56-Unit Multifamily Investment
145 Nutmeg Drive, Ruston, LA 71270
Value-add multifamily property near Louisiana Tech and Grambling State.
Type:Multifamily
Property size:
61,736 SFPrice / SF:
$39/SF- Added:
- Nov 21, 2025
- Days on Market:
- 183
- Last Refresh:
- Apr 6 at 12:15 am
Property Features for 145 Nutmeg Drive
General Information
- Standard status
- Active
- Size
- 61,736 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2000
Listing agent Andrew Mulhall (256) 726-9096
Listing office (256) 726-9096
Listing date Nov 21, 2025
Source Svn
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 Andrew Mulhall
HighLights
- 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.
- Prime Location: Nestled between Louisiana Tech University and Grambling State University.
- Rental Increase Potential: Margin to lease as market rate property within two Public Universities holds a rental value of between $150‑200.
- On‑Site Management: Includes an on‑site property manager and maintenance.
Overview
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.
Property Profile
Location Intelligence
Current Use by Public Records
Cinnamon Court
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Ruston
- County
- Lincoln
- State
- Louisiana
- Longitude
- -92.6817
- Latitude
- 32.5062
Nearby Similar for Sale
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 Drive 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.
