For Sale $7,400,000
Property Type Multi-Family
Property Size 76,200 SF
Units 117
Lot Size 4.12 Acre
Property Tenancy Multi-Tenant
Date Updated Apr 2, 2024

Sq. 11, Lots 8, 9, 20, 21, CThe Magnolia Apartments is a 98% occupied 117-unit complex situated just one block off of the Industrial Canal on the highly visible corner of Downman Rd and Dwyer Rd – ±10,425 daily traffic. The property has undergone an extensive restructuring that includes added remote access gates, security cameras, and common area green spaces. Comprising (71) 1 bedroom / 1 bath units and (46) 2 bedroom / 1 bath units, the complex offers a mix of sizes to cater to diverse resident needs. Units range from ±550 SF to ±825 SF. The property was partially renovated utilizing a Federal Home Loan Grant, dedicating a portion of units to tenants earning below 50% of the median area income, subsidized by Section 8, Unity, Catholic Charities, and more. The remaining units cater to market-rate households. Some units are currently leased below market value creating potential to immediately increase rents. The property features ample parking with over 180 spaces. Units are separately metered for electrical, with water included, simplifying utility management. Magnolia Gardens offers significant income potential, making it an attractive proposition for investors seeking a well-positioned, well-maintained property with a stable income stream and upside potential in New Orleans’ growing market. ***To access the FINANCIALS (rent roll, income, expense, etc.), please click “Access Privileged Documents” above. From there, you’ll be able to login, sign the Confidentiality Agreement electronically, and access all of the available information. If you don’t already have an account, you can create one for free.***

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Highlights

98% Occupied
Recently undergone extensive restructuring for security and comfort
Ample parking included – ±187 spaces
Current NOI of $565,069.98

Contacts

Benji Azar

ELIFIN®

(504) 289-7750

Location

Getting Around

Walk Score ®
55/100 Somewhat Walkable
Transit Score ®
40/100 Some Transit
Bike Score ®
51/100 Bikeable

Map
Street

City New Orleans, LA
Neighborhood Pines Village
Zip Code 70126
Market New Orleans

Points of Interest

Saint Claude at Elysian Fields

4.13 miles
Saint Claude at Pauger

4.24 miles
North Rampart at Esplanade

4.50 miles
French Market

4.58 miles
North Rampart at Ursulines

4.69 miles
Ursulines Avenue

4.72 miles
Museum of Art

4.81 miles
Dumaine Street

4.86 miles
North Rampart at Saint Ann

4.90 miles
Toulouse Street

5.06 miles

Shell

2.46 miles
Exxon

2.99 miles
Shell

3.06 miles
Lake Terrace Crossing

3.25 miles
Mardi Gras Truck Stop

3.34 miles
Shell

3.80 miles
Franklin Shell

3.89 miles
Shell

4.09 miles
Chevron

4.19 miles
Alex Chevron

4.38 miles

Lake Vista park Parking

4.19 miles
Pay Parking Lot

4.45 miles
Staff & Volunteer Parking

4.69 miles
E-Z Park

5.56 miles
Premium Parking Lot P296

5.60 miles
Harrah's New Orleans Parking Garage

5.61 miles
Premium Parking Lot

5.67 miles
Roman Parking Garage

5.67 miles
Erato St Cruise Terminal

5.98 miles
Premium Parking

6.03 miles

Monte Carlo Motel

0.60 miles
Family Inns

0.64 miles
Best Way Inn & Suites

0.69 miles
Red Carpet Inn & Suites

0.72 miles
Super 8 - New Orleans

0.75 miles
New Orleans Inn

1.02 miles
Royal Inn Of New Orleans

1.12 miles
Econo Lodge

1.12 miles
Motel 6 New Orleans - Near Downtown

1.58 miles
Days Inn by Wyndham New Orleans Pontchartrain

1.63 miles

Munch Factory

1.20 miles
Wendy's

1.22 miles
Taco Bell

1.26 miles
Peewee's Crabcakes

1.50 miles
Pizza Hut

1.71 miles
Subway

1.82 miles
Cafe Gentilly

1.84 miles
Sassafras Restaurant

2.07 miles
Good Time Sushi & Hibachi

2.38 miles
Domino's

2.43 miles

Happy Kids Preschool and Kindergarten

0.11 miles
Saint Marys Academy School

0.89 miles
Saint Benedict the Moor School

1.04 miles
Mildred Osborne School

1.06 miles
Miller McCoy Academy Charter School for Math and Business

1.09 miles
Live Oak Manor Elementary School

1.11 miles
Mary D Coghill Elementary School

1.13 miles
Southern University at New Orleans - Park Campus

1.51 miles
Gentilly School

1.64 miles
New Orleans Baptist Theological Seminary

1.66 miles

Happy Kids Number 3

0.12 miles
Rays of Hope Day Care Center

0.17 miles
Richards Small World Infant and Toddler Center

0.51 miles
L and L Nursery and Learning Center

0.54 miles
Gentilly East Child Development Center

0.57 miles
Perraults Kiddy Kollege

0.64 miles
Learn and Play Day Care Center

0.81 miles
Mickey and Minnie Preschool and Nursery

1.00 miles
The Preschool Learning Center

1.02 miles
Lafon Day Care Center

1.06 miles

Frequently Asked Questions

What is the lease rate for 98% Occupied, 117-Unit Value-Add Investment Opportunity?

Rental asking rate at 98% Occupied, 117-Unit Value-Add Investment Opportunity is $3,700,000.00/YR.

What is the total square footage of 98% Occupied, 117-Unit Value-Add Investment Opportunity?

98% Occupied, 117-Unit Value-Add Investment Opportunity totals 76,200 square feet.

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