522 Madison StNew Orleans, LA 70116

Property Details for 522 Madison St

Year built

1850

Lot size

0.06 AC

Property size (Sq ft)

7,260 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

207100707

APU

207100707

Description

This exceptional investment opportunity presents a meticulously preserved 10-unit apartment building at 522 Madison Street in New Orleans' historic French Quarter. Built in 1827, this property, designed by renowned French architect Louis H. Pilie, boasts 7,260 square feet across two buildings separated by a courtyard. The property includes a desirable penthouse with stunning rooftop views of the Mississippi River, the New Orleans skyline, and the vibrant French Quarter. Currently featuring a mix of ten 1-bedroom, 1-bathroom units, including three month-to-month leases, this property offers immediate value-add potential due to below-market rents. The building also features an elevator and laundry room. Situated on a 0.06-acre lot within the Vieux Carré Commercial District (VCC-1 zoning), this property is eligible for National Registry Status and presents an excellent opportunity for redevelopment utilizing State and Federal Historic Tax Credits or condominium conversion. Its central location provides easy access to St. Louis Cathedral, Cafe Du Monde, and numerous restaurants, bars, and museums. The currently vacant penthouse offers the potential for owner occupancy or a unique rental opportunity. This is a rare chance to acquire a piece of New Orleans history with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,427,614

  6.5%

  $1,317,798

  7%

  $1,223,669

• Comparable approach

  Method

  Valuation

  Relative Method

  $858,389

  Geo Method

  $799,976

• Alternative Use

  Use

  Valuation

  Residential

  $1,317,798

  Hospitality

  $1,207,096

  Educational

  $1,004,289

  Medical

  $1,038,828

  Retail

  $1,562,228

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9582

Longitude

-90.0623

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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