Renovated 12-Unit Apartment
New
For Sale
$1,250,000
15 Center Avenue, Sulphur, LA 70663
Two-story buildings feature updated interiors, separate electric metering, and paved parking.
Property Size10,503 SF
Price / SF$119.01
Days on Market2
Property Features for 15 Center Avenue
General Information
Standard status
Active
Size
10,503 SF
Property subtype
Commercial
Units
Unit Mix
4 x 1BR, 4 x 2BR, 4 x 3BR
Multifamily Units
12
Additional Details
Utilities to Site
Yes
Amenities
coin laundry
Building Details
Buildings
2
Stories
2
Listing Agency:
RE/MAX ONE
Listed By:
Lydia Holland · License #LHOLLAND
(337) 794-7848
Source:
Castlere
Added: Sep 13
Last Checked: Sep 13 at 3:18PM
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 RE/MAX ONE
Investment Insights
Based on property information with market context.
The property at 15 Center Avenue comprises two 2-story apartment buildings totaling approximately 10,503 square feet and 12 units. The unit mix includes four 1-bedroom, four 2-bedroom, and four 3-bedroom apartments. Post-2020 hurricane improvements reportedly include roof replacements, water heaters, HVAC systems, interior work, and appliances. Tenant electric is separately metered, and the site includes paved parking and coin-operated laundry serving the 1-bedroom units. The property is identified as being in Flood Zone X.
The apartments are in Sulphur’s Maplewood area near Center Circle Park, which offers a pool, splash pad, playground, tennis facilities, and covered recreation. Two apparent vacancies are noted, and a financial package is available. Tenant access requires an advance appointment.
The apartments are in Sulphur’s Maplewood area near Center Circle Park, which offers a pool, splash pad, playground, tennis facilities, and covered recreation. Two apparent vacancies are noted, and a financial package is available. Tenant access requires an advance appointment.
Key Highlights
- 12‑unit multifamily property totaling approximately 10,503 SF
- Unit mix includes (4) 1BR, (4) 2BR, and (4) 3BR apartments
- Two 2‑story buildings with post‑2020 hurricane renovations
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
$61,376
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
4.91%
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%
$1,227,520
$1.2M
Cap Rate 7%
$876,800
$876.8K
Cap Rate 9%
$681,956
$682.0K
Market Conditions
NOI Build-Up for 10,503 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
$119.7K $11.40/SF
− Vacancy
−$8.1K −$0.78/SF
EGI
$111.6K $10.62/SF
− OpEx
−$50.2K −$4.78/SF
NOI
$61.4K $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%
$1,227,520
Cap Rate 7%
$876,800
Cap Rate 9%
$681,956
Alternative Uses
Best Use
Apartment 5plus
$876.8K
$767.2K – $1.02M
NOI $61,376 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.26M
$1.98M – $2.64M
NOI $158,475 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 70663, LA
29,325
Population
12,767
Households
2.3
Avg Household Size
38
Median Age
17%
College-Educated
88%
High-School Grad
97.8 sq mi
ZIP Area
300
Density / Sq Mi
$59,444
Median Household Income
$37,587
Median Earnings
$914
Median Rent
$174,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story buildings feature updated interiors, separate electric metering, and paved parking.
Where is this apartment building located?
The property is located at 15 Center Avenue Sulphur, LA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 12‑unit multifamily property totaling approximately 10,503 SF; Unit mix includes (4) 1BR, (4) 2BR, and (4) 3BR apartments; Two 2‑story buildings with post‑2020 hurricane renovations
