Two-Unit Shotgun
2923 Milan Street, New Orleans, LA 70115
For Sale
New
$279,000
Multifamily, New Orleans, LA
Property Size1,786 SF
Lot Size0.11 Acres
Price / SF$156.22
Days on Market5
Property Features for 2923 Milan Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Window features
Patio and Porch features
Interior features
Lot features
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Cooling system
Water source
Amenities
covered front porch
shaded backyard
storage shed
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Architectural style
Additional Structures
Buildings
Listing Agency:
Keller Williams Realty NO
(504) 862-0100
Listed By:
Chris M Smith · License LA #000009641
(504) 231-2004
Added: Nov 10
Changed: Nov 13
Last Checked: Nov 14 at 1:06AM
MLS# 200VDP
Copyright © 2026 ROAM MLS. 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.
This raised, single-story duplex contains two side-by-side shotgun residences. Each unit has two bedrooms, one full bathroom, approximately 893 square feet of living area, high ceilings, and wood floors. The property totals 1,786 square feet on a 39' x 120' lot. A covered front porch, shaded backyard, storage shed, and two off-street parking spaces serve the building. Separate electric and water meters are in place for each residence, and tenants pay electricity, gas, water, sewer, and trash collection.
The property is at 2923 Milan Street in New Orleans, two blocks from Napoleon Avenue and on the riverside of South Claiborne Avenue. Both units are currently leased. Built in 1950, the building has window-unit cooling and ceiling fans, with public water and sewer service.
The property is at 2923 Milan Street in New Orleans, two blocks from Napoleon Avenue and on the riverside of South Claiborne Avenue. Both units are currently leased. Built in 1950, the building has window-unit cooling and ceiling fans, with public water and sewer service.
Key Highlights
- Two leased units, each with 2 bedrooms and 1 full bath
- Approximately 893 square feet per unit; 1,786 square feet total
- 39' x 120' lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,351
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$307,020
$307.0K
Cap Rate 7%
$219,300
$219.3K
Cap Rate 9%
$170,567
$170.6K
Market Conditions
NOI Build-Up for 1,786 SF
Gross rent
$24.0K $13.44/SF
− Vacancy
−$2.1K −$1.16/SF
EGI
$21.9K $12.28/SF
− OpEx
−$6.6K −$3.68/SF
NOI
$15.4K $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%
$307,020
Cap Rate 7%
$219,300
Cap Rate 9%
$170,567
Alternative Uses
Best Use
Multifamily LT 5
$219.3K
$191.9K – $255.9K
NOI $15,351 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$194.4K
$170.1K – $226.8K
NOI $13,608 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$471.2K
$412.3K – $549.7K
NOI $32,984 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,720
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
$616,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - Both residences are leased and feature two bedrooms, one bathroom, wood flooring, and high ceilings.
Where is this duplex located?
The property is located at 2923 Milan Street New Orleans, LA.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two leased units, each with 2 bedrooms and 1 full bath; Approximately 893 square feet per unit; 1,786 square feet total; 39' x 120' lot
