21 Unit Apartment Building Offered at $1,950,000 in New Orleans, LA

Multi-Family for Sale
Catylist Listing ID: 30524619
Property Subtypes: Mid-Rise
Number of Units: 21 Units
Building Size (RSF): 15,100 SF
Gross Building Area: 15,110 SF
Gross Land Area: 6,805 SF
Sale Price: $1,950,000
Unit Price: $92,857.14 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: 3004 Canal Street
Usable Size (USF): 10,200 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/4/2019

Overview / Comments

OPPORTUNITY ZONE BUILDING FOR SALE ! Glorious 21 Unit Depression-Era apartment building with virtually all the original walls, trim & doors intact. Sale includes formal, stamped structural, mechanical & architectural plans pre-approved by the LouisianaFire Marshall & New Orleans Department of Safety and Permits. 21 grandfathered parking spaces. Part 2 Louisiana State Historic Preservation Office and the National Park Service approval has been issued, allowing for State/Federal Historic Tax Credits, as well as pre-construction notice to City for Restoration Tax Abatement. This is a great deal in an Opportunity Zone. The building is located in the Mid-City Historic District and with it's Historic Preservation approval, it qualifies to apply for a Facade Donation, which applied to this project will be a very realistic financial benefit.
STRUCTURE: The building presently is out of commerce, property secured, and ready for the renovation phase. The structure is a raised basement, three story wood frame, stucco facade building with 15,110 +- sq ft gross overall with 10,073 +- sq ft net rentable.
Stabilized, the 21 unit residential apartment complex generates $244,800.00 in rents per annum, at 100% occupancy and ($232,464.00 at 93%, assuming a 7% vacancy quotient) @ $2.00 sq ft rent. An additional $6,000.00 per annum in income is anticipated for monthly rental of eight (8) covered parking spaces and concessions/laundry
APARTMENT MIX: twelve (12) one bedroom @ $450 sq ft each, six (6) two bedroom units @ 600 sq ft each, and three (3) two bedroom units @ 600 sq ft each for a total of 21 units covering approximately 10,200 sq ft. NOTE: on the ground floor, eight covered parking spaces are in place currently but described as bike parking, but the space can be approved for automobiles.
LOT: The lot is 56' 8" X 120' with a total of 6,805 Sq Ft
ADA: Three (3) of the residential units are located on the ground floor meeting the American with Disabilities Act requirement resulting with no need for an elevator.

Priced right–Historic property located in an Opportunity Zone w architecual plans nearly permitted almost shovel ready for redevelopment.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Taxing Authority: Orleans Parish
Tax ID/APN: 41034154
Zoning: HU-MU
Property Located Between: S. Gayoso, S. Salcedo, Cleveland
Highway Access: The property is close with easy access to multiple entrances for Interstate 10, Interstate 610 interchange, Highway 90 East & West, and Highway 61 West--all entrances are between 1/2 mile and approximately 1 1/2 miles
Airports: Louis Armstrong International Airport and the Lakefront Private Airport
Area Description: LOCATION and NEIGHBORHOOD: The property is only a few minutes in-between the French Quarter--New Orleans's largest tourist attraction and City Park--one of the largest public parks in America with tennis, golf, and great family-amusement facilities. It is with-in walking distance to coffee shops, yoga studios, restaurants and neighborhood taverns. It is only six city-blocks to a large Whole Food Company, and a Fresh Market is planned for four blocks away. The North Carrollton Avenue shopping corridor starts three-quarters of a mile from the property. The shopping corridor has several large, super markets, many food out-lets of all levels and descriptions, an Office Depot, a well stocked, outdoor sporting store, and a large mix of various retailers for necessary or fun shopping. THE NEW ORLEANS MEDICAL CORRIDOR--the corridor is collectively one of New Orleans's largest employers with the highest salaried and most professional jobs of any industry in the City. The Corridor is approximately 80 acres and is bordered on the North side by Canal Street--it is located eight blocks or 1/2 mile away from the property. The Veterans Administration Hospital, a 1.6 million sq ft complex on 30 acres employing 1,100, is the closest complex to the property and is located at 2400 Canal Street. Adjacent to the VA Hospital is the University Medical Center, a 2.4 million sq ft complex on 34 acres employing 5,280. Also located in the Corridor is: Tulane Medical School and Health Services Complex, LSU Medical School and Health Services Complex, the Louisiana Cancer Research Center, the New Orleans Biolinnovation Center--plus many more private and support facilities covering multiple acres and employing thousands. PUBLIC TRANSPORTATION: Canal Street is serviced by an Historic Street Car Line with multiple stops and connecting with numerous inter-changes making it easy to reach all areas of the city.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 3
Year Built: 1932
Construction/Siding: Stucco
Exterior Description: Structure is a wood frame building with a stucco facade
Parking Ratio: 1 (per 1000 SF)
Parking Type: Structure, Surface
Parking Description: 21 grandfathered spaces plus an additional eight covered spaces in the building.
Total Parking Spaces: 29
Laundry: Shared
Interior Description: The building presently is out of commerce, property secured, and ready for the renovation phase. The structure is a raised basement, three story wood frame, stucco facade building with 15,110 +- sq ft gross overall with 10,073 +- sq ft net rentable. Stabilized, the 21 unit residential apartment complex generates $244,800.00 in rents per annum, at 100% occupancy and ($232,464.00 at 93%, assuming a 7% vacancy quotient) @ $2.00 sq ft rent. An additional $6,000.00 per annum in income is anticipated for monthly rental of eight (8) covered parking spaces and concessions/laundry APARTMENT MIX: twelve (12) one bedroom @ $450 sq ft each, six (6) two bedroom units @ 600 sq ft each, and three (3) two bedroom units @ 600 sq ft each for a total of 21 units covering approximately 10,200 sq ft. NOTE: on the ground floor, eight covered parking spaces are in place currently but described as bike parking, but the space can be approved for automobiles.
Zoning Description: zoned HU_MU permitted for multifamily
Lot Frontage: 56' 8"
Lot Depth: 120'
Water Service: Municipal
Sewer Type: Municipal
Easements Description: unknown
Land Ownership: fee simple
Legal Description: 1. SQ 632 LOT 1 2 CANAL 28' 4" X 120' EACH

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,754 201,400 395,223
Median Age: 32.96 36.59 37.19
Households: 10,914 88,270 169,702

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