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Listed byBridgewater Realty Advisors • Cameron B. Griffin • 504-901-0463
$ 1,150,000
Est. payment /mo
Active
1005 JOSEPHINE ST New Orleans, LA 70130
10 Beds
10 Baths
5,882 SqFt
UPDATED:
Key Details
Property Type Other Types
Sub Type Multifamily 5+
Listing Status Active
Purchase Type For Sale
Square Footage 5,882 sqft
Price per Sqft $195
MLS Listing ID 2577898
Style Traditional
Bedrooms 10
Full Baths 8
Half Baths 2
HOA Y/N No
Year Built 1992
Acres 0.08
Lot Dimensions 33x108
Property Sub-Type Multifamily 5+
Source ROAM MLS
Land Area 5882
Property Description
1005 Josephine Street is a six unit multifamily building in the LGD between Constance and Magazine. It is two stories with about 5,882 square feet on a roughly 33 by 108 foot lot. Built in 1913 and fully renovated in 2007. The building keeps its wood siding, wraparound balcony, and courtyard.There are three one bedroom units, two two bedroom units, and one three bedroom unit. Units average about 980 square feet. Several have private balconies. Tenants share a large patio and an on site laundry room. Each unit has its own electric and gas meter paid by the tenant. Ownership pays water only.The property sits one block off Magazine Street, around the corner from St. Mary's Assumption and the St. Alphonsus Art and Cultural Center. Jackson Avenue, the Lower Garden District, and the St. Charles streetcar are a short walk. The Central Business District is a few minutes downriver.Asking price is $1,150,000. That is about $191,667 per unit and $195.51 per square foot. Current income is about $103,800 a year, which is a 5.59% cap rate and 11.08 times gross rent. Some units rent below market. If those come up to market at normal turnover, gross income is about $117,120. That would be a 6.62% cap rate and 9.82 times gross. That upside is ordinary make ready work, not a big renovation.All measurements, income figures, cap rates, multipliers, and other property information are as provided to the listing broker. Buyers and their agents must independently verify all information.
Location
State LA
County Orleans
Area 0.08
Interior
Cooling Central Air
Fireplace No
Laundry In Unit, Electric Dryer Hookup
Exterior
Parking Features None
Utilities Available Natural Gas Available
Garage No
Building
Lot Description Other
Foundation Slab
Water Public
Architectural Style Traditional
New Construction No
Others
Tax ID 411203001
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