Updated
New
For Sale
$444,900
700 Milan St, New Orleans, LA 70115
All three residences are occupied, with recent roof, window and electrical work completed.
Property Size2,728 SF
Price / SF$163.09
Days on Market2
Property Features for 700 Milan St
General Information
Standard status
Active
Size
2,728 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
East Riverside
Public Transit
Yes
Additional Details
Average Monthly Rent
$925
Multifamily Units
3
Tenant in Place
Yes
Building Details
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
The W Group Real Estate LLC
(225) 577-6555
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Oct 23
Changed: Oct 24
Last Checked: Oct 23 at 6:01PM
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 The W Group Real Estate LLC
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Investment Insights
Based on property information with market context.
At 700 Milan Street, this three-unit residential property contains 6 bedrooms, 3 bathrooms and approximately 2,728 square feet. Built in 1930, the building has three occupied units. The roof was replaced in 2022, windows were installed in April 2025, and electrical service and breaker panels were replaced in spring 2026. Unit 702 received a water heater in 2025, while Unit 4209 has three new window air conditioners. There is no HOA, and the reported flood designation is X500, which buyers should verify.
Magazine Street retail, coffee shops and restaurants are nearby, along with Laurence Square, grocery stores and Tipitina’s. The St. Charles streetcar provides a nearby transit option. Downtown, the Warehouse District, Tulane University and Loyola University are also accessible. Showings require at least 48 hours’ notice.
Magazine Street retail, coffee shops and restaurants are nearby, along with Laurence Square, grocery stores and Tipitina’s. The St. Charles streetcar provides a nearby transit option. Downtown, the Warehouse District, Tulane University and Loyola University are also accessible. Showings require at least 48 hours’ notice.
Key Highlights
- Triplex with 6 bedrooms, 3 bathrooms and approximately 2,728 square feet
- All three units are occupied by longtime tenants
- Roof replaced in 2022; windows installed in April 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,448
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$468,960
$469.0K
Cap Rate 7%
$334,971
$335.0K
Cap Rate 9%
$260,533
$260.5K
Market Conditions
NOI Build-Up for 2,728 SF
Gross rent
$36.7K $13.44/SF
− Vacancy
−$3.2K −$1.16/SF
EGI
$33.5K $12.28/SF
− OpEx
−$10.0K −$3.68/SF
NOI
$23.4K $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%
$468,960
Cap Rate 7%
$334,971
Cap Rate 9%
$260,533
Alternative Uses
Best Use
Multifamily LT 5
$335.0K
$293.1K – $390.8K
NOI $23,448 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$296.9K
$259.8K – $346.4K
NOI $20,785 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$719.7K
$629.8K – $839.7K
NOI $50,381 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,537
Businesses Nearby
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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
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - All three residences are occupied, with recent roof, window and electrical work completed.
Where is this triplex located?
The property is located at 700 Milan St New Orleans, LA.
What is the asking price?
The asking price for this property is $444,900.
What are key features of this property?
This property features: Triplex with 6 bedrooms, 3 bathrooms and approximately 2,728 square feet; All three units are occupied by longtime tenants; Roof replaced in 2022; windows installed in April 2025
