1302 Allo Av , Marrero
$785,000
Investor Alert! Here's a rare opportunity to acquire a solid all-brick 7-unit apartment building plus a detached single-family home, delivering 8 fully rentable units with historically low vacancy. A recent $94,000 price adjustment makes this property even more attractive, and the seller will consider bond-for-deed "owner financing" with a minimum 25% down payment (what most commercial lenders would require). Flexible terms and conditions can be negotiated. Located at the corner of 13th Street and Allo Avenue, just a few blocks behind West Jefferson Medical Center, the property is surrounded by predominantly single-family homes and enjoys strong tenant demand, top-of-market rents, and steady cash flow. The main building measures approximately 4,392 sq. ft. and consists of five studios, one one-bedroom, and one two-bedroom unit, while the detached home (Unit E) adds an additional 792 sq. ft. The income is currently $6,635 per month with projected rents up to $8,000 after modest increases. Tenant amenities include balconies on second-floor apartments, central air and heat, on-site coin-operated laundry, and off-street parking. Each unit has its own electric meter (except Unit H), while water is on a single meter paid by the seller (approx. $400/month). The roof was replaced in 2021 after Hurricane Ida, and the property is located in an “X” flood zone. There is no flood insurance on the property now. The seller requests that cash buyers provide proof of funds or a letter of pre-approval for buyers obtaining a mortgage before showings. No “For Sale” sign is on the property.
Corner Lot, City Lot, Rectangular Lot
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