833-839 Jackson & 2130-2132 Laurel is a fantastic assemblage that includes three separate two-story structures which are divided into 8 residential units. There are a total of 16 bedrooms and 18 bathrooms, as well as a beautifully designed common courtyard area that is ideal for outdoor entertaining. The improvements were originally constructed in the mid-1800’s and underwent a full scale renovation in 2015 with a Restoration Tax Abatement (RTA) put in place. The gross building area is approximately 11,738 SF and the net rentable area is +/- 11,450 SF. Measurements are not guaranteed and should be verified by purchaser.
The Property has officially been grandfathered in with SIX SHORT TERM RENTAL (STR) LICENSES! The six units which carry STR licenses have a total of 12 bedrooms (2 bedrooms per unit). In addition, there is the possibility of successfully applying for an additional STR license at 833 Jackson Avenue if a buyer were to occupy one unit as their main residence with a Homestead Exemption, while operating the other unit as a short term rental unit.
With 6 short-term rental licenses in place and 2 market rent apartments, the property is projected to be capable of achieving $507,000 in Annual Revenue. The short term rental revenue projections are based on prior/current performance of several units within the property.
The recent short term rental ordinance that was passed by the City of New Orleans allows for a licensed property like this to become significantly more valuable due to the decrease in competitive supply of similar units at a time when demand for STR units continues to increase. The resulting strong cash flow would be attractive to a variety of investors.
Please call Pat Browne III at 504-250-3059 or Parke McEnery at 250-236-9542 to arrange a showing.