Two-Unit Duplex with Front
2405-07 MILAN Street, New Orleans, LA 70115
For Sale
$549,000
New Orleans, LA
Property Size2,878 SF
Price / SF$190.76
Days on Market52
Property Features for 2405-07 MILAN Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Standard status
Size
Amenities
front porch
back yard
storage
wood floors
high ceilings
solar panels
central mini splits
Building Details
Year built
Buildings
Listing Agency:
Engel & Volkers New Orleans · Engel & Völkers
(504) 234-5000
Listed By:
Kiley P Martin · License #995704212
Added: Sep 16
Changed: Nov 1
Last Checked: Nov 6 at 9:06PM
MLS# 2576945
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1920, this two-story duplex contains two residences, each with two bedrooms, 2.5 baths, and additional bonus space. The property offers a large front porch, a rear yard with storage, wood flooring, high ceilings, and an efficient layout. Both kitchens and bathrooms have been renovated, while central mini-split systems provide climate control. Solar panels are installed on the owner's side, and the seller has qualified for a fortified roof grant with replacement work underway.
The property is located on Milan Street in New Orleans' Uptown area, near the Freret Corridor, universities, restaurants, a parade route, and Trader Joe's across Napoleon Avenue. Its 2,878 square feet provide a substantial residential income configuration with two distinct living spaces.
The property is located on Milan Street in New Orleans' Uptown area, near the Freret Corridor, universities, restaurants, a parade route, and Trader Joe's across Napoleon Avenue. Its 2,878 square feet provide a substantial residential income configuration with two distinct living spaces.
Key Highlights
- Two residences, each with 2 bedrooms and 2.5 baths
- 2,878 square feet across a two‑story duplex
- Renovated kitchens and bathrooms with central mini‑split systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,737
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
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
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 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.
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Who owns this building?
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Lease Details
2
Residential units
Yes
Paved road access
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
$616,600
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in New Orleans, LA
Properties on Market for Duplexes in New Orleans
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two-story duplex with updated kitchens and baths, wood flooring, high ceilings, and separate outdoor areas.
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: Two residences, each with 2 bedrooms and 2.5 baths; 2,878 square feet across a two‑story duplex; Renovated kitchens and bathrooms with central mini‑split systems
