FOR SALE - HISTORIC LUXURY MULTI-FAMILY w/ 6 SHORT TERM RENTAL PERMITS

Multi-Family for Sale
Catylist Listing ID: 30582946
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 6 Units
Building Size (RSF): 8,681 SF
Gross Building Area: 8,969 SF
Gross Land Area: 6,640 SF
Sale Price: $2,550,000
Unit Price: $425,000 Per Unit
Property Use Type: Investment
Building Name: 837-839 Jackson & 2130-2132 Laurel
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/8/2020

Overview / Comments

This offering includes two separate two-story structures,. 837-839 Jackson is the corner piece, which includes 4 residential units, while 2130-2132 Laurel is a raised double with two units that each have two bedrooms and a garage that is heated and cooled and ready for conversion into a third bedroom. 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 +/- 8,969 SF and the net rentable area is +/- 8,681 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).

With 6 short-term rental licenses in place, the property is projected to be capable of achieving $450,000 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.

Please note that a re-subdivision with an adjacent lot (833 Jackson Avenue) that is owned by the same owner would be necessary in order to purchase separately from 833 Jackson Avenue. The entire property is also listed as a package offering.

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
Property Located Between: Laurel Street & Annunciation Street
Site Description: Corner Site with 64' 2" frontage along Jackson Avenue and 94' 10" frontage along Laurel Street. This 6,640 square foot site is located in a hot part of the Lower Garden District between Magazine Street and Tchoupitoulas Street. Please note that a re-subdivision with an adjacent lot that is owned by the same owner would be necessary in order to purchase separately from 833 Jackson Avenue.
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: 2
Property Condition: Excellent
Number of Stories: 2
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: HU-B1A, Historic Urban Neighborhood Business District
Lot Frontage: 64'2"
Lot Depth: 94'10"
Legal Description: Lots 1, 2, A and an Unnamed Lot, 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: 24,530 194,788 402,805
Median Age: 36.06 36.22 36.76
Households: 12,342 82,047 165,285

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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