A uncommon assortment of historic New Orleans French Quarter actual property has hit the market with a seven-building portfolio of flip key business, multifamily, and residential properties on sale for $9.66 million.

Managed by Metairie-based Bridgewater Realty Advisors, the portfolio consists of two mixed-use business and residential properties at 307 Alternate Place and 513 Conti Road, together with 5 multifamily properties at 317 Alternate Place, 525 Conti Road, 817-19 Barracks Road, 1524-26 Saint Mary Road, and 522-24 Burgundy Road.

The properties whole 27 items and greater than 25,000 sq. toes throughout the seven buildings. The portfolio value of $9.66 million breaks all the way down to $385 per sq. foot and $355,555 per unit.

The portfolio may be bought in full, partially, or individually, however vendor financing is barely out there in full or partial packaged offers, says Bryce Marullo, principal and agent with Bridgewater Realty Advisors. Marullo and colleagues Cameron Griffin (principal and agent) and Mason McCullough (principal and dealer) are the co-listing brokers on the portfolio.

“Our purchasers who’re native traders have spent years meticulously assembling and sustaining this unprecedented assortment of historic properties in shut proximity. They’ve upgraded them, and they’re now able to move on these trophy property,” mentioned Marullo. “It is a very distinctive, once-in-a-lifetime, and funky alternative for somebody to spend money on the French Quarter.”

Since hitting the market, McCullough mentioned the portfolio has had “wholesome ranges of curiosity” with potential consumers being both native traders who already personal all these properties in surrounding areas, and likewise regional and nationwide consumers who want to make investments and develop their portfolio to New Orleans French Quarter properties.

“A number of stock within the French Quarter could require renovation, however with these properties, they’re all flip key, renovated, nicely maintained, and also you merely take them over, inherit the money circulation, and the tenants,” mentioned McCullough. “These are appreciating property which have distinctive allure and historical past behind them, and they’re searching for an investor who sees worth in a classy, stabilized, and established portfolio.”

The French Quarter portfolio, at a look, consists of:

• 307 Alternate Place 5,857 sq. toes ($426 per sq. foot)        $2.5 million
• 513 Conti Road 5,040 sq. toes ($426 per sq. foot)        $2,150,000
• 525 Conti Road       3,582 sq. toes ($432 per sq. foot)        $1,550,000
• 817-19 Barracks St 3,320 sq. toes ($337 per sq. foot)        $1,100,000
• 1524-26 St Mary St 3,732 sq. toes ($221 per sq. foot)        $825,000
• 317 Alternate Place 1,344 sq. toes ($595 per sq. foot) $800,000
• 522-24 Burgundy St 2,175 sq. toes ($331 per sq. foot) $735,000
• Complete: 25,050 sq. toes ($385 per sq. foot)   $9,660,000

307 Alternate Place and 513 Conti St. are prototypical French Quarter business/residential buildings with floor flooring business house complemented by residential dwelling above.

In-built 1923, 307 Alternate Place is situated on the pedestrian-only Alternate Alley, and the turnkey property consists of 5,857 whole sq. toes. The business portion features a liquor license, and was beforehand dwelling to a number of eating places and cafés. The property additionally features a 725-square-foot personal upstairs workplace, a brand new HVAC system, a brand new elevator, and an inside courtyard the place famed artist Edgar Degas as soon as painted. In-built 1908, 317 Alternate Place is a two-unit multifamily property providing 1,344 sq. toes of residential house.
In-built 1822, 513 Conti Road gives 5,040 sq. toes of mixed-use house that features ground-floor business house, presently occupied by a vape store, and 4 upper-level residential items. In-built 1850, 525 Conti St. is a four-unit residential property totaling 3,582 sq. toes. Each properties are positioned steps from Decatur, Royal, and Bourbon.

In-built 1900 and situated close to Armstrong Park and the Rampart streetcar, 817-19 Barracks St. is a historic yellow brick constructing with ornate options and crimson doorways that improve curb attraction. The multifamily property gives 3,320 sq. toes throughout three up to date items, together with kitchens with picket cupboards, double sinks, and chrome steel home equipment. There are brick-walled hallways, a brick courtyard, and a patio.
In-built 1850, 522–24 Burgundy St. has three residential items totaling 2,175 sq. toes. The residence options central air, loft bedrooms, and a rear courtyard. The property was not too long ago acknowledged for excellence in renovation by the Vieux Carré Commision.

Extending to the Decrease Backyard District and steps from St. Charles Ave., 1524-26 Saint Mary St. is a renovated fourplex providing 3,732 sq. toes of residing house. Updates embrace trendy finishes, spacious layouts, up to date kitchens and loos, new roof and gutters, and preserved interval particulars reminiscent of massive home windows.

All of the portfolio properties, that are situated in most well-liked zone X, function important capital enhancements, together with renovations in a lot of the residential items and business areas, new roofs at each Conti St. places, and a brand new elevator on the Alternate Place flagship.
“All of those property are nicely positioned in prime places that profit from umatched visibility, year-round foot site visitors, they usually have constantly attracted profitable business and long-term residential tenants,” mentioned Marullo. “They’re distinctive, long-term appreciation alternatives for traders looking for a stabilized income-producing asset in one of the vital supply-constrained markets within the nation.”