710 Crockett Apartments

Multi-Family for Sale
Catylist Listing ID: 30771409
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 7 Units
Building Size (RSF): 12,600 SF
Gross Building Area: See Agent
Gross Land Area: 0.28 Acres
Sale Price: $1,275,000
Unit Price: $182,142.86 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Salvation Army
Sale Terms: Cash to Seller
Cap Rate: 7.68%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.80
Last Updated: 1/21/2022

Overview / Comments

KW Commercial is pleased to offer for sale 710 Crockett Apartments, a boutique multi-family investment located in the Shreveport Central Business District (CBD).

A beautiful art deco building constructed in 1932 by the Salvation Army, 710 Crockett was purchased in 1996 by the current owner and redeveloped into seven (7) units comprised of a mix of studios, lofts and a penthouse. Each unit is unique with an artistic touch and character, which fits perfectly within the Shreveport Common, a Downtown Arts & Culture District. Shreveport Common's redevelopment is accelerating, making this area of the CBD a true destination for arts and entertainment in the Ark-La-Tex region.

Although 100% occupied, this investment has a value-add component. Compared to other recently redeveloped properties offering market rate multi-family, lease rates at 710 Crockett are under market. In addition, the penthouse is currently owner-occupied. A new investor has an opportunity to add additional value with minor upgrades and increasing rents, as well as through leasing the penthouse as a short-term or long-term rental. Alternatively, a recent redevelopment (Ridgeway Square) has proven there is demand for condo conversions in Downtown Shreveport.

Additional Details

Nearest MSA: Shreveport-Bossier City
County: Caddo
Tax ID/APN: 181437111000600
Zoning: D-1-AC
Percent Occupied: 100%
Highway Access: Direct via Common & Market
Airports: SHV
Area Description: "Shreveport Common is a nationally awarded, creative placemaking revitalization of a 9-block area at the western edge of downtown Shreveport. In 2010, 64% of the area was unoccupied with a high concentration of endangered buildings, several on the National Historic Registry. Today, over 100 public and private partners have invested $54 million in preservation, environmental cleanup, infrastructure, programming, mixed-rate and mixed-use residential, studio spaces, venues, programming and public art. Community-informed and City Council-approved, the Shreveport Common Vision Plan is based on the community’s tenets for the project: Authenticity, Creativity, Sustainability and for Community with no displacement of the neighbors. For more information about Shreveport Common redevelopment, white papers and a professional market demand study for artist residence and space needs, visit www.shreveportcommon.com or call Shreveport Common, Inc. at 318.673.6537."
Property Condition: Excellent
Number of Stories: 3
Year Built: 1932
Parking Type: Surface
Total Parking Spaces: 10
Laundry: In Each Unit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,222 74,546 156,396
Median Age: 42.66 33.91 34.68
Households: 2,752 30,416 62,579

Contact

Photograph of Listing Agent

Trenton Siskron

KW Commercial NWLA Shreveport, LA 71105
LACDB Member
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