327 Unit Cypress Trace Apartment Community

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30771361
Property Subtypes: Mid-Rise, Other
Status: Pending
Number of Units: 327 Units
Building Size (RSF): 317,000 SF
Gross Land Area: 7.42 Acres
Sale Price: $1
Unit Price: $0 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Cypress Trace Apartments
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 5/16/2022

Overview / Comments

The McEnery Company is pleased to present the 327 unit Cypress Trace Apartment Community exclusively For Sale. The property is conveniently located near the most visible and highly trafficked intersection in the City of New Orleans. A true infill opportunity, the property is extremely well located and uniquely positioned near the Orleans and Jefferson parish line on its western edge, Interstate 10 to the north, Carrollton Avenue on it eastern side, and Uptown New Orleans to the south.  Immediately adjacent to numerous retailers - including Costco and CVS, public transportation, and Xavier University.  A scarcity of developable land and a changing municipal regulations in the recent past provide for high barriers to entry in this market. New ownership will benefit from operational improvements as well as revenue growth.  

The property was built in 1973 and renovated in 2006 with all units in good operating condition.   The location, condition and current price point  give the property an incredible 97% occupancy, which speak to both its functional and economic growth opportunities.

Attachments & Media

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 41028167
Zoning: HU-RM1
Percent Occupied: 97%
Community Amenities: Outdoor Pool
Property Located Between: Dublin & Dante
Highway Access: One block from Interstate 10 entrance
Total Number of Buildings: 5
Property Condition: Good
Number of Stories: 3
Year Built: 1973
Year Renovated: 2006
Parking Type: Surface
Laundry: Shared
Zoning Description: Historic Urban Multi Family Residential District
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,395 190,447 395,978
Median Age: 33.84 37.05 37.66
Households: 10,115 84,130 172,532

Contact

Photograph of Listing Agent

S. Parkerson McEnery

The McEnery Company Inc Mandeville, LA 70471
LACDB Member
Photograph of Listing Agent

Troy Hagstette

The McEnery Company Inc Mandeville, LA 70471
LACDB Member
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