2808 Philip St New Orleans, LA 70113
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4-Unit, Net Lease Apartment Building
Property size:
6,052 SFProperty Features for 2808 Philip St
General Information
- Property type
- Multifamily properties
- Square Feet
- 6,052 SF
Building Details
- Buildings
- 2
- Stories
- 2
- Units
- 4
Listing Agency: The McEnery Company Listing Agent: Scott Weston
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Orleans Parish
- State
- Louisiana
- Longitude
- -90.089546505626
- Latitude
- 29.943188815386
Nearby Similar for Sale
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).
