427 GRAVIER ST Active Save Request In-Person Tour Request Virtual Tour
New Orleans,LA 70130
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 6,428 sqft
Price per Sqft $521
MLS Listing ID 2461696
Year Built 1880
Lot Size 2,600 Sqft
Property Description
427 Gravier presents an excellent investment opportunity. This permitted hotel property features six 2-bedroom, 2-bath units, each equipped with modern kitchens and laundry facilities. Renovated in 2019 with high-end finishes, this turnkey operation is situated in a prime location—just steps away from the French Quarter, Caesar's Hotel & Casino, and all the attractions of downtown and the Central Business District.
Currently, the property enjoys a steady growth trajectory, especially in the post-COVID market, with an impressive gross operating income of $505k in 2023 and $344k YTD for 2024 with projections to surpass last year's numbers. The property is zoned CBD-2, offering potential for a range of uses and future growth.
Additional financial information available upon request.
Location
State LA
County Orleans
Zoning CBD-2
Exterior
Parking Features None
Building
Lot Description City Lot,Rectangular Lot
Dwelling Type Hotel/Motel
Sewer Public Sewer
Water Public
Others
Special Listing Condition None