79 Unit Apartment Community

Multi-Family for Sale
Catylist Listing ID: 30800268
Property Subtypes: Mid-Rise, Other
Number of Units: 79 Units
Building Size (RSF): 76,600 SF
Gross Building Area: See Agent
Gross Land Area: 2.77 Acres
Sale Price: $3,750,000
Unit Price: $47,468.35 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Building Name: Plaza Park Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 92
Last Updated: 4/28/2022

Overview / Comments

The McEnery Company is pleased to present a rare opportunity to acquire this excellent apartment community. Significant existing cash flow in place with tremendous upside potential achieved through lease-up, managerial improvement and re-positioning of the unit mix. Located in the New Orleans East Sub-Market, the asset consists of Seventy-Nine (79) units currently in place. The campus consists of eight (8) individual buildings located on separate parcels of record. Current economic trends indicate an urgent and ongoing need for affordable housing units in this market. Market based pro formas are included herein; and additional information and financials available upon request.

Attachments & Media

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Northshore / N.O. East
Tax ID/APN: 41193060
Zoning: S-RM2
Property Located Between: Lake Forest Blvd & Wendy Ln
Total Number of Buildings: 8
Number of Stories: 2
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,624 57,419 125,372
Median Age: 30.55 32.65 35.06
Households: 7,032 20,564 48,844

Contact

Photograph of Listing Agent

Troy Hagstette

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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