Catylist ID: #30519782
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|
|Unit Price:||$387,500 Per Unit|
|Property Use Type:||Investment|
|Building Name:||833-839 Jackson & 2130-2132 Laurel|
|Sale Terms:||Cash to Seller|
|Vacation Rental Income:||Yes|
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.
Attachments & Media
|Nearest MSA:||New Orleans-Metairie|
|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|
|Number of Stories:||3|
|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.|
|Legal Description:||Lots 1, 2, A and a Two Unnamed Lots, Square 101, Fourth Municipal District of New Orleans, Orleans Parish, State of Louisiana|
|Proximity:||1 mile||3 miles||5 miles|
Pat Browne IIIThe McEnery Company Inc New Orleans, LA 70112
S. Parkerson (Parke) McEneryThe McEnery Company New Orleans, LA 70112
|© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|