2808 Philip St New Orleans, LA 70113
- Commercial real estate
- 6,052 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2808 Philip St
- Property size
- 6,052 SF
- Property type
- Commercial real estate
Description
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.
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 Parish
- State
- Louisiana
- Longitude
- -90.089546505626
- Latitude
- 29.943188815386
