New Orleans’s most expensive house gets $1 million price cut
As far as investing in New Orleans real estate is concerned, it doesn’t get much safer than this. Here, a property has cut $1,000,000 off its asking price. Located on the prestigious Magazine Street, it’s a bit of a home run when it comes to investing and it certainly looks the part on the outside. Sadly, despite it’s hefty price cut the building is still listed for $5,995,000 on Zillow.
According to the Zillow listing, it includes a: ‘13,412 sq ft building houses 4 commercial spaces on the ground floor, totaling 7,048 sq ft, and 4 luxury residential units, totaling 6,364 sq ft with 684 sq ft balcony. Generating gross income of over $340,000 annually.’
The current occupants of the commercial spaces consist of a jewelry boutique, a fitness center, a bubble tea café, and a bakery. The residential units encompass a variety of configurations, featuring 2 to 3 bedrooms and 2 bathrooms each.
Located just a short distance from the French Quarter, popular tourist destinations, and the interstate, initial research indicates that zoning regulations would permit the addition of a 2,000 square foot third floor and the construction of a rooftop deck.
