2000 Hope Street

New Orleans LA 70119

21000 sq. ft.

Other

Currently for sale - view listing

Overview

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