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13522626
13522624

3106 Independence St, Metairie, LA 70006

MM
LA LA9705
Bridgewater Realty Advisors
Listed by Bridgewater Realty Advisors
$1,050,000
948 days on market
Updated 91 days ago

Metairie Apartment Complex

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 12,880
Units 24
Cap Rate 10.23%
NOI $107,460
Occupancy 95%
Pro-Forma Cap Rate 17.04%
Pro-Forma NOI $178,900
Price per SqFt $82
Class B
Year Renovated 2023
Buildings 2
Stories 2
Investment Type Value Add

A+ location with upside in rents

Marketing description

3106-10 Independence Street, a value add multi-family property located in Metairie, LA. Metairie is a highly desirable market for both renters and investors alike. Multifamily properties in Metairie generally experience lower turnover and rent out extremely quick and 3106-10 Independence Street is no exception. Currently, rents are positioned below the local market rates, leaving room for a new owner to strategically increase rental income without the need for extensive renovations.

Additionally, the new renovations nearby at Clearview Mall corridor including new multifamily units should continue to increase the value in the surrounding area.

For added convenience, ample off-street parking is available in the rear of the building, eliminating the hassle of finding a parking spot and enhancing the overall living experience. In sum, 3106-10 Independence Street represents an extraordinary investment prospect, offering a harmonious blend of location, potential, and quality, making it an ideal addition to your real estate portfolio.

Investment highlights

  • Current rents are 20-30% below market

  • Right off Veterans Blvd which is the most heavily trafficked corridor in the state of Louisiana

Listing Contacts

MM
LA LA9705
Bridgewater Realty Advisors
Listed by Bridgewater Realty Advisors

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$107,460.00
$8,955.00/mo

Valuation Metrics

0
DSCR
10.23%
Cap Rate
10.23%
ROI

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Additional Information

Name
Mason Mccullough
License
LA9705
Brokerage Phone
5042985547
Brokerage Address
3501 Severn Avenue
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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