965 Taft Pl, New Orleans
5 Beds, 4 Baths, 4,300 Sf
$1,295,000
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2000 Hope St, New Orleans
$1,395,000
30 Beds
28 Baths
21,000 Sqft
0 Acres
No Garage
NEW PRICE! Introducing the Hope & Allen Redevelopment Opportunity in New Orleans, LA. The property contains (13) doubles each with a 1 bed/1 bath unit on each side. There are (2) SFR buildings on the ends, one of them being 3 bed/1 bath and one of them being 1 bed/1 bath.
Following renovation work, highest and best use calls for subsidzed housing, which call for $1,149/month for a one bedroom unit and $1,750/month for a 3 bedroom unit for a potential gross annual rent of $393,276.
After stabilizing the property, the new buyer will be able to refinance and potentially pull all their cash out while maintaining a cash-flowing asset. The new assessed value should be significantly higher than the total loan amount from the construction loan used to take down the property. Rough terms for construction loan is 15-20% down, 10.5-11.5% interest rate, 12-18 months interest only payments. Current long term financing terms are sitting around 7.5-8% interest rate, 10 yr fixed, 30 year AM.
Overall, 2000 Hope Street represents an extraordinary investment prospect. Reach out for more information.
Actual addresses are 2000-2008 Hope St & 2601-2635 Allen St
Essential Information
MLS® #2423169
Price$1,395,000
Bedrooms30
Bathrooms28.00
Full Baths28
Square Footage21,000
Acres0.00
Year Built1963
TypeResidential Income
Sub-TypeOther
StatusActive
Community Information
Address2000 Hope St
CityNew Orleans
CountyOrleans
StateLouisiana
Zip Code70119
Amenities
ParkingNone
PoolNone
Interior
HeatingNone
CoolingNone
Exterior
Lot DescriptionCity Lot, Irregular Lot
RoofShingle
FoundationRaised
Additional Information
Days on Market163
HOA Fees0.00
Property History
Price Reduced from $1,475,000 to $1,395,000
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