1 month on rocket

Sale Pending

623 Alvar St, New Orleans, LA, 70117

$560,000

Home List Price

$6,650*

Closing Credit

8 Bedrooms
4 Full Baths
3,095 SqFt
$181/SqFt
Multi
Schools Nearby

Location

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623 Alvar St, New Orleans$560,000

Buyer Closing Credits

$6,650*

1.25% Loan Amount

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Property Highlights

Home TypeQuadruplex
ParkingNone
Year Built1963
HeatingNatural Gas
CoolingWindow Unit(s)
MLS #2439133
StatusSale Pending
(Pending)

About 623 Alvar St

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.

Property Details

Property Features

Property Information:

  • Year Built: 1963
  • Stories: 2
  • Living Area: 3,095 SqFt

Listing Office:

  • Office Name: Cool Murphy, LLC
  • Office Phone: (504) 321-3194
  • Listing Agent: Elisa Cool Murphy
  • Agent Phone: (504) 321-3194

Interior Features

Bedroom and Bathroom Information:

  • Full Bathrooms: 4
  • Total Bedroom Count: 8

Exterior Features

Exterior Information:

  • Exterior: Balcony, Fence, Porch

Parking Information:

  • Parking: None

Lot Features

Lot Information:

  • Lot: City Lot, Rectangular Lot

Utilities

Utilities Information:

  • Heating: Natural Gas
  • Cooling: Window Unit(s)

School Info

Assigned Schools Information:

  • McDonogh #35 College Preparatory School, Public District Grades 9-12
  • Eleanor Mcmain Secondary School, Public District Grades 7-12
  • Benjamin Franklin Elementary Math and Science, Public District Grades PK-8
  • Mahalia Jackson Elementary School, Public District Grades PK-2
  • Mary Bethune Elementary Literature/Technology, Public District Grades PK-6

Price Information

Listing Price Info

Price Summary:

  • List Price: $560,000
  • Price Per SqFt: $181/SqFt
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Housing Market Comparison

See how this home compares to others in New Orleans, LA.

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New Orleans, LA

City

Med. Sold Price

$329.1K

Med. Price/SqFt

$192

Avg. Days On Market

67

# of Sold Homes

279

623 Alvar St vs New Orleans

40 DAYS ON ROCKET

-27 Days

$560,000

+$230.8K More

$181/SqFt

-$11 Less

KEY TAKEAWAY

This property is $230.8K more than the Median Sold Price and $11/SqFt less than other homes in New Orleans, LA.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: NOMAR
  • MLS Number: #2439133

Listing Office:

  • Office Name: Cool Murphy, LLC
  • Office Phone: (504) 321-3194
  • Listing Agent: Elisa Cool Murphy
  • Agent Phone: (504) 321-3194

IDX Disclaimer: Copyright © 2024, New Orleans Metropolitan Association of REALTORS©, Inc. All rights reserved. Information deemed reliable, but not verified or guaranteed. Users are responsible for checking the accuracy, completeness, currency, and status of all information. The sharing of MLS database, or any portion thereof, with any unauthorized third party is strictly prohibited. Information contained on this site is believed to be reliable; yet, users of this web site are responsible for checking the accuracy, completeness, currency, or suitability of all information. Neither the New Orleans Metropolitan Association of REALTORS©, Inc. nor the Gulf South Real Estate Information Network, Inc. makes any representation, guarantees, or warranties as to the accuracy, completeness, currency, or suitability of the information provided. They specifically disclaim any and all liability for all claims or damages that may result from providing information to be used on the web site, or the information which it contains, including any web sites maintained by third parties, which may be linked to this web site.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 4/27/2024, 8:25:16 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-1606849
2
/10

  • Mahalia Jackson Elementary School

  • 2405 Jackson Ave

  • 3.20 miles

  • Public District Grades PK-2

school-card-donut-1606850
5
/10

  • Mary Bethune Elementary Literature/Technology

  • 4040 Eagle St

  • 4.68 miles

  • Public District Grades PK-6

Middle School

school-card-donut-1606851
4
/10

  • Benjamin Franklin Elementary Math and Science

  • 1116 Jefferson Ave

  • 5.32 miles

  • Public District Grades PK-8

High School

school-card-donut-1606852
2
/10

  • McDonogh #35 College Preparatory School

  • 1331 Kerlerec St

  • 1.73 miles

  • Public District Grades 9-12

school-card-donut-1606853
4
/10

  • Eleanor Mcmain Secondary School

  • 5712 S Claiborne Ave

  • 4.65 miles

  • Public District Grades 7-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $47,339. Residents of New Orleans, LA typically earn less than $35k each year. Residents typically live in single, no kids family. The majority of residents in this area have post secondary degree education.

All data provided by Home Junction and Claritas

Rocket Homes›Louisiana›Orleans County›New Orleans›70117›623 Alvar St

This home is located at 623 Alvar St in New Orleans, LA and zip code 70117 in the Bywater neighborhood. This 3,095 square foot home was built in 1963. Features: 8 bedrooms, 4 bathrooms. It has been listed on Rocket Homes since March 18, 2024 and is currently priced at $560,000.

Over 30 listings were sold over their listed price in March 2024 in New Orleans, LA. In the same period over 206 listings were sold below the listed price and 43 listings were sold for the listed price. The number of homes for sale in New Orleans, LA increased by 16.8% between February 2024 and March 2024. In March 2024, listings were on the market for 67 days. During the same period, the median list price in this real estate market was $329,132.

From Rocket Homes Real Estate and based on county public records data.

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