Building Details

Year Built 2023

Listing Agency: Marcus & Millichap

Listed By: Chris Shaheen · License #0995692662 Show Phone

Source: Lacdb.resimplifi

Added: Oct 2, 2024 Changed: Oct 9 Last Checked: Oct 14 at 7:42PM

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Investment Insights

Based on property information with market context.

Built in 2023, the multifamily property is associated with West Village, a Traditional Neighborhood Development in Scott, Louisiana. The community includes 15 rental cottages, multifamily apartments, and nearly 400 homes across 143 acres, with a design centered on walkable access and neighborhood amenities.

Community features covered by HOA dues include a pool, gym, 24/7 security monitoring, and common area maintenance. West Village began development in Spring 2019, providing a newer residential setting with a mix of rental and owner-occupied housing.

Key Highlights

• Built in 2023
• Part of West Village, a 143‑acre Traditional Neighborhood Development
• Community includes 15 rental cottages, multifamily apartments, and nearly 400 homes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$116,303

Cap Rate

3.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,326,060 $2.3M

Cap Rate 7%

$1,661,471 $1.7M

Cap Rate 9%

$1,292,256 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 17,718 SF

Gross rent

$238.1K $13.44/SF

− Vacancy

−$26.7K −$1.51/SF

EGI

$211.5K $11.93/SF

− OpEx

−$95.2K −$5.37/SF

NOI

$116.3K $6.56/SF

Area

Lafayette County, LA

Vacancy

11.20%

Lease Rate

$13.44 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,326,060

Cap Rate 7%

$1,661,471

Cap Rate 9%

$1,292,256

Alternative Uses

Best Use

Apartment 5plus

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,303 @ 7.0% cap · market cap 3.20%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.19M

$3.67M – $4.89M (±1% cap)

NOI $293,240 @ 7.0% cap · market cap 8.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Cottage Developers Construction Company RJ+D Community Developers Construction Company

Suggested Use

Top Pick Real Estate Agency Dental Office Auto Repair Shop Law Firm Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15

Residential units

Location Intelligence

Trade Area within ½ mile

245

Businesses Nearby

Explore this area Business Placement

Demographics for 70583, LA

11,981

Population

4,476

Households

2.7

Avg Household Size

37

Median Age

19%

College-Educated

82%

High-School Grad

28.4 sq mi

ZIP Area

422

Density / Sq Mi

$52,856

Median Household Income

$45,131

Median Earnings

$877

Median Rent

$130,400

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Built in 2023, the property is part of a walkable traditional neighborhood community with shared resident amenities.

Where is this multifamily property located?

The property is located at 1001 Apollo Rd Scott, LA.

What is the asking price?

The asking price for this property is $3,635,000.

What are key features of this property?

This property features: Built in 2023; Part of West Village, a 143‑acre Traditional Neighborhood Development; Community includes 15 rental cottages, multifamily apartments, and nearly 400 homes