Investment Overview

Magazine Street Apartments is a 16-unit historic multifamily property located at 2331–2333 Magazine Street, New Orleans, Louisiana, in the Garden District. The property contains approximately 9,440 SF and sits on roughly 0.21 acres. The OM emphasizes the asset’s boutique character, walkability, and irreplaceable infill location along one of the city’s premier corridors. Financially, the asset is offered at $3,025,000, or approximately $189,063 per unit and $320.44 per SF, with current NOI of $166,322 and a 5.50% cap rate. The rent roll is comprised entirely of 1-bedroom units, with average monthly rent of $1,106 and average unit size of 590 SF. The pro forma in the OM contemplates modest revenue upside through higher rents and normalized management. This is a classic urban infill value-add play where the appeal is driven as much by location and character as by current numbers. The OM notes that the property has not been recently renovated and may benefit from interior updating, creating the opportunity to pair historic charm with strategic modernization. For buyers seeking a boutique New Orleans asset with strong location fundamentals and mark-to-market potential, Magazine Street offers a differentiated acquisition opportunity.