FOR SALE - HISTORIC LUXURY MULTI-FAMILY w/ SHORT TERM RENTAL PERMITS!

Multi-Family for Sale
Catylist Listing ID: 30519782
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 8 Units
Building Size (RSF): 11,450 SF
Gross Building Area: 11,738 SF
Gross Land Area: 8,843 SF
Sale Price: $3,100,000
Unit Price: $387,500 Per Unit
Property Use Type: Investment
Building Name: 833-839 Jackson & 2130-2132 Laurel
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Vacation Rental Income: Yes
Last Updated: 6/8/2020

Overview / Comments

833-839 Jackson & 2130-2132 Laurel is a fantastic assemblage that includes three separate two-story structures which are divided into 8 residential units. There are a total of 16 bedrooms and 18 bathrooms, as well as a beautifully designed common courtyard area that is ideal for outdoor entertaining. The improvements were originally constructed in the mid-1800's and underwent a full scale renovation in 2015 with a Restoration Tax Abatement (RTA) put in place. The gross building area is approximately 11,738 SF and the net rentable area is +/- 11,450 SF. Measurements are not guaranteed and should be verified by purchaser.

The Property has officially been grandfathered in with SIX SHORT TERM RENTAL (STR) LICENSES! The six units which carry STR licenses have a total of 12 bedrooms (2 bedrooms per unit). In addition, there is the possibility of successfully applying for an additional STR license at 833 Jackson Avenue if a buyer were to occupy one unit as their main residence with a Homestead Exemption, while operating the other unit as a short term rental unit.

With 6 short-term rental licenses in place and 2 market rent apartments, the property is projected to be capable of achieving $507,000 in Annual Revenue. The short term rental revenue projections are based on prior/current performance of several units within the property.

The recent short term rental ordinance that was passed by the City of New Orleans allows for a licensed property like this to become significantly more valuable due to the decrease in competitive supply of similar units at a time when demand for STR units continues to increase. The resulting strong cash flow would be attractive to a variety of investors.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket Type: Historic District
Taxing Authority: Orleans Assessor
Tax ID/APN: 411107901 & 411107926
Zoning: HU-B1A, HISTORIC URBAN NEIGHBORHOOD BUSINESS DISTRICT & HU-RD2, HISTORIC URBAN TWO-FAMILY RESIDENTIAL DISTRICT
Property Located Between: Laurel Street & Annunciation Street
Site Description: Corner Site with 93' 3" frontage along Jackson Avenue and 94' 10" frontage along Laurel Street. This 8,843 square foot site is located in a hot part of the Lower Garden District between Magazine Street and Tchoupitoulas Street.
Area Description: This property is located in the Lower Garden District, which is one of the oldest pockets of development in New Orleans. This neighborhood is home to several major developments that have brought new life into the market in recent years. Second Line Sound Stages was a game-changing development, which included the renovation of historic industrial structures using both historic and new market tax credits, and the construction of a new, state-of-the-art LEED Certified Building. Another key addition to the area is the River Garden Apartments development which added over 600 residential units in the form of townhouses, duplexes, fourplexes and apartments.
Total Number of Buildings: 3
Property Condition: Excellent
Number of Stories: 3
Year Renovated: 2015
Parking Type: Structure
Parking Description: There are two enclosed garage parking spaces within the 2130-2132 Laurel Street building.
Total Parking Spaces: 2
Laundry: In Each Unit
Zoning Description: Majority of site is zoned HU-B1A, Historic Urban Neighborhood Business District, while a small portion upon which 833 Jackson is located is zoned HU-RD2, Historic Urban Two-Family Residential District.
Lot Frontage: 93'3"
Lot Depth: 94'10"
Legal Description: Lots 1, 2, A and a Two Unnamed Lots, Square 101, Fourth Municipal District of New Orleans, Orleans Parish, State of Louisiana

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,530 194,118 402,805
Median Age: 36.06 36.17 36.76
Households: 12,342 81,752 165,285

Contact

Photograph of Listing Agent

Pat Browne III

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
Photograph of Listing Agent

S. Parkerson (Parke) McEnery

The McEnery Company New Orleans, LA 70112
LACDB Member
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