3400 Dauphine | Bywater 6-Plex

Multi-Family for Sale
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.

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
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

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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


Photograph of Listing Agent

Phillipa Bowers

Reve REALTORS New Orleans, LA 70115
LACDB Member
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