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$399,000

For Sale - Active
823 Monroe St, Gretna, LA 70053
5 Beds
5 Baths
2,584 Square Feet
0.00 Acres Lot
Built in 1979
For Sale - Active
2 Units
Checked: 12 hours ago
Updated: May 28, 2025 at 11:40PM

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
-$88
Cap Rate
6.0%
Cash-on-Cash Return
-1.2%
Debt Coverage Ratio
0.96
Internal Rate of Return (5 years)
2.9%

Property Description


0.00 Acres Lot
Built in 1979
For Sale - Active
2 Units

NEW PRICE This charming home includes a separate second building at the back, perfect for a mother-in-law suite or older children. With its own kitchen, living area, and bathroom, it offers privacy and comfort while staying close to the main residence. This property offers the perfect blend of serene suburban living and convenient access to the vibrant culture of New Orleans. Situated near the picturesque Mississippi River Trail, where you can take in stunning river views and leisurely strolls or bike rides. The trail provides a scenic escape and a perfect backdrop for outdoor activities, making it an ideal location for families and individuals seeking a retreat from the hustle and bustle. The property comprises two buildings, both fully leased, with management retaining the option to terminate the leases upon providing a 30-day notice. Offering a cap rate of 9.3% whether it's as an investor or home buyer there's opportunity here for all!

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Location


Property Details


Parking

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

Bedroom Information

  • # of Bedrooms: 5

Bathroom Information

  • # of Baths (Full): 4
  • # of Baths (Partial): 1
  • # of Baths (Total): 5.0

Interior Features

  • # of Stories: 1

Exterior Features

  • Foundation: Raised
  • Roof Material: Shingle

Land Information

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

Lot Information

  • Parcel ID: 0100002871
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1979

Tax Information

  • Annual Tax: $0

Utilities

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

Location

  • County: Jefferson Parish

Listing Details


Listed by:
Moatasim Alhindi
The McEnery Company
(504) 274-2701

Source:
Gulf South Real Estate Information Network
MLS#: 2504018
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
-$88
Cap Rate
6.0%
Cash-on-Cash Return
-1.2%
Debt Coverage Ratio
0.96
Internal Rate of Return (5 years)
2.9%

Purchase Details

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Purchase price:
$399,000
Amount financed:
-$319,200
Down payment:
$79,800
Closing costs:
$11,970
Rehab costs:
$0
Initial cash invested:
$91,770
Square feet:
2,584
Cost per square foot:
$154
Monthly rent per square foot:
$1.12

Financing Details

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Loan amount:
$319,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$2,089
Property tax:
$0
Insurance:
$203
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,292

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,900 $34,800
Vacancy loss: (6%)
6% -$174 -$2,088
Operating income:
$2,726 $32,712

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$203-$2,436
Property management: (8%)
8%-$232-$2,784
Repairs & maintenance: (5%)
5%-$145-$1,740
Capital expenditures: (5%)
5%-$145-$1,740
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$725-$8,700

Cash Flow


Monthly Yearly
Net operating income:
$2,001 $24,012
Mortgage payments:
-$2,089 -$25,068
Cash flow:
$88 $1,056