1021 Kerlerec StNew Orleans, LA 70116

Property Details for 1021 Kerlerec St

Year built

1930

Construction

FRAME

Lot size

0.09 AC

Property size (Sq ft)

4,950 SF

Property type

Hospitality properties

Property subtype

Bed & breakfasts

APN

37W101707

APU

37W101707

Description

This exceptional investment opportunity presents a thriving, established hostel in the heart of New Orleans, Louisiana. The property, located at 1021 Kerlerec St, New Orleans, LA 70116, boasts 14 beds across 8 keys within a three-story building totaling 5,906 square feet on a 4,000 square foot lot (APN: 37W101707). The hostel, operating under a B&B license (HMR-1 zoning), benefits from significantly reduced tax burdens compared to hotels and short-term rentals. Renovated in 2014, this turnkey operation includes all furniture, fixtures, and equipment (FF&E), along with established online travel agency (OTA) and review site accounts. Financial information, including a Net Operating Income (NOI) of $216,000 and a current asking price of $1,640,000 ($277.68/sq ft), is available upon request after signing a non-disclosure agreement. The hostel enjoys high occupancy rates due to its strong reputation and loyal clientele, evidenced by positive online reviews. This presents a unique opportunity to acquire a profitable, established business with a proven track record of success, achieving its most profitable year in 2023. The sale includes the real estate and the ongoing business. This is a ground lease-free property.

• CAP approach

  CAP return

  Valuation

  6%

  $891,605

  6.5%

  $823,020

  7%

  $764,233

• Comparable approach

  Method

  Valuation

  Relative Method

  $887,337

  Geo Method

  $826,954

• Alternative Use

  Use

  Valuation

  Residential

  $898,498

  Hospitality

  $823,020

  Educational

  $684,743

  Medical

  $708,292

  Retail

  $1,065,155

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9666

Longitude

-90.0622

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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