Turn-Key Office + Parking

Multi-Family for Sale
Sale Pending
Also listed as Office, Retail-Commercial
Catylist Listing ID: 30860154
Property Subtypes: Duplex/Fourplex, Mixed Use, Student Housing, Other
Status: Pending
Number of Units: 5 Units
Building Size (RSF): 4,400 SF
Gross Building Area: 4,596 SF
Gross Land Area: 6,860 SF
Sale Price: $995,000
Unit Price: $199,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Redmellon // Bike Easy
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/27/2024

Overview / Comments

Turn-key 1,454 SF ground-floor office space at the corner of OC Haley and Josephine Street with a huge 3,600 SF parking lot. Two (2) 729 SF 2 bed/1.5 bath residential units on the second floor could also be easily converted for office use, for a total of 2,916 SF. There are two (2) 629 SF 1 bed/1 bath free-standing residential units at the rear of the property.

All units can be delivered vacant and repositioned with higher market rent. The property was previously subject to rent restriction but is no longer encumbered. All current leases are month-to-month.

The HU-MU zoned property is move-in ready, for an owner-occupant office use with rental income from the apartments. Alternatively, the existing building is a great candidate for conversion to alternative use leveraging historic tax credits which could be paired with development of the 3,600 SF buildable site.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 412201907
Zoning: HU-MU
Percent Occupied: 0%
Property Located Between: Josephine & Jackson
Total Number of Buildings: 3
Property Condition: Excellent
Number of Stories: 2
Parking Type: Surface
Total Parking Spaces: 8
Laundry: In Each Unit
Zoning Description: HU-MU Historic Urban Mixed-Use
Lot Frontage: 57
Lot Depth: 120
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 1. SQ 269 LOT 12-A ORETHA C HALEY 2. & 1836 JOSEPHINE ST 57X120

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,753 205,591 397,214
Median Age: 36.52 35.65 37.2
Households: 14,073 88,788 166,296

Contact

Photograph of Listing Agent

Gordon McLeod

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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