University area 5 plex with 2 buildable lots!

Multi-Family for Sale
Catylist Listing ID: 30836078
Property Subtypes: Low-Rise/Garden
Number of Units: 5 Units
Building Size (RSF): 3,053 SF
Gross Land Area: 10,000 SF
Sale Price: $775,000
Unit Price: $155,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 3/20/2023

Overview / Comments

Rare opportunity to purchase a University/Carrollton 5 unit complex with 2 extra lots for future development! The complex was renovated from the ground up in 2014 with all new framing, electrical, plumbing, HVAC's, siding, porches, & roof & is in excellent condition.

Each unit is 1 bed/ 1 bath, 100% occupied with a current rent roll of $4,994. There is room for value add with upgraded appliances & rent escalations but the hard work is done. Building has a low maintenance exterior, high end finishes, nice common spaces, & is located in a high demand rental area that still has room for growth.

8520 Hickory also for sale located across the street for $1,750,000. $2,500,000 for both

1st showing: Wed March 15, 11am - 2pm,
2nd Property Showing: Mon, March 20 11am - 2pm,
Offers Due: Thurs, March 23 at 5pm.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 716300605
Percent Occupied: 100%
Property Located Between: Joliet & Leonidas
Site Description: apartments located on a 50 x 100 lot. 2 additional 25 x 100 lots included. Formerly permitted plans for 2 doubles can be included as well.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Built: 1940
Year Renovated: 2014
Parking Type: Surface
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Package Unit
Zoning Description: HU-RD2
Lot Frontage: 100
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,868 172,467 415,723
Median Age: 32.69 36.84 38.51
Households: 10,518 75,389 180,354


Photograph of Listing Agent

Peter B Gardner

Keller Williams Realty New Orleans New Orleans, LA 70118-1022
LACDB Member
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