Development Opportunity at The Green House Inn

Special Purpose for Sale
Also listed as Hospitality
Catylist Listing ID: 30426093
Building Size (RSF): 15,586 SF
Gross Building Area: See Agent
Gross Land Area: 29,142 SF
Sale Price: $1
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Last Updated: 7/15/2019

Overview / Comments

SEE AGENT FOR PRICE.

Opportunity to acquire a 29,142 gross square foot site in the Lower Garden District with an established bed and breakfast, income producing duplex, owner maisonette, and warehouse. Excess land is prime for redevelopment.

The Green House Inn is a 11-room, interior corridor, Historic Bed & Breakfast initially a built in 1840 as a Greek Revival Side Hall Townhouse. Over the years, it has established a sterling reputation as a unique B&B offering old world charm with modern guest amenities. All rooms feature deluxe king sized beds, individual climate controls, flat screen TV’s, free Wi-Fi, complemented with original hard wood floors, exposed rafters, and bare bricks original to the property. The majority of the rooms have direct garden access via private entrances or balcony’s. The garden area features a therapeutic saltwater swimming pool with waterfalls, and oversized Jacuzzi. Current ownership has spent extensive capital to preserve the historic charm.

This is a well maintained property with an experienced staff and an established brand, offering great upside potential. 1206 Magazine Street is an excellent redevelopment opportunity, an investor can improve cash flow through: conversion into a banquet hall, conversion into a hotel (via an increase in number of rooms), or adding amenities to the bed and breakfast experience. The traditionally private pool area could be converted to a public access tropical oasis with poolside drink service and light fare, hosting weekly events, creating a destination for tourist and locals alike.

Attachments & Media

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 41145504
Zoning: HU-MU (HISTORIC URBAN NEIGHBORHOOD MIXED-USE DISTRICT)
Area Description: Located within the Lower Garden District of New Orleans, LA on Magazine Street. The hotel is perfectly situated near the Mardi Gras parade route, the Streetcar line, and is within minutes of the World War II Complex, Warehouse District, Convention Center, and the French Quarter.
Number of Stories: 3
Year Built: 1840

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,274 199,541 400,277
Median Age: 37.04 35.68 36.97
Households: 11,744 86,180 166,839

Contact

Photograph of Listing Agent

Chris Ross

NAI/Latter & Blum Commercial New Orleans
New Orleans, LA 70130
Not a member of MCAR
Photograph of Listing Agent

Daniel Marse

NAI/Latter & Blum Commercial New Orleans
New Orleans, LA 70130
Not a member of MCAR
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