For Sale
$982,500

2808 Philip StNew Orleans, LA 70113

4-Unit, Net Lease Apartment Building

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fully occupied, 4-unit apartment building in New Orleans' Central City neighborhood, situated on a 5,728 sq ft lot. The property, encompassing two newly constructed buildings totaling 6,052 sq ft, is ideally configured for co-living, featuring 18 bedrooms, 12 bathrooms, and four separate living areas with kitchens. Currently operating under a net lease agreement with PadSplit, a leading US affordable shared housing platform, the lease is assignable to the new owner. The property boasts a 9.20% cap rate, a $90,364 NOI, and a 100% occupancy rate, with an average monthly rental rate of $645 per bedroom. The asking price is $982,500 ($162.34/sq ft and $245,625/unit). This "naturally occurring affordable housing" property is conveniently located one block from Claiborne Avenue and less than a mile from the Superdome and Central Business District, zoned HU-RD2. The sale includes all furnishings. The property has maintained approximately 95% occupancy over the past 10 months. This is a turnkey investment with strong cash flow and significant upside potential.

Highlights

  • $982,500 asking price for this net-leased multifamily investment property.
  • 6,052 square feet, with 4 units across 2 buildings.
  • 9.20% cap rate based on a $90,364 Net Operating Income (NOI).
  • 100% occupancy, generating $245,625 per unit.
  • Located in New Orleans, LA, at 2808 Philip St, in the Central City neighborhood.

Property Details for 2808 Philip St

Property type
Apartment buildings
Square Feet
6,052 SF
Buildings
2
Stories
2
Units
4

Location Insight

City
New Orleans
County
Orleans Parish
State
Louisiana
Latitude
29.943188815386
Longitude
-90.089546505626
2808 Philip St, New Orleans, Louisiana

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2808 Philip St
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