724 Philip St, New Orleans, LA 70130

Description

Fully leased historic fourplex in the heart of the Irish Channel, ideally located between Chippewa and Annunciation. The property consists of four 1-bedroom, 1-bath units with approximately 3,642 sq ft of living area, plus 282 sq ft of balcony/deck space, offering immediate, stable rental income.Originally built in the 1870s, the building retains classic New Orleans character throughout, including hardwood floors, mantels, transom windows, historic millwork, and cast-iron tubs. A major renovation in 2000 updated key systems while preserving the architectural integrity. Select bathrooms have been updated with tile flooring and newer cabinetry.Tenant occupied need 24 hour notice to showThe two upper units are fully electric and feature central HVAC systems replaced in 2025 (over $40K investment, 5-year warranty), helping reduce near-term capital expenditures. The lower units offer gas cooking, gas space heaters, and window unit cooling.Situated on an oversized approximately 45 x 160 lot (~7,200 sq ft), the property includes rare side-drive access to the rear yard—an uncommon feature that adds long-term flexibility and value.With all units leased, a proven rental layout, and a highly walkable location in one of New Orleans’ most consistently demanded neighborhoods, this property presents a strong opportunity for both cash flow and long-term appreciation.