Renovated Duplex with Accessory
New
For Sale
$475,000
905 ELYSIAN FIELDS Avenue, New Orleans, LA 70117
Multi-Family, Cottage, New Orleans, LA
Property Size1,142 SF
Price / SF$415.94
Days on Market5
Property Features for 905 ELYSIAN FIELDS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Exterior features
Courtyard
Lot features
Regular
Subdivision
Marigny
Standard status
Active
APN
905-ELYSIANFIELDSAV
Size
1,142 SF
Taxes and HOA fees
Tax Description
1. SQ 272 LOT PT 1 ELYSIAN 2. FIELDS AVE 20X103 SHOTGUN 3. SGLE W/FR 3/RM S/R
Legal Description
1. SQ 272 LOT PT 1 ELYSIAN 2. FIELDS AVE 20X103 SHOTGUN 3. SGLE W/FR 3/RM S/R
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Number of units
2
Roof type
Shingle
Architectural style
Cottage
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Michael Styles · License #995690479
(504) 777-1773
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 2578314
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 renovated duplex contains 1,142 square feet arranged as two independent apartments, each with its own design and layout. A concealed passage links the residences, while an accessory structure and courtyard add to the property’s physical configuration. Interior details include hardwood floors, high ceilings, transoms, exposed brick, and substantial baseboards. Central heating and central air are installed, with public water service and a shingle roof.
Built in 1900 and located in Flood Zone X, the property sits near Crescent Park, the French Quarter, and neighborhood destinations. Its two-apartment arrangement supports flexible residential use, including occupying one unit while leasing the other, as described by the available property information.
Built in 1900 and located in Flood Zone X, the property sits near Crescent Park, the French Quarter, and neighborhood destinations. Its two-apartment arrangement supports flexible residential use, including occupying one unit while leasing the other, as described by the available property information.
Key Highlights
- 1,142 SF duplex with two independent apartments
- Renovated interiors with hardwood floors, transoms, exposed brick, and substantial baseboards
- Concealed passage connects the two residences
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
$14,461
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
3.04%
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%
$289,220
$289.2K
Cap Rate 7%
$206,586
$206.6K
Cap Rate 9%
$160,678
$160.7K
Market Conditions
NOI Build-Up for 1,142 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
$22.6K $19.80/SF
− Vacancy
−$2.0K −$1.71/SF
EGI
$20.7K $18.09/SF
− OpEx
−$6.2K −$5.43/SF
NOI
$14.5K $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%
$289,220
Cap Rate 7%
$206,586
Cap Rate 9%
$160,678
Alternative Uses
Best Use
Multifamily LT 5
$206.6K
$180.8K – $241.0K
NOI $14,461 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$189.9K
$166.2K – $221.5K
NOI $13,292 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$290.3K
$254.0K – $338.6K
NOI $20,318 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,975
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent apartments offer distinct layouts connected by a concealed passage and complemented by a courtyard.
Where is this duplex located?
The property is located at 905 ELYSIAN FIELDS Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,142 SF duplex with two independent apartments; Renovated interiors with hardwood floors, transoms, exposed brick, and substantial baseboards; Concealed passage connects the two residences
