1200 Pine Street, New Orleans, LA
Purchase Price
$700k
ARV
$1.3M
Target AAR
20%
Square Feet
4,200
This charming student rental property near Tulane University in New Orleans presents a fantastic opportunity for investment through thoughtful renovation. Originally constructed in 1990, the building boasts a solid structure and a prime location but requires updates to meet modern student living standards.
The property is situated on a spacious lot with convenient access to campus facilities and local amenities. The current layout includes 5 bedrooms, 2 bathrooms, a communal living area, a study room, and a kitchen with a dining space. The outdoor area features a small courtyard and parking space, offering potential for further development.
Our renovation strategy aims to update the interior to appeal to students, improve the layout for better functionality, upgrade all finishes to contemporary standards, and enhance the overall living experience. Key improvements will include:
The New Orleans student rental market is robust, with high demand for updated properties near universities. Comparable renovated student rentals in the area have shown strong rental yields, supporting our investment strategy.
This student rental property is strategically located near Tulane University in New Orleans, providing an excellent opportunity for students seeking convenient and accessible housing. Key location highlights include:
The New Orleans location is particularly advantageous due to its rich cultural heritage, lively atmosphere, and the strong demand for student housing in the area.
Original exterior with dated facade and minimal landscaping
Modernized exterior with enhanced curb appeal and landscaping
Original kitchen with outdated cabinets and limited counter space
Expanded gourmet kitchen with high-end appliances and luxury finishes
Original living room with small windows and dated finishes
Expanded living room with floor-to-ceiling windows maximizing ocean views
Original bathroom with basic fixtures and limited space
Spa-like primary bathroom with dual vanities, freestanding tub, and walk-in shower
The renovation is progressing on schedule with framing and rough electrical work now complete. The new floor plan is taking shape, with the expanded window openings providing stunning ocean views from the main living areas. The reconfigured primary suite is also coming together nicely, with the expanded bathroom and walk-in closet spaces now clearly defined.
We've encountered and addressed a minor issue with some water damage in the kitchen subfloor, which required additional work but has not impacted our overall timeline. The rough plumbing work is scheduled to begin this week, followed by HVAC installation in early July.
Our project manager conducts weekly site visits with the general contractor to ensure quality control and adherence to the timeline. The next major milestone will be the completion of all rough-ins and the pre-drywall inspection in mid-July.
Demolition Phase
April 15, 2024
Framing Phase
May 20, 2024
Electrical Rough-In
June 10, 2024
Purchase
Mar 2024
Renovation Start
Apr 2024
Current Stage
Jun 2024
Completion
Sep 2024
Sale
Nov 2024
The project is currently on schedule and within budget. We anticipate completing all renovation work by the end of September, with the property ready for market in mid-October.
The Laguna Beach luxury real estate market remains strong, characterized by limited inventory and consistent demand from affluent buyers seeking coastal properties. Key market indicators include:
The South Laguna submarket, where this property is located, commands a premium due to its ocean views, larger lot sizes, and proximity to beaches while offering more privacy than downtown locations.
Recent sales of renovated properties in the area support our target ARV of $2.1 million:
| Address | Sq Ft | Sale Price | Price/Sq Ft |
|---|---|---|---|
| 1245 Ocean Way | 3,100 | $2,050,000 | $661 |
| 987 Cliff Drive | 3,400 | $2,250,000 | $662 |
| 2468 Coast Hwy | 2,950 | $1,950,000 | $661 |
| 1357 Sunset Ridge | 3,250 | $2,150,000 | $662 |
| Subject Property | 3,200 | $2,100,000 | $656 |
Our renovation plan is designed to appeal to the following buyer segments:
Our comprehensive marketing plan will include:
Laguna Beach, CA
Purchase Price
$1.4M
Target ARV
$2.3M
Square Feet
3,600
Completion
Dec 2024
New Orleans, LA
Purchase Price
$750K
Final ARV
$1.2M
Square Feet
4,200
Units
6
New Orleans, LA
Target Price
$900K
Target ARV
$1.5M
Square Feet
3,800
Units
4
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