story residences. Each side includes two bedrooms, 2.5 baths, bonus space, wood floors, high ceilings, an updated kitchen and bathroom, and central mini-split systems. The property also offers a large shared front porch, a rear yard, and storage space.
The property is positioned in New Orleans’ Uptown neighborhood, near the Freret Corridor and across Napoleon from Trader Joe’s. Universities, restaurants, and the parade route are also nearby. Solar panels serve the owner’s side. The seller has qualified for a fortified roof grant, with roof replacement in progress.
The property is positioned in New Orleans’ Uptown neighborhood, near the Freret Corridor and across Napoleon from Trader Joe’s. Universities, restaurants, and the parade route are also nearby. Solar panels serve the owner’s side. The seller has qualified for a fortified roof grant, with roof replacement in progress.
Key Highlights
- 2,878‑square‑foot duplex built in 1920
- Each side has 2 bedrooms, 2.5 baths, and bonus space
- Updated kitchens and bathrooms with central mini‑split systems
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
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Open 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
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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-story layouts include updated kitchens and baths, mini-split climate control, front porch space, and rear storage.
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 duplex built in 1920; Each side has 2 bedrooms, 2.5 baths, and bonus space; Updated kitchens and bathrooms with central mini‑split systems
