10-Unit Apartment Complex w/ Parking - For Sale

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30829859
Property Subtypes: Low-Rise/Garden, Other
Status: Pending/Contingent
Number of Units: 10 Units
Building Size (RSF): 8,000 SF
Gross Building Area: See Agent
Gross Land Area: 11,616 SF
Sale Price: $975,000
Unit Price: $97,500 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed, Cash to Seller, Other
Cap Rate: 9.1%
Average Occupancy Rate: 100
Last Updated: 4/15/2024

Overview / Comments

Great opportunity to purchase a 100% occupied ten (10) unit multi-family asset in the New Orleans area. The improvements consist of one building with a total of ten (10) fully occupied apartments. Approximately ten (10) total off-street parking spaces are provided for the tenants. The building is well maintained and have stabilized, in-place cash flow. The location and the proximity to both the surrounding neighborhoods and the direct proximity to multiple retailers, schools and places of work provide stability and rent appreciation.

The property can be purchased individually or as a package with 1601 Lesseps Street, New Orleans, LA which has an additional eight (8) units that are leased.

Attachments & Media

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Taxing Authority: Orleans Parish
Tax ID/APN: 614336318
Zoning: HU-RM1 - HISTORIC URBAN MULTI-FAMILY RESIDENTIAL DISTRICT
Percent Occupied: 100%
Property Located Between: S Claiborne Avenue and Clara Street
Highway Access: i10
Airports: MSY
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1980
Roof Type: Gable
Construction/Siding: Block
Parking Type: Surface
Parking Description: Approximately ten (10) total off-street parking spaces are provided for the tenants.
Total Parking Spaces: 10
Heat Type: Electricity
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Package Unit
Internet Access: Cable, DSL, Satellite
Zoning Description: The HU-RM1 Multi-Family Residential District is intended to provide for low to medium residential densities appropriate for a variety of housing types such as single-family, two-family, townhouse and lower density multi-family dwellings. The district is intended to maintain a primarily residential environment with a variety of lower density dwelling types therefore the building height is limited to three stories. Limited non-residential uses such as places of worship, historic neighborhood commercial establishments, and recreational facilities that are compatible with surrounding residential neighborhoods may be allowed.
Lot Frontage: 88
Lot Depth: 138
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: SQ 663 3 OR 6 LOT 19/20/21, 88X138/127 2825-27 AMELIA & 3430 WILLOW

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 32,593 188,048 412,465
Median Age: 34.85 35.84 37.28
Households: 14,427 82,881 174,057

Contact

Photograph of Listing Agent

Cameron Griffin

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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