2504 Esplanade Ave New Orleans, LA 70119-2432
- Apartment buildings
- 7,004 SF
- 0.26 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2504 Esplanade Ave
- Year built
- 1800
- Lot size
- 0.26 lot acres
- Property size
- 7,004 SF
- Property type
- Apartment buildings
- APN
- 208108701
- APU
- 208108701
Description
This exceptional 12-unit apartment building, located at 2504 Esplanade Avenue in New Orleans, Louisiana, presents a compelling investment opportunity. The property, built in 1903, comprises two buildings with two stories each, encompassing a total of 7,004 square feet on an 11,303 square foot lot. Currently boasting a 92% occupancy rate, the building features eleven one-bedroom, one-bathroom units and one studio unit. All units showcase beautiful hardwood floors, high ceilings, and abundant natural light. The property also includes on-site parking and attractive landscaping. The current Net Operating Income (NOI) is $118,378, resulting in a 6.40% capitalization rate. The asking price is $1,850,000, translating to $264.13 per square foot and $154,166.67 per unit. Attractive seller financing is available at 1.075% interest for 10 years with a 20% down payment. This stabilized, Class B multifamily investment is situated in the desirable Treme/Lafitte neighborhood, offering proximity to Mid-City and the French Quarter. The property's strong rental history and potential for rental increases make it an ideal addition to any investment portfolio. The historic charm and convenient location ensure consistent tenant demand.
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
- -90.0772
- Latitude
- 29.9749
- CBSA code
- 35380
- CBSA name
- NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA
