Leased Co-Living Investment

Multi-Family for Sale
Catylist Listing ID: 30807967
Property Subtypes: Duplex/Fourplex, Other
Number of Units: 4 Units
Building Size (RSF): 6,052 SF
Gross Land Area: 5,278 SF
Sale Price: $1,150,000
Unit Price: $287,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.57%
Average Occupancy Rate: 95
Last Updated: 6/27/2022

Overview / Comments

2808 - 2814 Philip Street in New Orleans includes two adjacent newly constructed residential buildings. The buildings encompass approximately 6,052 sf and are set up for shared housing/co-living. The property contains 18 bedroom-style units, eight units contain en-suite baths and ten units have shared baths (12 total baths). The property is divided into four flats - there are four kitchens and living areas shared by residents.

The property is fully occupied and has averaged approximately 95% occupancy over the trailing 10 month period. The average rental rate is $2,900 per unit (4 total units) per month. 2808-2814 Philip Street provides “naturally occurring affordable housing” - rents are affordable to those earning less than 50% of the Area Median Income (AMI) and there are no subsidies or use restrictions on the property. The property will be sold furnished.

The property is operated via a pass-through lease agreement with PadSplit. PadSplit provides affordable housing through shared house rentals and operates the leading affordable shared housing online platform in the United States. The PadSplit lease agreement is assignable to the new owner.

The property is strategically located in the Central City neighborhood of New Orleans - it is one block from Claiborne Avenue and less than one mile from the Superdome and Central Business District.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 41039187
Zoning: HU-RD2
Percent Occupied: 100%
Property Located Between: Clara & Willow St.
Total Number of Buildings: 2
Property Condition: Excellent
Number of Stories: 2
Laundry: In Each Unit
Zoning Description: Historic Urban Two-Family Residential District
Lot Frontage: 59
Lot Depth: 91
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 30,111 195,692 409,701
Median Age: 36.11 35.91 37.11
Households: 13,586 86,157 173,165


Photograph of Listing Agent

Scott Weston

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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