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Listing ID: 2389610
Price: $645,000
Status: Active
Address: 623 ALVAR Street
City: New Orleans
State: Louisiana
Postal Code: 70117
Bedrooms: 8
Total Baths: 4
Full Baths: 4
SqFt: 3,095
Acres: 0.090
Parish: Orleans
New Orleans
Welcome to an opportunity to invest in a prime location in Bywater, New Orleans! This colorful and vibrant 4-plex, with the potential for a 5th unit in the accessory building, is perfect for investors who appreciate the spirited bohemian neighborhood. With a current rent roll of $5125 per month and monthly operational costs averaging under $800, this property generates steady rental income. Each of the four near identical two-bedroom, two-bath units has a roommate-friendly layout, making them highly sought-after by tenants. And with 5 gas and electric meters and 4 happy tenants, you can be assured of a hassle-free investment. The rear unit, with an estimated $30,000 in repairs from a licensed contractor, will soon be back online and is expected to fetch another $1000 or more in rent each month. Over $80k in capital improvements, renovations, and repairs have been completed since 2017, including exterior deck/balconies for each unit to create private outdoor space, electric tankless hot water heaters for each unit, massive repairs to siding, fresh exterior paint, washer and dryer in every kitchen, and more! This property has been maintained to the highest standards by a professional property manager, contractor, and skilled tradespeople. Investing in this property will not only provide a steady rental income but also the opportunity to create a space for yourself to live in or visit the thriving community of Bywater. Don't miss out on this incredible opportunity to own a property in a desirable location. Flood zone X.

Primary Features

Parish: Orleans
Price Before Reduction: 675000
Price Reduction Date: 2023-05-09T22:49:57+00:00
Property Sub Type: Detached
Property Type: Residential


Appliances: Dryer, Oven, Range, Refrigerator, Washer
Building Area Source: Appraiser
Building Area Total: 3095
Cooling: yes
Cooling Type: Window Unit(s)
Fireplace: no
Fireplace Features: None
Heating: yes
Heating Type: Gas
Interior Features: Ceiling Fan(s)
Laundry Features: Washer Hookup, Dryer Hookup
Levels: Two
Rooms Total: 4
Stories: 2


Construction Materials: HardiPlank Type
Exterior Features: Balcony, Fence, Porch
Foundation Details: Slab
Lot Features: City Lot, Rectangular Lot
Lot Size Area: 0.0902
Lot Size Dimensions: 33x119
New Construction: no
Other Structures: Shed(s), Workshop
Parking Features: None
Patio And Porch Features: Covered, Wood, Balcony, Porch
Roof: Asphalt, Shingle
Sewer: Public Sewer


Association: no
Cross Street: Charter, Royals
Postal City: New Orleans
Water Source: Public


Green Energy Efficient: Water Heater
Property Condition: Very Good Condition, Resale
Standard Status: Active
Year Built Details: 60


Home Warranty: no
Special Listing Conditions: None
Tax Legal Description: SQ 133 LOT J 33 X 119 621-23 ALVAR ST
Tax Lot: J

Zoning Info

Listing courtesy of EXP Realty, LLC.

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