Large Multifamily For Sale in New Orleans East

Multi-Family for Sale
Catylist Listing ID: 30047729
Property Subtypes: Low-Rise/Garden
Number of Units: 132 Units
Building Size (RSF): 114,624 SF
Gross Building Area: See Agent
Gross Land Area: 4.25 Acres
Sale Price: See Agent
Property Use Type: Investment
Building Name: Arbors on the Lake
Sale Terms: Cash to Seller
Average Occupancy Rate: 95
Last Updated: 9/19/2017

Overview / Comments

Arbors on the Lake is a 132-unit gated multifamily community on secluded Hayne Blvd facing Lake Pontchartrain. The property consists of 11 total buildings spanning 4.25 acres.

Arbors underwent a complete gut renovation between 2010 and 2011, the year the property was stabilized. The asset has shown very strong historical performance since then, with occupancy averaging above 95% every year.

All units include granite countertops in kitchens and bathrooms; dishwashers; full-size built-in microwave ovens, ranges, refrigerators and freezers with ice makers; ceiling fans in bedrooms and living rooms; large walk-in closets in master bedroom; and washers/dryers.

Arbors on the Lake units are all market rate, and the property is professionally managed on-site.

With the property in excellent condition and high barriers to entry in order to develop multifamily in New Orleans East, this is an excellent opportunity for a 1031 buyer looking for a turnkey, high performing multifamily asset

Call contact listing agent for more details and to request an Offering Memorandum.

Attachments & Media

Financials

Finance Data Year 2016
Net Operating Income $628,193 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Northshore / N.O. East
Tax ID/APN: 41113492
Zoning: S-RM2
Community Amenities: Recreation Room, Business Center, On-Site Maintenance
Total Number of Buildings: 11
Property Condition: Excellent
Year Built: 1986
Year Renovated: 2011
Construction/Siding: Brick/Vinyl Siding, Vinyl Siding, Wood Frame
Parking Type: Surface
Parking Description: 193 on-site surface parking spaces, or 1.5 spaces per unit.
Total Parking Spaces: 198
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Interior Description: All units include granite countertops in kitchens and bathrooms, dishwashers, full-size: built-in microwave ovens, ranges, refrigerators and freezers with ice makers, ceiling fans in bedrooms and living rooms, large walk-in closets in master bedroom, and washers/dryers.
Lot Frontage: 343
Lot Depth: 401
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,644 55,946 90,870
Median Age: 32.89 32.71 33.93
Households: 4,504 20,101 33,208
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