2808-14 Philip St New Orleans, LA 70113

Located in New Orleans, the property at 2808-2814 Philip Street comprises two adjacent, newly constructed residential buildings totaling approximately 6,052 square feet. Configured for shared housing or co-living, the property features 18 bedroom-style units. Eight units include en-suite bathrooms, while ten units share 12 bathrooms in total. The property is divided into four flats, each with a kitchen and living area shared by residents. The property is fully occupied, with an average occupancy rate of approximately 98% over the trailing 12-month period. The average rental rate is $776 per month per bedroom. The property provides naturally occurring affordable housing, with rents affordable to those earning less than 50% of the Area Median Income (AMI), and has no subsidies or use restrictions. The property will be sold furnished. The property is operated via a pass-through lease agreement with PadSplit, which provides affordable housing through shared house rentals and operates an affordable shared housing online platform in the United States. The PadSplit lease agreement is assignable to the new owner. Strategically located in the Central City neighborhood, the property is one block from Claiborne Avenue and less than one mile from the Superdome and Central Business District.