Catylist ID:
#30834218
| Catylist Listing ID: | 30834218 |
| Property Subtypes: | Low-Rise/Garden, Mixed Use, Other |
| Number of Units: | 6 Units |
| Building Size (RSF): | 5,274 SF |
| Gross Building Area: | 5,270 SF |
| Gross Land Area: | 6,000 SF |
| Sale Price: | $1,500,000 |
| Unit Price: | $250,000 Per Unit |
| Property Use Type: | Investment |
| Building Name: | 3400 Dauphine St |
| Usable Size (USF): | 5,200 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.0% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 3/16/2023 |
Overview / Comments
|
Great opportunity to purchase a unique multi-family asset with high occupancy in the Bywater Neighborhood in New Orleans. The improvements consist of 3 well-maintained buildings with a total of 6 apartments. The buildings were gutted and remodeled in 2019 and have stabilized in-place cash flow. The locations and their proximity to the French Quarter, Marigny, and CBD, and the direct proximity to multiple retailers, schools, and places of work provide stability and rent appreciation. SUMMARY: Capitalization Rate: 7% (Market Range) NOI: $145,000?GBA: +/- 5,275 SF - 100% Occupancy (Long and Shorter Term Rentals) Total Site Size: +/- 6,000 SF? Zoning: HMR-3 - Historic Marigny/Tremé/Bywater Residential District Property Mix: 6 Units in 3 Buildings Unit Makeup: (2) 2BD/1BA, (3) 1BD/1BA, and (1) Oversized Efficiency |
Additional Details
| Nearest MSA: | New Orleans-Metairie |
| County: | Orleans |
| Submarket/Township: | Greater New Orleans |
| Taxing Authority: | Orleans Parish |
| Tax ID/APN: | 39W107901 |
| Zoning: | HMR-3 - HISTORIC MARIGNY/TREME/BYWATER |
| Percent Occupied: | 100% |
| Property Located Between: | Desire, Royal, and Gallier |
| Airports: | Louis Armstrong New Orleans International Airport |
| Site Description: | This space holds onto the charm of its previous life! Formerly a bakery and corner store, the brick ovens remain in place, adding a provocative backdrop. Historic details such as the original wood ceilings and floors, window and door casings, pocket doors, wainscoting, and french doors are all still in place. There's a quaint courtyard in the compound's center and a covered porch across the back. The property was gutted and remodeled in 2109. |
| Area Description: | The 1.33 square mile Bywater Neighborhood is well situated within walking distance of the French Quarter and the Central Business District, a short drive to City Park, and easily accessible to the Chalmette and Arabi Neighborhoods. The food, entertainment, and art scenes in the Bywater are some of the best in the City. A variety of art, music, theatre venues, restaurants, and parks are within walking distance. In 1993 the City of New Orleans Historic District Landmarks Commission named the neighborhood an official city Historic District, effectively protecting the 120-block area and over 2,000 buildings. The Bywater’s convenient location, ample amenities, and bustling social scene have made it one of the most active areas in New Orleans for new/re-development in recent years. The total population of the Bywater saw a significant decrease following Hurricane Katrina, and it has since emerged as a trendy neighborhood. Population levels are anticipated to continue substantial increase over the next few years. |
| Total Number of Buildings: | 3 |
| Property Condition: | Excellent |
| Year Renovated: | 2019 |
| Laundry: | In Each Unit |
| Heat Type: | Natural Gas |
| Heat Source: | Central |
| Fuel: | Gas |
| Zoning Description: | HMR-3 - Historic Marigny/Tremé/Bywater Residential District |
| Lot Frontage: | 60 |
| Lot Depth: | 100 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | Owned |
| Legal Description: | SQ 174 LOTS 1 2 DAUPHINE AND DESIRE 60 X 100; 3404 DAUPHINE ST, APT. A 2/SGLES 2/STORY 12/RMS S/R |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 18,477 | 137,901 | 359,259 |
| Median Age: | 37.92 | 37.43 | 35.64 |
| Households: | 8,295 | 61,149 | 148,539 |
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