6001 Downman Rd

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Address: 6001 Downman Rd, New Orleans, Louisiana, US
Created date: February 5, 2024
Date last updated: April 2, 2024
  • 98% Occupied
  • Recently undergone extensive restructuring for security and comfort
  • Ample parking included – ±187 spaces
  • Current NOI of $565,069.98

Property Description

The 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.***

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $7,400,000
No. of Units: 117
Lot Size: 4.12 Sq ft
Opportunity Zone: No
Price per unit: $63,248
Property Website Click Here
Address: 6001 Downman Rd, New Orleans, LA 70126, USA
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