Lower Garden District Multi-Family Rehab Opportunity

Multi-Family for Sale
Catylist Listing ID: 30163194
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Number of Units: 17 Units
Building Size (RSF): 8,303 SF
Gross Land Area: 9,144 SF
Sale Price: $1,300,000
Unit Price: $76,470.59 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 8,303 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/15/2017

Overview / Comments

The subject property was originally conceived as a grand double with rear service wings. It was designed and constructed in the Eastlake style, likely in the late 1800s or early 1900s. In the 1940s, the property was converted to a boarding house. The original conversion was to 12 units; a subsequent modification resulted in 17 total units. The property has operated as a boarding house for many years and is believed to be operating as a legal non-confirming multi-family use. Buyer to verify zoning to its satisfaction.

The property is ideally suited for a renovation into apartments utilizing state and federal historic tax credits, or into two or more for sale condominiums. It has unique architectural features, including a deep, double front balcony, lath and plaster walls, pocket doors, piercework front trim and numerous fireplaces. There are 2 water meters and 13 electrical meters.

It is situated in the heart of the Lower Garden District, directly across the street from the newly restored St. Anna apartments: http://felicitypropertyco.com/portfolio/the-saint-anna

There is an encroachment on the eastern-most (riverside) corner of the lot. Litigation is pending with the adjacent property owner to either remove the encroachment or compensate the owner of the Subject Property. Buyer may step into the shoes of seller at act of sale.

SHOWING & OFFER INFO:
-property will be open for viewing Wednesday, September 20 from 1-3pm
-offers will be due Monday, September 25 by 5pm
-owners will respond to offers by Wednesday, September 27

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Zoning: HU-RD2, HISTORIC URBAN TWO-FAMILY RESIDENTIAL DISTRICT
Property Located Between: Felicity & St. Mary Streets
Area Description: The Lower Garden District's boundaries as defined by the City Planning Commission are: St. Charles Avenue, Felicity, Prytania, Thalia, Magazine and Julia Streets to the north, the New Orleans Morial Convention Center, Crescent City Connection and Mississippi River to the east, Felicity, Magazine and Constance Streets, Jackson Avenue, Chippewa, Soraparu, and St. Thomas Streets to the south and 1st Street to the west. It was named the hippest neighborhood in America by Utne Reader magazine several years ago.
Total Number of Buildings: 1
Property Condition: Fair
Number of Stories: 2
Roof Type: Hip
Construction/Siding: Wood Frame, Wood Siding
Parking Description: There are single car width driveways on either side of the property.
Sprinklers: None
Heat Type: Space Heaters
Air Conditioning: Window Unit
Zoning Description: The property has operated as a boarding house for many years and is believed to be operating as a legal non-confirming multi-family use. Buyer to verify zoning to its satisfaction.
Lot Frontage: 72
Lot Depth: 127
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: There is an encroachment on the eastern-most (riverside) corner of the lot. Litigation is pending with the adjacent property owner to either remove the encroachment or compensate the owner of 1808-10. Buyer may step into the shoes of seller at act of sale.
Legal Description: Square 206, lots B & C.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,924 197,187 397,025
Median Age: 37.14 35.76 36.91
Households: 13,831 84,261 165,033

Contact

Photograph of Listing Agent

Jonathan D Shaver

RE/MAX Commercial Brokers Inc Metairie, LA 70002
LACDB Member
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