Two-Unit Duplex with Driveway
For Sale
$299,000
405 N TONTI Street, New Orleans, LA 70119
Multi-Family, Traditional, New Orleans, LA
Property Size1,742 SF
Price / SF$171.64
Days on Market50
Property Features for 405 N TONTI Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Driveway
Lot features
Corner
Subdivision
Lafitte Greenway
Standard status
Active
APN
206203213
Size
1,742 SF
Taxes and HOA fees
Tax Description
As Per Title
Legal Description
As Per Title
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
yard
outside storage unit
washer/dryer connections
granite countertops
stainless appliances
9' ceilings
laminate flooring
Building Details
Year built
2000
Floors in Building
2
Number of units
2
Architectural style
Other
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Joey Walker · License #995699523
(504) 610-5637
Added: Jul 13
Changed: Aug 25
Last Checked: Aug 31 at 2:06PM
MLS# 2567517
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. 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.
Built in 2000, this 1,742-square-foot duplex contains two one-bedroom, one-bathroom residences. Each unit has an open living arrangement, granite kitchen counters, stainless appliances, a private bedroom, generous closet space, nine-foot ceilings, and laminate flooring. Washer/dryer connections are included in both units. The property also offers central heating and cooling, a driveway for off-street parking, a yard, an exterior storage unit, and a new roof.
The duplex is located in New Orleans’ Mid-City area, one block from the Lafitte Greenway and three blocks from Canal Street and the LSU/VA Medical Center. Whole Foods and Flower Moon Bagels are also identified as nearby destinations. The two-unit layout can accommodate an owner-occupant using one residence while renting the other, or continued use as a two-unit rental property.
The duplex is located in New Orleans’ Mid-City area, one block from the Lafitte Greenway and three blocks from Canal Street and the LSU/VA Medical Center. Whole Foods and Flower Moon Bagels are also identified as nearby destinations. The two-unit layout can accommodate an owner-occupant using one residence while renting the other, or continued use as a two-unit rental property.
Key Highlights
- Two‑unit duplex with 1,742 square feet
- Two 1‑bedroom, 1‑bathroom units
- Granite countertops and stainless appliances in both kitchens
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
2
Residential units
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 - Both residences feature open layouts, equipped kitchens, private bedrooms, and washer/dryer connections.
Where is this duplex located?
The property is located at 405 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‑unit duplex with 1,742 square feet; Two 1‑bedroom, 1‑bathroom units; Granite countertops and stainless appliances in both kitchens
