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    2808 Philip St New Orleans, LA 70113

    Sponsored
    For Sale
    $982,500

    4-Unit, Net Lease Apartment Building

    Property size:
    6,052 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    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.

    Property Features for 2808 Philip St

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,052 SF

    Building Details

    Buildings
    2
    Stories
    2
    Units
    4

    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 Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Law Firm Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Orleans
    County
    Orleans Parish
    State
    Louisiana
    Longitude
    -90.089546505626
    Latitude
    29.943188815386

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    FAQs

    What type of property is this?
    Multifamily property - 4-Unit, Net Lease Apartment Building
    Where is this multifamily property located?
    The property is located at 2808 Philip St New Orleans, LA.
    What is the asking price?
    The asking price for this property is $982,500.
    What are key features of this property?
    This property features: $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).
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2808 Philip St New Orleans, LA 70113
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