1300 02 ALLO Avenue

Marrero, LA 70072

THIS RARE AND UNIQUE OPPORTUNITY IS TRULY BEST IN ITS CLASS. A SOLID ALL-BRICK 7-UNIT APARTMENT BUILDING, ALONG WITH A SEPARATE SINGLE-FAMILY HOME ON THE SAME CORNER LOT DELIVERS 8- FULLY RENTABLE UNITS. IT'S THE PERFECT UPGRADE TO INCREASE THE NUMBER OF UNITS YOU OWN BY UTILIZING A 10-31 EXCHANGE OR TO RECAPITALIZE YOUR PROPERTIES. IT'S AN IDEAL LOCATION FOR LOW VACANCY RATES AND TOP-OF-THE-MARKET RENTS. AT THE CORNER OF 13TH STREET AND ALLO AVENUE, IT'S A PREDOMINANTLY SINGLE FAMILY HOME NEIGHBORHOOD. JUST A FEW BLOCKS BEHIND WEST JEFF HOSPITAL THE BUILDING IS APPROXIMATELY 4,392 SQ. FT. THE SEVEN UNITS CONSIST OF FIVE STUDIO APARTMENTS, ONE 1-BEDROOM, AND ONE 2-BEDROOM. THE DETACHED HOUSE (UNIT E) IS APPROXIMATELY 792 SQ. FT. ALL UNITS ARE CURRENTLY OCCUPIED. THIS PROPERTY HAS A HISTORICALLY LOW VACANCY RATE DUE TO ITS LOCATION AND RENT VALUE. THE CURRENT CASH FLOW IS $6,535 WITH PROJECTED RENTS UP TO $8,185 AFTER A SLIGHT INCREASE OF EACH UNIT. THE TENANT AMENITIES INCLUDE BALCONIES ON THE SECOND FLOOR APARTMENTS, CENTRAL AIR & HEAT, ON-SITE COIN OPERATED WASHER/DRYER ROOM, AND A PARKING LOT. EACH UNIT HAS ITS OWN ELECTRIC METER, (EXCEPT UNIT H). WHILE THE WATER IS ON A SINGLE METER AND IS PAID BY THE OWNER (APPROX. $400 A MONTH). THERE IS NO GAS SERVICE TO THE BUILDINGS. THE ROOF WAS REPLACED AFTER HURRICANE IDA IN 2021. IT IS AN "X" FLOOD ZONE - THE SELLER DOES NOT HAVE A FLOOD POLICY. THE SELLER MAY CONSIDER BOND-FOR-DEED TERMS WITH A SUBSTANTIAL DOWN PAYMENT, A BALLOON PAYMENT, AND A SHORT FINANCE PERIOD WITH AN INTEREST RATE OR AT LEAST 1% HIGHER THAN WHAT A BANK WOULD GIVE A QUALIFIED BUYER. THE SELLER REQUESTS THAT ALL BUYERS PROVIDE PROOF OF FUNDS OR A LETTER OF LOAN PRE-APPROVAL BEFORE SCHEDULING A SHOWING OF THE UNITS. THE CURRENT RENTAL RATES ARE PROVIDED IN THE LISTING BELOW AND THE PROJECTED RENTS ARE AVAILABLE UPON REQUEST ALONG WITH THE ESTIMATED MONTHLY OPERATING EXPENSES. THERE IS NO 'FOR SALE' SIGN ON THE PROPERTY.