Magnolia Garden Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30163637
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 119 Units
Building Size (RSF): 95,566 SF
Gross Building Area: See Agent
Gross Land Area: 179,380 SF
Sale Price: $5,100,000
Unit Price: $42,857.14 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 92
Last Updated: 1/23/2018

Overview / Comments

Property will ONLY be sold with Greenwell Plaza Apartments (#30163621) and Lone Oak Apartments (#30163428) which are located within 0.8 mile of Magnolia Gardens Apartment. Total of 282 units available for sale among all three complexes for $12,220,000.

Magnolia Gardens Apartment Complex is a two-story, garden style multifamily property total of 119 units with onsite leasing office, swimming pool and onsite coined laundry facility. Property did not flood during Aug 2016 Flood.
Listed at $5,100,000
Unit price - $42,857
Land 4.118+- acres (179,380 +-sqft)
Built in 1977
Complex is currently running at 92% (July 17) and 91%(Aug 17) occupancy.

36 units are 1bed/1bath – 665 sqft- $600/mth or $700 for electricity included
32 units are 2bed/1bath -788 sqft - $650/mth or $825 for electricity included
51 units are 2bed/1.5bath - 910 sqft - $675/mth or $850 for electricity included

Rentable sqft 95,566

About half of complex has “electricity included” adding additional cost to monthly rent. Tenant has the choice. Landlord pays all water, sewer and trash.

Onsite shared laundry facilities and vending machines adding additional income averaging $13,700/year.

All units have dishwasher, range, hood, refrigerator, central air and heat. Most with vinyl plank or sheet flooring and carpet. Some with ceiling fans.

Call or email for additional information.
DO NOT DISTURB TENANTS OR MANAGEMENT

Additional information and Pro Forma in attached documents.

Additional Details

Nearest MSA: Baton Rouge
County: East Baton Rouge
Submarket/Township: 41
Tax ID/APN: 1921223
Percent Occupied: 91%
Community Amenities: Outdoor Pool, On-Site Maintenance
Property Located Between: Airline and Oak Villa
Property Condition: Good
Number of Stories: 2
Year Built: 1977
Roof Type: Gable
Parking Type: Surface
Total Parking Spaces: 218
Laundry: Shared
Heat Type: Electricity
Heat Source: Central
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,751 91,001 224,324
Median Age: 34.54 34.66 34.67
Households: 2,503 34,380 87,896

Contact

Photograph of Listing Agent

Leanne LaPlace Evans

RE/MAX Professional Baton Rouge, LA 70809
LACDB Member
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