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145 Nutmeg Dr Ruston, LA 71270

For Sale
$2,450,000

Value-add multifamily property near Louisiana Tech and Grambling State.

Property size:
61,736 SF

Property Features for 145 Nutmeg Dr

General Information

Size
61,736 SF

Building Details

Year built
2000

Source: Andrew Mulhall Agent Andrew Mulhall

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

56-Unit Multifamily Investment Opportunity

Cinnamon Court is a 56-unit apartment community constructed in 2000 in Ruston, Louisiana. The property is located in west Ruston, situated between Louisiana Tech University and Grambling State University. The property was previously in the LIHTC (Low Income Housing Tax-Credit) program, but the 15-year compliance period has ended. Although in the Extended Use, the Tax Credits have not been recapitalized, allowing a buyer to take the property through the Qualified Contract process. Comparable market rate properties in the area suggest the potential to continue improving unit interiors and raise rents. Current ownership has invested nearly $1 million in capital expenditures since acquiring the property in 2020, including work on the Sewer Lift, Roofing, Parking Lot, and Clubhouse, as well as unit interior improvements consisting of vinyl plank flooring, paint, appliances, toilets, doors, and cabinets. Interior rehab has been completed in nearly half of the units, with detail varying by unit. The property features an on-site property manager and maintenance, on-site laundry with a CSC contract, and a leasing office/clubhouse with event space and central mail. The property is located 2.5 miles from Louisiana Tech and 3.0 miles from Grambling State. The surrounding area offers recreational opportunities such as Lincoln Parish Park and Railroad Park, as well as local history at the Ruston Historic Fire Station and outdoor activities at Lake D'Arbonne State Park.
Location Intelligence

Current Use by Public Records

Cinnamon Court Apartment Building

Suggested Use

Realty agency Building Supply Clothing Store Gym & Fitness Wholesale Shop Auto Parts Store Kitchen & Bath Department Store Daycare Center HVAC Service

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Ruston
County
Lincoln
State
Louisiana
Longitude
-92.6816897
Latitude
32.5062387

FAQs

What type of property is this?
Apartment building - Value-add multifamily property near Louisiana Tech and Grambling State.
Where is this apartment building located?
The property is located at 145 Nutmeg Dr Ruston, LA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: - Significant Value-Add Upside: Potential $1.47M increase through market-rate leases.; - Qualified Contract Eligibility: Offering a pathway to increased revenue.; - Recent Capital Improvements: Over $800,000 invested, including a new sewer lift station, roofing, parking lot, clubhouse, and unit interior upgrades.
More about this property
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