Corner Apartment
For Sale
$495,000
922 Cleveland Street, Lake Charles, LA 70601
Eight one-bedroom, one-bath units with off-street parking, onsite laundry, and a separate storage building.
Property Size2,590 SF
Price / SF$191.12
Days on Market20
Property Features for 922 Cleveland Street
General Information
Standard status
Active
Size
2,590 SF
Property subtype
Multi-Family
Building Details
Year Built
1972
Listing Agency:
CENTURY 21 Bessette Flavin
(337) 540-1916
Listed By:
Larry Turner · License #LTURNER
Source:
Castlere
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 12 at 3:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Bessette Flavin
Investment Insights
Based on property information with market context.
This corner apartment building offers eight one-bedroom, one-bath units. Each unit includes a range/oven and refrigerator, along with window-mounted air conditioning units. The property also features an onsite community laundry area and an additional storage building, and all units are currently rented.
Located on the corner of Bank and Cleveland in the Garden District, the building provides ample off-street parking for tenants and visitors.
For showings, please allow 48 hours.
Located on the corner of Bank and Cleveland in the Garden District, the building provides ample off-street parking for tenants and visitors.
For showings, please allow 48 hours.
Key Highlights
- Built in 1972 with eight one‑bedroom, one‑bath apartments
- All units are currently rented
- Corner location on Bank and Cleveland with ample off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,135
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$302,700
$302.7K
Cap Rate 7%
$216,214
$216.2K
Cap Rate 9%
$168,167
$168.2K
Market Conditions
NOI Build-Up for 2,590 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.5K $11.40/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$27.5K $10.62/SF
− OpEx
−$12.4K −$4.78/SF
NOI
$15.1K $5.84/SF
Area
Calcasieu County, LA
Vacancy
6.80%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$302,700
Cap Rate 7%
$216,214
Cap Rate 9%
$168,167
Alternative Uses
Best Use
Apartment 5plus
$216.2K
$189.2K – $252.3K
NOI $15,135 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$558.3K
$488.5K – $651.3K
NOI $39,079 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,055
Businesses Nearby
Explore this area
Business Placement
Demographics for 70601, LA
34,571
Population
16,811
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
16.1 sq mi
ZIP Area
2,147
Density / Sq Mi
$49,545
Median Household Income
$34,044
Median Earnings
$938
Median Rent
$164,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight one-bedroom, one-bath units with off-street parking, onsite laundry, and a separate storage building.
Where is this apartment building located?
The property is located at 922 Cleveland Street Lake Charles, LA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Built in 1972 with eight one‑bedroom, one‑bath apartments; All units are currently rented; Corner location on Bank and Cleveland with ample off‑street parking
