1005 Josephine St, New Orleans, LA 70130

Description

1005 Josephine Street is a six unit multifamily building in the LGD between Constance and Magazine. It is two stories with about 5,882 square feet on a roughly 33 by 108 foot lot. Built in 1913 and fully renovated in 2007. The building keeps its wood siding, wraparound balcony, and courtyard.There are three one bedroom units, two two bedroom units, and one three bedroom unit. Units average about 980 square feet. Several have private balconies. Tenants share a large patio and an on site laundry room. Each unit has its own electric and gas meter paid by the tenant. Ownership pays water only.The property sits one block off Magazine Street, around the corner from St. Mary’s Assumption and the St. Alphonsus Art and Cultural Center. Jackson Avenue, the Lower Garden District, and the St. Charles streetcar are a short walk. The Central Business District is a few minutes downriver.Asking price is $1,150,000. That is about $191,667 per unit and $195.51 per square foot. Current income is about $103,800 a year, which is a 5.59% cap rate and 11.08 times gross rent. Some units rent below market. If those come up to market at normal turnover, gross income is about $117,120. That would be a 6.62% cap rate and 9.82 times gross. That upside is ordinary make ready work, not a big renovation.All measurements, income figures, cap rates, multipliers, and other property information are as provided to the listing broker. Buyers and their agents must independently verify all information.