There’s an old saw in real estate that goes: Buy a house in an up-and-coming neighborhood adjacent to an already established and prestigious area. And if you can include some revenue with your purchase, so much the better.
This listing at 1510 Carondelet St. in the Lower Garden District fulfills both requirements. Carondelet is the street parallel to St. Charles Avenue, yet it still has a little ways to go on its way to prestigious – which means that right now you can get a great house at a great price.
This two-story Italianate-style house at 1510 Carondelet St. was built in 1875 as probably a city home for a planter who lived most of the year along the Mississippi River. It’s now been renovated into five apartments with rents ranging from $650 to $800 a month. But it retains some of its gorgeous accoutrements: marble floors in one of the kitchens, double parlors in one of its apartments, wide heart of pine floors in some of its public rooms, original fireplaces and a stunning staircase to its second floor with its beautiful balcony.
“These apartments are always rented,” said Paula George, the listing broker with Sunshine Realty, who owned the building herself from 1998 to 2005, “and the house has always made money.” George pointed out that there is also a coin-operated laundry room for the convenience of the tenants.
This Lower Garden District neighborhood is sometimes called the Lower St. Charles Avenue Corridor and there’s plenty of activity going on here.
The Felicity Street Re-Development Project, of which George is a member, has renovated over 25 properties in the area. Their fund raiser, Magic in Melpominia, a reference to one of the streets here, is a must-attend event each year.
The property is across the street from the New Orleans Cooking Experience. St. John the Baptist Church, with its gleaming gold dome, is in this neighborhood. So are the Big Top Three Ring Circus and the offices of Parkway Partners. Residents also have easy access to all that St. Charles Avenue has to offer: the historic street car line, an Office Depot, Delmonico’s/Emerils and Zea’s restaurants plus plenty of banks – all within walking distance.
Jack and Jake’s, a fresh food market, will soon take up residence in the old school on Oretha Castle Haley Boulevard, offering a much-needed grocery to residents.
The Lower Garden District is a neighborhood with an extensive collection of 19th-century residential and commercial buildings, many pre-dating the Civil War.Why It Works |History | Comments (2)| Contact| Related Links
The abundance of 150-year-old oak trees lining its streets and yards define the neighborhood and form its backbone.
The Lower Garden District is easily navigable by foot. Not only is it accessible due to transit, including the St. Charles Avenue streetcar, but it is such a pleasant area that it induces walking. The architecture along its streets brings one back to earlier times, yet many of the dwellings have adjusted nicely to the present day. The feel is one of comfort, one of tradition, and of aesthetic beauty. Most of the streets are one-lane residential or two-lane commercial; however, vehicles do not dominate the streetscape.
In addition to the streetcar available for transit, this neighborhood is also near the major commercial thoroughfare Magazine Street which provides retail and commercial uses and is a citywide shopping destination. A spacious park on Race Street provides some open space for the residents.
“This neighborhood has seen increased activity due to the favorable economic conditions we have now in the city,” said George, “and this is a very good buy right now, because the building has been well maintained and is not in need of repairs.” Maybe that old real estate saying will work for you: Buy a house in an up-and-coming neighborhood adjacent to an already established and prestigious area and get it with some revenue to help you meet your note. This house more than fulfills those requirements.
Angela Carll may be reached at email@example.com or 504-947-6575
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