2317 Rampart St New Orleans, LA 70117
- Serviced apartments
- 17,852 SF
Current Use by Public Records
- Roami at The Mandeville / Serviced Apartment
Property Details for 2317 Rampart St
- Property size
- 17,852 SF
- Property type
- Serviced apartments
- Property subtype
- Hospitality properties
Description
This exceptional New Orleans investment opportunity presents a 29-room short-term rental property ideally situated in the Marigny neighborhood, steps from the French Quarter. The property comprises two buildings, totaling 17,852 square feet on a 12,577 square foot lot, and features 12 keys across 12 units. Built in 1914 and renovated in 2015, this unique property combines a beautifully restored craftsman-style house with a metal-clad warehouse, connected by a tropical courtyard and pool. Currently operating under a Modified lease with a corporate guarantee from Roami, the property boasts a strong NOI of $566,211 and a remaining lease term of 2.4 years, with a seven-year renewal option. The property benefits from a 3% annual rent bump and is zoned HMC-2. Significant value-add potential exists through repositioning to increase sleeping capacity and operational efficiency, potentially adding at least four more bedrooms. The property's prime location, existing cash flow, and seller financing options make this a compelling investment with a high potential for return. The existing condo regime for 2317 N Rampart Street offers flexibility for future exit strategies. This offering represents a fraction of replacement cost, presenting a significant opportunity for a double-digit cap rate return. The property's address is 2317 N Rampart St, New Orleans, LA 70117.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Orleans Parish
- State
- Louisiana
- Longitude
- -90.0549
- Latitude
- 29.9677
