Turn Key 31 Unit - 8%+ cap rate - 97% occupied
$32K per month gross income
Marketing description
Lakeland Manor is a portfolio of eight (8) adjacent fourplex apartment buildings totaling 31 units, ideally located in a quiet cul-de-sac off Bullard Avenue in New Orleans East all situated within immediate proximity, creating a cohesive and easily managed community. An additional 4plex located at 8017 Bullard next door is also for sale for total of 35 units. Each building is a well-maintained two-story fourplex offering spacious floorplans and consistent rental demand. The layout of the portfolio, clustered around Lakeland Court with frontage on Bullard Avenue, provides operational efficiency for leasing, management, and maintenance. All buildings benefit from strong physical condition and stabilized occupancy with upside potential through rent growth. This portfolio offers a turnkey investment in a stable, income-producing multifamily asset ideally suited for both seasoned multifamily investors seeking a reliable return profile and investors looking to scale quickly in a proven submarket.
Investment highlights
31 Units - 2 BR, 1.5 BA Each; 1,100 sf each - townhouse style
Majority of units renovated to some degree and in great condition
ALL UNITS SEPARATELY METERED FOR WATER & POWER AND TENANTS PAY ALL UTILITIES
(8) 4-plexes in a cul-de-sac: separate tax parcels as condos but same ownership - one unit is separately owned but may sell with the package
Monthly Rental Income of $32,070 - in place cap rate of 7.44%
Pro forma cap rate of 8.30% - no renovations just raise rents to market
Additional nearby fourplex at 8017 Bullard also available for total of potentially 35 units
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