Addresses: 2317 N Rampart & 1018 Mandeville, New Orleans, 70117
The McEnery Company is proud to present the Warehouse, a 29-room group-stay lodging property and all FF&E available for sale. This unique offering features an “A” location, steps from the French Quarter, and existing cash flow. There is also an immediate value-add opportunity for repositioning to capture operational upside and increase sleeping capacity.
The property is located right off St Claude in the Marigny and features an architecturally unique building composed of an impeccably restored 1914 craftsman-style house that was fully-enclosed inside of a metal clad warehouse in the late 1970s. The conjoined buildings have been assembled together with a 4-plex fronting 1018 Mandeville Street, connected by a tropical rear courtyard and swimming pool.
The property is well positioned for high performing REVPAR and is immediately proximate to several of the top performing STRs in the New Orleans Market. The offering is priced at only fraction of replacement cost with owner financing available for acquisition, providing a significant runway for a double-digit cap rate return. An existing condo regime is also already in place for 2317 N Rampart which provides flexibility for future exit strategies.
List Price: Contact Brokers
2023 Actual: $825,992 Gross Room Revenue
2024 Pro-Forma: $863,489 Gross Room Revenue
Total Site Size: +/- 12,577 SF
Total GBA: 17,850 SF
Zoning: HMC-2 (Hotel Permissible)
Current Operator: Roami
