NOT LISTED FOR SALE

623 Alvar St New Orleans, LA 70117

Bywater Neighborhood
8 Beds
4 Baths
3,095 Sq Ft
-- Built

Last Sold May 24, 2024

22 Days on Market

Highlights

  • Shotgun Architecture
  • Porch
  • Fenced
  • Balcony
  • Property is in very good condition

About This Home

As of May 2024

Dive into property investing with the Rainbow Fourplex in New Orleans' Bywater, perfect for those entering the game. This opportunity merges living with investing through house hacking, allowing you to cover your mortgage while enhancing a property you'll be proud to own. Situated in a stable area with lower flood risk, it's an ideal start.The great news is that you can now start with a conventional loan with as little as 5% down if you live on-site, making it easier to step into property ownership. The previous owner has already invested over $100,000 in key upgrades, including a brand-new fortified roof that significantly reduced insurance costs, hardy plank siding for durability, and tankless water heaters in each unit to cut down water expenses. Importantly, separate gas and electric meters mean tenants cover their utility bills, easing your costs.The property is mostly occupied, with one unit freshly updated, ready for you to move in or rent out at market rate. Located within an easy commute to the French Quarter, it attracts a mix of individuals and stands in a neighborhood known for its artistic and hospitable vibe.While the building is currently low maintenance, future enhancements like cosmetic upgrades could further increase tenant satisfaction and your income. This strategy allows your investment to boost equity and rental income, paving the way to your next property venture. The rear shed could also be converted to a 5th rental unit, renting at an estimated $1000/month for an upfront investment estimated at under $30,000.Investing in Rainbow Fourplex offers a straightforward path to property ownership in a community where you can enjoy both your investment and your lifestyle.

Last Agent to Sell the Property

ELISA COOL MURPHY

Cool Murphy, LLC License #NOM:995715110 Listed on: 03/18/2024

Co-Listed By

Brittany TJasper

Cool Murphy, LLC License #NOM:995711448

Last Buyer's Agent

Jacob Freedman

FQR Realtors License #NOM:995703560

Property Details

Home Type

  • Multi-Family

Lot Details

  • Lot Dimensions are 33 x 119
  • Fenced
  • Property is in very good condition

Home Design

  • Quadruplex
  • Shotgun Architecture
  • Slab Foundation
  • Shingle Roof
  • Asphalt Roof
  • HardiePlank Type

Interior Spaces

  • 3,095 Sq Ft Home
  • Property has 2 Levels
  • Laundry in unit

Outdoor Features

  • Balcony
  • Porch

Location

  • Outside City Limits

Utilities

  • Window Unit Cooling System
  • Heating System Uses Gas
  • Internet Available

Community Details

  • 4 Units

Listing and Financial Details

  • Assessor Parcel Number 39W105705

Property Details

Home Type

Multi-Family

Lot Details

0

Listing Details

  • Property Type: Multi-Family
  • Dwelling Type: 4 Plex
  • Style: Shot Gun
  • Condition: Vrgd
  • ADA Features: No
  • Legal Description: SQ 133 LOT J 33 X119 621-23 ALVAR ST
  • Lp Amt Sq Ft: 180.94
  • Measurmnt Apprx Not Guaranteed: Yes
  • Building Stories: 2.00000
  • Unit Level: 2
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 2

Interior Features

  • Estimated Living Area: 3095
  • Total Sq Ft: 3095

Exterior Features

  • Pool Type: None
  • Exterior: Hardy Plank
  • ExteriorFeatures: Balcony, Fence, Porch
  • Foundation: Slab
  • Roof Type: Asphalt, Shingle

Garage/Parking

  • Car Storage: None
  • Internet: Yes

Utilities

  • Air Conditioner: Window Unit
  • Electricity Provided By: Entergy
  • Gas Paid By: Tenant
  • Gas Type: Natural
  • Heating: Gas
  • Meter Set Up: Separate
  • Sewer Type: City
  • Water Type: Public

Association/Amenities

  • Termite Contract: No

Lot Info

  • Elevation Certificate: No
  • Lot Description: Regular
  • Lot Num: J
  • Lot Size: 33 X 119
  • Parcel #: 39W105705

Green Features

  • Green Building Cert Attached Y N: No

Rental Info

  • Electricity Paid By: Tenant
  • Lease Purchase Poss: No

Multi Family

  • Total Bedrooms All Units: 8
  • Total Full Baths All Units: 4
  • Total Units: 4
  • Unit Count: 4

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
05/24/2024 05/24/24 Sold -- -- --
04/09/2024 04/09/24 Pending -- -- --
03/18/2024 03/18/24 For Sale $560,000 +31.8% $181 / Sq Ft
02/10/2017 02/10/17 Sold -- -- -- View Prior Sale
01/11/2017 01/11/17 Pending -- -- --
12/12/2016 12/12/16 For Sale $425,000 -- $169 / Sq Ft
Source: Gulf South Real Estate Information Network

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • ELISA COOL MURPHY

    Seller's Agent in 2024

    ELISA COOL MURPHY

    Cool Murphy, LLC

    (504) 321-3194

    11 in this area

    74 Total Sales

    ELISA COOL MURPHY
    Section Image

  • B

    Seller Co-Listing Agent in 2024

    Brittany TJasper

    Cool Murphy, LLC

    1 in this area

    9 Total Sales

    Brittany TJasper
    Section Image
  • Jacob Freedman

    Buyer's Agent in 2024

    Jacob Freedman

    FQR Realtors

    (504) 603-6577

    2 in this area

    105 Total Sales

    Jacob Freedman
    Section Image

  • T

    Seller's Agent in 2017

    TRACY SORAPURU

    Compass Destrehan (LATT21)

    Section Image
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Map

Source: Gulf South Real Estate Information Network

MLS Number: 2439133

Gulf South Real Estate Information Network
Louisiana Orleans Parish New Orleans 70117 Bywater

623 Alvar St, New Orleans, LA

This home is located at 623 Alvar St, New Orleans, LA 70117 since 18 March 2024. 623 Alvar St is a home located in Orleans Parish with nearby schools including Dr. Martin Luther King Charter School for Science Tech, Mary Bethune Elementary School, and KIPP Leadership Primary.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Gulf South Real Estate Information Network IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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