2808-14 PHILIP ST new Save Request In-Person Tour Request Virtual Tour
New Orleans,LA 70113
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 6,052 sqft
Price per Sqft $154
MLS Listing ID 2508697
Style Other
Bedrooms 18
Full Baths 12
Year Built 2021
Property Sub-Type Quadruplex
Property Description
2808 – 2814 Philip Street in New Orleans includes two adjacent newly constructed residential buildings. The buildings encompass approximately 6,052 sf and are set up for shared housing/co-living. The property contains 18 bedroom-style units, eight units contain en-suite baths and ten units have shared baths (12 total baths). The property is divided into four flats – there are four kitchens and living areas shared by residents.
The property is fully occupied and has averaged approximately 98% occupancy over the trailing 12 month period. The average rental rate is $776/month per bedroom. 2808-2814 Philip Street provides “naturally occurring affordable housing” – rents are affordable to those earning less than 50% of the Area Median Income (AMI) and there are no subsidies or use restrictions on the property. The property will be sold furnished.
The property is operated via a pass-through lease agreement with PadSplit. PadSplit provides affordable housing through shared house rentals and operates the leading affordable shared housing online platform in the United States. The PadSplit lease agreement is assignable to the new owner.
The property is strategically located in the Central City neighborhood of New Orleans – it is one block from Claiborne Avenue and less than one mile from the Superdome and Central Business District.
Location
State LA
County Orleans
Interior
Heating Central
Cooling Central Air
Exterior
Parking Features None
Roof Type Shingle
Building
Lot Description City Lot,Rectangular Lot
Foundation Raised
Sewer Public Sewer
Water Public
Others
Special Listing Condition None