427 Gravier St New Orleans, LA 70130
- Apartment buildings
- 7,680 SF
- 0.06 lot acres
Current Use by Public Records
- Weigand & Levenson / Attorney
- Levenson Leonard L / Attorney
- Gravier 301/302 · Lagniappe Lodge / Hotel
- Gravier 101/102 · Spacious CBD Lounge / Hotel
- Gravier Combo · Vieux Carre Villa / Hotel
Property Details for 427 Gravier St
- Year built
- 1880
- Lot size
- 0.06 lot acres
- Property size
- 7,680 SF
- Property type
- Apartment buildings
- APN
- 105100715
- APU
- 105100715
Description
This exceptional 6-unit hotel in New Orleans' Central Business District presents a compelling investment opportunity. Boasting a prime location steps from the French Quarter and Caesar's Hotel & Casino, this three-story, 6,781 square foot property underwent a complete renovation in 2019, resulting in six modern, two-bedroom, two-bathroom units, each featuring a contemporary kitchen and laundry facilities. The hotel benefits from a strong, stabilized investment profile, with a current NOI of $300,000 and an 8.96% cap rate. Financial performance has been robust, achieving a gross operating income of $505,000 in 2023 and $344,000 year-to-date in 2024, projecting to exceed last year's figures. Built in 1880 and situated on a 2,600 square foot lot, this property is zoned CBD-2, allowing for diverse future uses. The turnkey operation offers immediate income generation and significant upside potential in a thriving New Orleans market. Detailed financial statements are available upon request. This is a rare chance to acquire a high-performing hotel in a coveted location.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Orleans
- State
- Louisiana
- Longitude
- -90.0671
- Latitude
- 29.9505
- CBSA code
- 35380
- CBSA name
- NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA
