Income Producing Property on Iconic Esplanade Avenue
Multifamily | 6 Units | $210,000/unit
Marketing description
Prime investment opportunity on Esplanade Ave in the heart of historic Treme. This turnkey multifamily property includes six units and is appraised at $1.4M. The main unit is vacant -perfect for immediate leasing or flexible use. Five units are leased, previously generating $11,300 per month, offering a mix of steady earnings and growth potential for investors.
Fully renovated in 2023, the building features a newer roof, newer HVAC systems, updated plumbing, newer appliances, modern fixtures, and newer siding. There is no deferred maintenance. The property includes five 2BR/1BA units, each with their own laundry, one studio unit, and rear off-street parking. The main unit boasts original hardwood floors, soaring 12-foot ceilings, and a wrap-around corner balcony with spectacular views.
Located on a prominent corner along the iconic Esplanade Ave, you’re just minutes from the French Quarter, Faubourg Marigny, and City Park. With cultural and tourism attractions all around, this location promises steady demand throughout the year. Area comps are strong, and income potential is scalable, making this a rare chance to secure a high-profile asset in a thriving rental market.
Amazing opportunity to Househack or have a second home in New Orleans!
Investment highlights
Appraised at $1.4M. The main unit (2BR/1BA) is vacant and ready for immediate viewing; occupied units require 24-hour notice for tenants. Five leased units bring in $7540 per month. Full occupancy projects gross income of $10,340. Potential of gross income of $12,000 per month depending on units' lease-up rate. 5 Electric meters. 1 Water meter. 1401 Galvez (largest unit) has gas. 1401 Galvez unit rents with Owner paying all utilities. All other units have their own electric meter. Two addresses used for this property: 2101 Esplanade & 1401 N. Galvez.
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