98% Occupied, 117-Unit Value-Add Investment Opportunity

For Sale

6001 Downman Rd, New Orleans, LA 70126

This New Orleans property for sale is located at 6001 Downman Rd. The current listed sale price for 98% Occupied, 117-Unit Value-Add Investment Opportunity is $6,950,000. 98% Occupied, 117-Unit Value-Add Investment Opportunity is situated on a lot that is 4.12 acre in size.

Contacts

broker

Benji Azar

ELIFIN®

Property Details

  • Property Type Multi-Family
  • Property Size 76,200 SF
  • Units 117
  • Lot Size 4.12 Acre
  • Additional Rent Contact for pricing
  • Property Tenancy Multi-Tenant
  • Date Updated May 20, 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

Getting around

  • 55/100

    Walk Score ®

  • 40/100

    Transit Score ®

  • 51/100

    Bike Score ®

Powered by Walk Score ®

Location

  • 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

    4.60 miles

  • North Rampart at Ursulines

    4.69 miles

  • Ursulines Avenue

    4.73 miles

  • Museum of Art

    4.82 miles

  • Dumaine Street

    4.86 miles

  • North Rampart at Saint Ann

    4.91 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

  • Alex Chevron

    4.38 miles

  • Orleans Center

    4.99 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

    6.05 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

  • Walmart Supercenter

    1.39 miles

  • Canseco's

    2.38 miles

  • Save-A-Lot

    2.97 miles

  • Save-a-Lot

    3.36 miles

  • Walmart Supercenter

    3.90 miles

  • New Orleans Food Co-op

    4.00 miles

  • Dollar General Market

    4.03 miles

  • Robérts Fresh Market

    4.09 miles

  • Big Lots

    4.15 miles

  • Mardi Gras Zone

    4.18 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Benji Azar

ELIFIN®