2808-14 Philip St.

Multi-Family

2808 14 Philip St., New OrleansLA 70113

Property Details

Location

Address
2808 14 Philip St., New OrleansLA 70113
County
Orleans Parish
Submarket
Uptown-Garden District
Parcels
41039187

Building Size

Building Size
6,052 SF
Rentable Space
6,052 SF

Building Details

Type
 Multi-Family
Number of Buildings
2
Number of Units
4
Occupancy Type
Single Tenant
Percent Occupied
Building Class
Building Status
Existing
Floors
2
Year Built
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.13 Acres
Land (SF)
5,663 SF
Sanitary Sewer
Yes
Water
Yes
Rail Service
No
Zoning
HU-RD2
Lot Depth
91 ft
Lot Width
59 ft

Contacts

Current Listings

Leased Co-Living Investment

6,052 SF$1,150,000
Cap Rate: 7.57%

2808 - 2814 Philip Street in New Orleans includes two adjacent newly constructed residential buildings. The buildings encompass approximately 6,052 sf and are set up for shared housing/co-living. The property contains 18 bedroom-style units, eight units contain en-suite baths and ten units have shared baths (12 total baths). The property is divided into four flats - there are four kitchens and living areas shared by residents.

The property is fully occupied and has averaged approximately 95% occupancy over the trailing 10 month period. The average rental rate is $2,900 per unit (4 total units) per month. 2808-2814 Philip Street provides “naturally occurring affordable housing” - rents are affordable to those earning less than 50% of the Area Median Income (AMI) and there are no subsidies or use restrictions on the property. The property will be sold furnished.

The property is operated via a pass-through lease agreement with PadSplit. PadSplit provides affordable housing through shared house rentals and operates the leading affordable shared housing online platform in the United States. The PadSplit lease agreement is assignable to the new owner.

The property is strategically located in the Central City neighborhood of New Orleans - it is one block from Claiborne Avenue and less than one mile from the Superdome and Central Business District.

2808 - 2814 Philip Street in New Orleans includes two adjacent newly constructed residential buildings. The buildings encompass approximately 6,052 sf and are set up for shared housing/co-living. The property contains 18 bedroom-style units, eight units contain en-suite baths and ten units have shared baths (12 total baths). The property is divided into four flats - there are four kitchens and living areas shared by residents.

The property is fully occupied and has averaged approximately 95% occupancy over the trailing 10 month period. The average rental rate is $2,900 per unit (4 total units) per month. 2808-2814 Philip Street provides “naturally occurring affordable housing” - rents are affordable to those earning less than 50% of the Area Median Income (AMI) and there are no subsidies or use restrictions on the property. The property will be sold furnished.

The property is operated via a pass-through lease agreement with PadSplit. PadSplit provides affordable housing through shared house rentals and operates the leading affordable shared housing online platform in the United States. The PadSplit lease agreement is assignable to the new owner.

The property is strategically located in the Central City neighborhood of New Orleans - it is one block from Claiborne Avenue and less than one mile from the Superdome and Central Business District.

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

CIE

Source: LACDB

More Information

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