Shotgun Duplex with
New
For Sale
$559,000
6046 PATTON Street, New Orleans, LA 70118
MULTI_FAMILY - New Orleans, LA
Property Size2,225 SF
Price / SF$251.24
Days on Market5
Property Features for 6046 PATTON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Carport, Garage
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Standard status
Active
APN
6046-PATTONST
Size
2,225 SF
Taxes and HOA fees
Tax Description
BURTHEVILLE SQ 17 LOT N PATTON 38X152 6046-48 PATTON ST
Legal Description
BURTHEVILLE SQ 17 LOT N PATTON 38X152 6046-48 PATTON ST
Utilities
Heating system
Central
Cooling system
Central Air, Window Unit(s)
Water source
Public
Amenities
fenced yard
carport
garage
porch
hardwood floors
high ceilings
Building Details
Year built
1900
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Polly Eagan · License #000043298
(504) 452-3571
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 5:06PM
MLS# 2571266
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.
This 2,225-square-foot duplex dates to 1900 and retains period architectural details, including a front porch, 11.9-foot ceilings in the front rooms, numerous windows, and hardwood floors. The property includes a fenced yard, carport, and garage. Central heating, Central Air, and window-unit cooling serve the residence, while public water is available. The shingle roof was replaced in 2022.
The property is located three blocks from Audubon Park and Magazine Street in New Orleans. Its setting includes nearby residential properties that have undergone renovations and additions. The existing layout and preserved historic features provide a clear physical base for continued residential use or future improvements, subject to applicable requirements.
The property is located three blocks from Audubon Park and Magazine Street in New Orleans. Its setting includes nearby residential properties that have undergone renovations and additions. The existing layout and preserved historic features provide a clear physical base for continued residential use or future improvements, subject to applicable requirements.
Key Highlights
- 2,225‑square‑foot duplex built in 1900
- Shingle roof replaced in 2022
- 11.9‑foot ceilings in front rooms with hardwood floors
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
$28,174
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
5.04%
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%
$563,480
$563.5K
Cap Rate 7%
$402,486
$402.5K
Cap Rate 9%
$313,044
$313.0K
Market Conditions
NOI Build-Up for 2,225 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
$44.1K $19.80/SF
− Vacancy
−$3.8K −$1.71/SF
EGI
$40.2K $18.09/SF
− OpEx
−$12.1K −$5.43/SF
NOI
$28.2K $12.66/SF
Area
New Orleans, LA
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%
$563,480
Cap Rate 7%
$402,486
Cap Rate 9%
$313,044
Alternative Uses
Best Use
Multifamily LT 5
$402.5K
$352.2K – $469.6K
NOI $28,174 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$369.9K
$323.7K – $431.6K
NOI $25,896 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$565.5K
$494.8K – $659.8K
NOI $39,586 @ 7.0% cap · market cap 7.08%
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
1,400
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
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 - Historic two-unit property with a fenced yard, garage, carport, and shingle roof replaced in 2022.
Where is this duplex located?
The property is located at 6046 PATTON Street New Orleans, LA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: 2,225‑square‑foot duplex built in 1900; Shingle roof replaced in 2022; 11.9‑foot ceilings in front rooms with hardwood floors
