728 Desire | Bywater 6-Plex

Multi-Family for Sale
Catylist Listing ID: 30834226
Number of Units: 6 Units
Building Size (RSF): 4,495 SF
Gross Land Area: 8.40 SF
Sale Price: $1,250,000
Unit Price: $208,333.33 Per Unit
Property Use Type: Investment
Building Name: 728 Desire St.
Sale Terms: Undisclosed, Cash to Seller
Cap Rate: 7.0%
Average Occupancy Rate: 100
Vacation Rental Income: Yes
Last Updated: 3/16/2023

Overview / Comments

Great opportunity to purchase a high occupancy multi-family asset in the Bywater Neighborhood in New Orleans. The improvements consist of 4,495 SF of rentable space, with a total of 6 apartments with off-street parking. The building is well maintained and has stabilized in-place cash flow. The location and proximity to the surrounding neighborhoods and the direct proximity of multiple retailers, schools, and places of work provide stability and rent appreciation. The property is zoned HMR-3 - Historic Marigny/Tremé/Bywater Residential District.

Capitalization Rate: 7% (Market Range)
NOI: $145,000?GBA: +/- 4,495 SF - 100% Occupancy (Long and Shorter Term Rentals)
Total Site Size: +/- 8,400 SF
?Zoning: HMR-3 - Historic Marigny/Treme/Bywater Residential District
Property Mix: 6 units total: One Partial Two-Story Building
Unit Makeup: (4) 1BD/1BA, (2) 1BD/1.5BA

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Taxing Authority: Orleans Parish
Tax ID/APN: 39W107816
Percent Occupied: 100%
Property Located Between: ROYAL, DAUPHINE, PIETY, GALLIER
Airports: Louis Armstrong New Orleans International Airport
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. Various 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 Bywater saw a large decrease in population following Hurricane Katrina, and it has since emerged as a very trendy neighborhood. Population levels are anticipated to continue substantial increase over the next few years.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Renovated: 2019
Roof Type: Other
Construction/Siding: Brick
Parking Description: Off-Street Parking
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Central
Zoning Description: HMR-3 - Historic Marigny/Tremé/Bywater Residential District
Lot Frontage: 70
Lot Depth: 120
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: 1. SQ 173 LOT X OR 7 DESIRE 2. 70X120 3. 2/STORY BRICK/V 8/APTS C/R

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,477 139,967 361,434
Median Age: 37.92 37.43 35.61
Households: 8,295 61,999 149,421


Photograph of Listing Agent

Phillipa Bowers

Reve REALTORS New Orleans, LA 70115
LACDB Member
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