1722 Esplanade Ave New Orleans, LA 70116
- Apartment buildings
- 7,092 SF
- 0.15 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1722 Esplanade Ave
- Year built
- 1880
- Lot size
- 0.15 lot acres
- Property size
- 7,092 SF
- Property type
- Apartment buildings
- APN
- 208105508
- APU
- 208105508
Description
This exceptional investment opportunity presents a historic 10-unit apartment building located at 1722 Esplanade Avenue in New Orleans' vibrant Treme/Lafitte neighborhood, just blocks from the French Quarter. The 7,092 square foot, three-story Class B building currently offers eight one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit, and one two-bedroom/two-bathroom unit. Each unit boasts attractive features including hardwood floors, balconies, and high ceilings. The property also includes a fenced yard. Currently listed at $1,400,000 ($140,000 per unit, $197.41 per square foot), this property offers a compelling 10% capitalization rate. A comprehensive analysis suggests a significant return on investment through a condo conversion project. The estimated renovation budget is $217,762, with projected post-renovation individual condo sales totaling $2,315,000. This redevelopment opportunity allows for substantial profit potential by capitalizing on the property's prime location and the high demand for condos in this desirable area. The building's historic character and location provide a unique opportunity for a savvy investor to create a lucrative portfolio addition. Detailed financial projections and comparable sales data are available upon request.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Orleans
- State
- Louisiana
- Longitude
- -90.0702
- Latitude
- 29.9702
- CBSA code
- 35380
- CBSA name
- NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA
