Fairwood Apartments: 58-Unit Complex For Sale

Multi-Family for Sale
Catylist Listing ID: 30508027
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 58 Units
Building Size (RSF): 50,700 SF
Gross Building Area: See Agent
Gross Land Area: 2.30 Acres
Sale Price: $2,100,000
Unit Price: $36,206.90 Per Unit
Property Use Type: Investment, Business
Building Name: Fairwood Apartments
Sale Terms: Cash to Seller
Cap Rate: 8.2%
Last Updated: 10/8/2019

Overview / Comments

Fairwood Apartments is a 58-unit apartment complex located on Eaton St, just off of Mohican Ave in Mid City North. The property is approximately 2.3 acres and consists of 20 buildings and a large parking area. The unit mix features studio, 1-bedroom, 2-bedroom, and 4-bedroom units.

The complex has maintained stable, 90%+, occupancy through 2018 and 2019. With rents currently below market, the complex boasts a 7.9% trailing 12-month cap rate, and an 8.2% pro forma cap rate. All ground floor units were renovated in 2017 which helps position this complex for drastically higher returns through rent increases.

Fairwood Apartments is located just 5 minutes from I-110 and surrounded by single-family neighborhoods.

- 58 Units - 20 Buildings
- 91.4% Occupancy
- 8.2% Pro Forma Cap Rate
- Below market rents

Attachments & Media

Additional Details

Nearest MSA: Baton Rouge
County: East Baton Rouge
Submarket/Township: 31
Tax ID/APN: 002-1723-9
Zoning: A3.1
Percent Occupied: 91%
Area Description: Located between Plank Rd and N Foster Dr in Baton Rouge, LA.
Total Number of Buildings: 20
Number of Stories: 2
Year Built: 1966
Year Renovated: 2017
Construction/Siding: Block
Parking Type: Surface
Laundry: Shared
In Flood Plain?: Yes

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,302 95,242 188,889
Median Age: 31.57 32.51 33.98
Households: 7,237 35,709 73,060

Contact

Photograph of Listing Agent

Mark R Segalla

Elifin Realty Baton Rouge, LA 70801
LACDB Member
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