Addresses: 2317 N Rampart & 1018 Mandeville, New Orleans, 70117
Located right off St Claude in the Marigny, the Warehouse features the adaptive- reuse of a unique pair of buildings- a 1914 craftsman-style house that was fully- enclosed inside of a metal clad warehouse in the late 1970s. The conjoined buildings were impeccably restored, assembled together with a 4-plex fronting 1018 Mandeville Street, and transformed into a large-scale group format lodging complex connected by a tropical rear courtyard and swimming pool.
The total GBA of the spans 17,852 SF on three (3) levels, consisting of 12 thoughtfully appointed 1, 2, and 3 bedroom suites, containing 29 total rooms. The impressive property is perfect for group travel, business retreats, staycations and more. The physique is more than adequate to expand sleeping capacity by 5-8 rooms.
This established asset exhibits a proven track record of revenue production, but there is also plenty of room to capture the operational upside and untapped revenue potential through repositioning and light renovation to maximize capacity and efficiency. The property is well positioned for high REVPAR and is immediately proximate to several top performing STRs in the New Orleans Market, providing significant runway for a double-digit cap rate return. An existing condo regime is also already in place to provide flexibility for future exit strategies.
List Price: $4,150,000
Annual Net Revenue: $365,701
19% OPEX Ratio: Master Leased with minimal owner responsibility
Licensing: 100 % CSTR licenses in place (Zoning Determination Available)
Total Site Size: +/- 12,577 SF
Zoning: HMC-2 with twelve (12) vested Commercial STR Licenses.
