Triplex with Updated Building
For Sale
$444,900
700 Milan St, New Orleans, LA 70115
Three occupied residences combine established tenancy with recent improvements to the roof, windows, and electrical service.
Property Size2,728 SF
Price / SF$163.09
Days on Market10
Property Features for 700 Milan St
General Information
Standard status
Active
Size
2,728 SF
Property subtype
Residential Income
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
Tenancy
Multi
Listing Agency:
Realty One Group Immobilia
(985) 218-8081
Listed By:
Keitisha Young · License #995706701
(985) 201-4748
Source:
Exprealty
Added: Oct 20
Changed: Oct 28
Last Checked: Oct 28 at 4:04PM
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 Realty One Group Immobilia
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Investment Insights
Based on property information with market context.
At 700 Milan Street, this three-unit property contains 6 bedrooms, 3 bathrooms, and approximately 2,728 square feet. The roof was replaced in 2022, windows were installed in April 2025, and electrical service and breaker panels were updated in spring 2026. Unit 702 received a water heater in 2025, while Unit 4209 has three new window air conditioners. All three units are occupied by longtime tenants; lease terms and obligations should be reviewed when assessing occupancy or future use.
The property is near Magazine Street shops, coffee spots, restaurants, and Laurence Square. Grocery stores, Tipitina’s, and St. Charles streetcar access are also nearby, with Downtown, the Warehouse District, Tulane, and Loyola accessible from the area. The reported flood designation is X500 and should be verified.
The property is near Magazine Street shops, coffee spots, restaurants, and Laurence Square. Grocery stores, Tipitina’s, and St. Charles streetcar access are also nearby, with Downtown, the Warehouse District, Tulane, and Loyola accessible from the area. The reported flood designation is X500 and should be verified.
Key Highlights
- Triplex with 6 bedrooms and 3 bathrooms across approximately 2,728 square feet
- All 3 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 - Three occupied residences combine established tenancy with recent improvements to the roof, windows, and electrical service.
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 and 3 bathrooms across approximately 2,728 square feet; All 3 units are occupied by longtime tenants; Roof replaced in 2022; windows installed in April 2025
