Just off St. Charles Avenue, a 100-year-old multiplex asks $1.15M

Plenty of stately Garden District mansions have been sliced up into condos to better suit modern housing needs. Less common are buildings like this bungalow, which has a long history as a fiveplex.

Built in 1923, the raised basement center hall started out as a single-family home, but it was remodeled and converted into a school in 1940. The Bessie Hiern School for pre-kindergarteners and grade school boys and girls remained in operation until the mid 1960s, when the building at 1427 Louisiana Street was converted into five apartments.

Those apartments remain in place today, and all five are rented out, generating $6,325/month in rental income. Two units are located in the raised basement, and three are upstairs. Together, they comprise 5,543 square feet of living area. Original architectural elements including hardwood floors, French doors, coved ceilings, and wood framing remain in place.

The graceful stucco home sits behind a huge, burly oak tree, facing Louisiana Avenue. It’s about a block and a half from St. Charles Avenue. The asking price is $1,150,000.

Via: Shannon Worrel of WiseMove Real Estate