211 S Olympia St, New Orleans, LA 70119
- $315,000
- 8
- BD
- 3,340
- SqFt
- List Price
- $315,000
- Price Change
- ▼ $24,500 1788298815
- MLS#
- 2556130
- Status
- ACTIVE UNDER CONTRACT
- Type
- Multifamily
- Style
- Other
- Stories
- 2
- Bedrooms
- 8
- Acres
- 0.09
- Living Area
- 3,340
- Parish
- Orleans
Property Description
**PRICED $35,000 BELOW RECENT APPRAISAL**This classic New Orleans fourplex at 211 S. Olympia Street presents the ideal hybrid for a savvy investor: immediate in-place rental income from two units paired with massive renovation upside. Priced at $315,000, this property is a prime value-add opportunity in one of the city's most resilient rental submarkets. The property consists of four 2-bedroom, 1-bathroom shotgun-style units, with the upper units featuring private balconies that offer charming neighborhood views.The heavy lifting on the infrastructure has already been handled, providing a rare head start with a new roof and a new sewer line already in place. Currently, two of the four units are occupied and generating rental income. This allows a new owner to collect rent from day one while focusing renovation efforts on the remaining units, which are prime candidates for a transformation to capture top-of-market rents. The property is located in a high-demand pocket of Mid-City just steps from the Canal streetcar line, local eateries, and Bayou St. John. Furthermore, the property has been preapproved for State and Federal Historic Tax Credits, offering the potential of a significant financial advantage to offset renovation costs. Whether you are looking for your next BRRRR project or a strategic addition to your portfolio, this property offers the bones, the incentives, and the location to succeed. Bring your contractor and your vision to this Mid-City diamond in the rough.
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Additional Information
- Exterior Features
- Balcony
- Roof
- Shingle
- Sewer
- Public Sewer
- Water
- Public
- Pool Description
- None
- Heating
- Ductless, Wall Furnace
- Cooling
- Window/Wall
Mortgage Calculator
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