Central City 9 Unit Apartment Complex For Sale

Bridgewater Realty Advisors is pleased to present 1734–1736 Second Street, a nine-unit multifamily property at the corner of Second Street and Baronne Street in Central City. The two adjoining addresses sit on a single tax parcel and comprise approximately 9,000 square feet of building area on a 6,000-square-foot corner lot.All nine units feature one bedroom and one bathroom, averaging approximately 1,000 square feet each, a generous floor plan for the unit type. The property is 100% occupied, generating $10,380 per month, or $124,560 in annualized gross rental income, plus coin-operated laundry income. Additional features include fenced yards, off-street parking, and conforming HU-RM1 zoning.The property sits two blocks from Oretha Castle Haley Boulevard, the corridor at the center of Central City’s decade-long improvement. Nearby destinations include the Southern Food and Beverage Museum, Ashé Cultural Arts Center, Café Reconcile, and Central City BBQ. The St. Charles streetcar, Magazine Street, and the Lower Garden District are also close by. The Central Business District, Caesars Superdome, and downtown medical corridor are just minutes away.Offered at $1,250,000, the property is priced at $138,889 per unit and $138.89 per square foot, representing a 10.0x gross rent multiplier on in-place income. This is a fully tenanted asset with a path to improved performance rather than a repositioning opportunity. Utility costs to ownership are nominal, and the expense load is driven primarily by insurance and taxes rather than deferred maintenance.The five units on the 1736 side achieve rents approximately 6% higher than the four identically sized units on the 1734 side, indicating near-term upside through modest improvements as the 1734 units turn over.

All information is deemed reliable but is not guaranteed; prospective purchasers should independently verify all information, measurements, and dimensions.