1722 Esplanade AveNew Orleans, LA 70116

Property Details for 1722 Esplanade Ave

Year built

1880

Lot size

0.15 AC

Property size (Sq ft)

7,092 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

208105508

APU

208105508

Description

This exceptional investment opportunity presents a historic 10-unit apartment building located at 1722 Esplanade Avenue in New Orleans' vibrant Treme/Lafitte neighborhood, just blocks from the French Quarter. The 7,092 square foot, three-story Class B building currently offers eight one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one two-bedroom/two-bathroom unit. Each unit boasts attractive features including hardwood floors, balconies, and high ceilings. The property also includes a fenced yard. Currently listed at $1,400,000 ($140,000 per unit, $197.41 per square foot), this property offers a compelling 10% capitalization rate. A comprehensive analysis suggests a significant return on investment through a condo conversion project. The estimated renovation budget is $217,762, with projected post-renovation individual condo sales totaling $2,315,000. This redevelopment opportunity allows for substantial profit potential by capitalizing on the property's prime location and the high demand for condos in this desirable area. The building's historic character and location provide a unique opportunity for a savvy investor to create a lucrative portfolio addition. Detailed financial projections and comparable sales data are available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $1,394,578

  6.5%

  $1,287,303

  7%

  $1,195,353

• Comparable approach

  Method

  Valuation

  Relative Method

  $838,525

  Geo Method

  $781,464

• Alternative Use

  Use

  Valuation

  Residential

  $1,287,303

  Hospitality

  $1,179,163

  Educational

  $981,050

  Medical

  $1,014,789

  Retail

  $1,526,077

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9702

Longitude

-90.0702

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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