Catylist ID:
#30834226
| 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. SUMMARY: 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 |
| Zoning: | HMR-3 - HISTORIC MARIGNY/TREME/BYWATER RESIDENTIAL DISTRICT |
| 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 |
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 |
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