Two-Unit Duplex with New
For Sale
$299,000
405 07 N Tonti Street, New Orleans, LA 70119
Newer duplex with two one-bedroom residences, open layouts, private parking, and low-maintenance exterior features.
Property Size1,742 SF
Price / SF$171.64
Days on Market41
Property Features for 405 07 N Tonti Street
General Information
Standard status
Active
Size
1,742 SF
Property subtype
Residential Income
Amenities
off-street parking
yard
outside storage unit
Building Details
Tenancy
Multi
Listing Agency:
REVE, REALTORS
(504) 610-5637
Listed By:
Joey Walker · License #995699523
(504) 610-5637
Source:
Exprealty
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 21 at 11:12AM
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 REVE, REALTORS
Investment Insights
Based on property information with market context.
This newer duplex contains two 1-bedroom, 1-bath units, each arranged around an open living area. Interiors include granite kitchen counters, stainless appliances, laminate flooring, 9-foot ceilings, private bedrooms with generous closets, and washer/dryer connections. The property also provides off-street parking, a yard, an additional exterior storage unit, and a recently installed roof. With 1,742 square feet overall, the building offers a compact two-unit configuration at 405 07 N Tonti Street.
The property is one block from the Lafitte Greenway, three blocks from Canal Street and the LSU/VA Medical Center, and within walking distance of Flower Moon Bagels and Whole Foods. Its Mid-City setting places daily retail, medical, transportation, and recreational destinations nearby.
The property is one block from the Lafitte Greenway, three blocks from Canal Street and the LSU/VA Medical Center, and within walking distance of Flower Moon Bagels and Whole Foods. Its Mid-City setting places daily retail, medical, transportation, and recreational destinations nearby.
Key Highlights
- Two 1‑bedroom/1‑bath units within a 1,742‑square‑foot duplex
- Granite countertops, stainless appliances, laminate flooring, and 9' ceilings
- Washer/dryer connections in both units
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
$22,058
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
7.38%
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%
$441,160
$441.2K
Cap Rate 7%
$315,114
$315.1K
Cap Rate 9%
$245,089
$245.1K
Market Conditions
NOI Build-Up for 1,742 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
$34.5K $19.80/SF
− Vacancy
−$3.0K −$1.71/SF
EGI
$31.5K $18.09/SF
− OpEx
−$9.5K −$5.43/SF
NOI
$22.1K $12.66/SF
Area
ZIP 70119
Vacancy
8.64%
Lease Rate
$19.80 /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%
$441,160
Cap Rate 7%
$315,114
Cap Rate 9%
$245,089
Alternative Uses
Best Use
Multifamily LT 5
$315.1K
$275.7K – $367.6K
NOI $22,058 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$289.6K
$253.4K – $337.9K
NOI $20,275 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$455.8K
$398.9K – $531.8K
NOI $31,908 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 70119, LA
38,048
Population
21,595
Households
1.8
Avg Household Size
37
Median Age
47%
College-Educated
89%
High-School Grad
4.5 sq mi
ZIP Area
8,455
Density / Sq Mi
$50,854
Median Household Income
$44,278
Median Earnings
$1,298
Median Rent
$359,300
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 - Newer duplex with two one-bedroom residences, open layouts, private parking, and low-maintenance exterior features.
Where is this duplex located?
The property is located at 405 07 N Tonti Street New Orleans, LA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two 1‑bedroom/1‑bath units within a 1,742‑square‑foot duplex; Granite countertops, stainless appliances, laminate flooring, and 9' ceilings; Washer/dryer connections in both units
