Two-Story Duplex with Front
For Sale
$549,000
2405 07 MILAN Street, New Orleans, LA 70115
New Orleans, LA
Property Size2,878 SF
Price / SF$190.76
Days on Market57
Property Features for 2405 07 MILAN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 4
Standard status
Active
Size
2,878 SF
Building Details
Year built
1925
Listing Agency:
Engel & Volkers New Orleans · Engel & Völkers
(504) 234-5000
Listed By:
Kiley Martin · License #995704212
(504) 957-3019
Added: Jul 9
Changed: Aug 20
Last Checked: Sep 3 at 12:06PM
MLS# 2564943
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.
Investment Insights
Based on property information with market context.
This 1925 two-story duplex contains 2,878 square feet, with two bedrooms and 2.5 baths in each residence plus additional bonus space. The interiors feature wood floors, high ceilings, renovated kitchens and bathrooms, and central mini-split systems. A broad front porch, rear yard, and storage area add usable outdoor and ancillary space. Solar panels are installed on the owner’s side.
The property is located at 2405–07 Milan Street in New Orleans’ Uptown neighborhood, near the Freret Corridor and across Napoleon from a Trader Joe’s. The surrounding context includes universities, restaurants, and the parade route. Each side follows a similar residential layout, providing a two-unit configuration with distinct living areas and shared outdoor amenities.
The property is located at 2405–07 Milan Street in New Orleans’ Uptown neighborhood, near the Freret Corridor and across Napoleon from a Trader Joe’s. The surrounding context includes universities, restaurants, and the parade route. Each side follows a similar residential layout, providing a two-unit configuration with distinct living areas and shared outdoor amenities.
Key Highlights
- 2,878‑square‑foot duplex built in 1925
- Two bedrooms and 2.5 baths per side, plus bonus space
- Renovated 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
Property Profile
Current Use
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
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 - Both residences include two bedrooms, two-and-a-half baths, and 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 duplex built in 1925; Two bedrooms and 2.5 baths per side, plus bonus space; Renovated kitchens and bathrooms with central mini‑split systems
