Moss Bauer
28-Unit Value-Add Opportunity | Receivership Sale | Ground Floor Retail | New Orleans, LA
Marketing description
Moss Bauer (the “Property”) is a 28-unit multifamily property with 2 retail suites, prominently located at 703 Carondelet Street in the vibrant Central Business District (CBD) of New Orleans, Louisiana. Originally built in 1900 with brick construction, the Property underwent a substantial renovation in 2013 that preserved its historic character while upgrading the interiors to modern standards. The Property consists of two distinct buildings: a five-story structure serviced by an elevator and a two-story walk-up. The residential units feature hardwood flooring, in-unit washers and dryers, stainless steel appliances, and modern cabinetry—delivering a high-quality living experience that appeals to urban professionals and long-term renters. Currently 66% occupied, with rents below market comparables the asset presents an immediate lease-up opportunity with minimal capital expenditure required, making it a compelling value-add investment.
Situated within the economic core of New Orleans, Moss Bauer benefits from unmatched proximity to over 15.5 million square feet of Class A and B office space within a half-mile, positioning the asset as a preferred choice for renters seeking walkable access to employment centers. In addition to its employment-driven demand base, the Property is within walking distance of New Orleans’ most iconic destinations, including the Caesars Superdome (0.7 miles), Canal Street (0.5 miles), Bourbon Street (1.0 mile), and U.S. Highway 90 (0.7 miles). The St. Charles streetcar line also passes just one block away, offering direct access to Uptown, the Garden District, and Tulane University (4.0 miles). Additionally, the property is 0.7 miles from the Tulane University Health Science Center, 2.1 miles from LSU Health Center Downtown, and 3.5 miles from Xavier University. This connectivity, combined with a walkable urban setting, positions Moss Bauer at the crossroads of business, entertainment, and culture.
Investment highlights
Rare Mid-Sized Asset in the CBD: Moss Bauer fills a unique gap in the market, with 28 residential units and two retail suites. Mid-sized assets are limited in the New Orleans Central Business District, where 57% of multifamily properties have fewer than 20 units and 35% exceed 50 units- creating strong competitive positioning and tenant appeal.
Value-Add Opportunity with Minimal Capex: With current occupancy at 66%, the property offers immediate upside through lease-up and rental rate optimization. The asset is well-maintained and move-in ready, requiring minimal capital investment to drive performance.
Strong Market Rents Relative to Submarket: Multifamily assets under 50 units in the area command average rents of $1,068 - well above the submarket average of $931 - highlighting the strong performance of boutique and mid-sized assets like Moss Bauer.
Efficient Scale with Professional Management Viability: With 28 multi-family units & 2 retail units, the property offers enough scale to support professional management while still maintaining the intimate feel preferred by many urban renters - making it both operationally efficient and tenant-friendly.
Historic Building with Modern Interiors: Originally constructed in 1900 and fully renovated in 2013, the property blends historic charm with modern finishes. Units feature hardwood floors, in-unit washers and dryers, updated appliances, and attractive layouts that cater to today’s renters.
Retail Income for Diversified Revenue Stream: Two ground-floor retail suites offer additional income potential and flexibility. With pedestrian traffic from surrounding offices, hotels, and tourist attractions, the space is well-suited for neighborhood-serving retail tenants.
Prime Location in Employment & Entertainment Hub: Strategically located within the New Orleans Central Business District, Moss Bauer is surrounded by 15.5 million square feet of office space, and is within walking distance to major demand drivers like the Caesars Superdome, Canal Street, and Bourbon Street.
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