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$599,000

For Sale - Active
521 Elmira Ave, New Orleans, LA 70114
5 Beds
3 Baths
2,480 Square Feet
0.00 Acres Lot
Built in 1841
For Sale - Active
Units n/a
Checked: 17 hours ago
Updated: May 20, 2025 at 08:35AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$420
Cap Rate
4.8%
Cash-on-Cash Return
-3.7%
Debt Coverage Ratio
0.85
Internal Rate of Return (5 years)
0.4%

Property Description


0.00 Acres Lot
Built in 1841
For Sale - Active
Units n/a

This grand and unique property really stands out amongst the crowd with a total of 5 bedrooms and 3 bathrooms, including a detached guest house in the back! Beautiful hardwood floors shine throughout the main house, consisting of almost 3000 sq ft of living area, thoughtfully designed with a seamless flow from room to room allowing many different configurations depending on what works best for you. Upstairs there is a bonus bright, open loft space which lends itself to a wide range of options. In addition, every room boasts huge closets and storage spaces! The home retains all the historic early Greek revival charm, whilst having a series of thoughtfully modern touches – secret bookshelf door through to the first room and built-in water filtration faucet. The bright, open-style kitchen/dining area showcases custom cabinetry for a streamlined and contemporary look, with a chef grade oven and gas stove and other appliances only one year old. Outside you’ll find the expansive courtyard/entertaining area filled with a mature fig tree and tropical plans for a private oasis, shaded by a huge live oak which was recently evaluated and trimmed. Leading down the side of the house is an impressive driveway providing off street parking for 4+ vehicles. The detached guest house off the courtyard includes open studio living/sleeping space with its own private bathroom and new mini split HVAC system. Come and enjoy all the perks of living in Algiers Point – the ‘easy’ side of the Big Easy - with all the new bars and restaurants popping up (Barracuda, Plume, Little House Wine bar, Nighthawk Napoletana, and Congregation Coffee just to name a few!), excellent nearby school options, local libraries, and a thriving community including a well maintained public pool and splash pad- must have for the summer! You will be minutes from the beautiful levee path for bike rides, running along the river, and taking the ferry to the French Quarter.

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Location


Property Details


Parking

  • Description: Driveway, OffStreet, TwoSpaces
  • Details: Driveway, Off Street
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 5

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Stories: 2

Exterior Features

  • Foundation: Raised
  • Roof Material: Asphalt, Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 513109618
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Cottage, Patio Home
  • Year Built: 1841

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Central
  • Cooling: Central Air

Location

  • County: Orleans Parish

Listing Details


Listed by:
Anna Finch
LaNasa Realty, Inc
(213) 448-6144

Source:
Gulf South Real Estate Information Network
MLS#: 2490348
Gulf South Real Estate Information Network

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$420
Cap Rate
4.8%
Cash-on-Cash Return
-3.7%
Debt Coverage Ratio
0.85
Internal Rate of Return (5 years)
0.4%

Purchase Details

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Purchase price:
$599,000
Amount financed:
-$479,200
Down payment:
$119,800
Closing costs:
$17,970
Rehab costs:
$0
Initial cash invested:
$137,770
Square feet:
2,480
Cost per square foot:
$242
Monthly rent per square foot:
$1.41

Financing Details

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Loan amount:
$479,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$2,835
Property tax:
$0
Insurance:
$245
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,080

Operating Income

Find a Property Manager

% Rent Monthly Yearly
Gross rent:
$3,500 $42,000
Vacancy loss: (6%)
6% -$210 -$2,520
Operating income:
$3,290 $39,480

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$245-$2,940
Property management: (8%)
8%-$280-$3,360
Repairs & maintenance: (5%)
5%-$175-$2,100
Capital expenditures: (5%)
5%-$175-$2,100
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$875-$10,500

Cash Flow


Monthly Yearly
Net operating income:
$2,415 $28,980
Mortgage payments:
-$2,835 -$34,020
Cash flow:
$420 $5,040