Duplex with Screened Rear
New
For Sale
$199,900
2-661 Lakeland Dr, Baton Rouge, LA 70802
Two one-bedroom, one-bath units with a screened rear porch and substantial repair needs.
Property Size1,657 SF
Price / SF$120.64
Days on Market7
Property Features for 2-661 Lakeland Dr
General Information
Standard status
Active
Size
1,657 SF
Property subtype
Residential Income
Property Condition
Severity
Major Repairs Needed
Evidence
Property is in much needed repair from top to bottom
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Listing Agency:
Locations Real Estate
(225) 928-2222
Listed By:
Vicki Spurlock · License #0000008626
(225) 324-2900
Source:
Exprealty
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 14 at 12:51PM
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 Locations Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two separate one-bedroom, one-bath units within approximately 1,657 square feet. The property requires extensive repair, with partial work completed in one kitchen and two bathrooms. A large open area extends beneath the home, and the rear unit includes a screened porch of approximately 184 square feet that could be enclosed for additional living area.
The property is within walking distance of the Louisiana State Capitol and is located near the intersection of Lakeland Drive and 6th Street. The sale is offered AS IS, with inspections intended for the buyer’s information only.
The property is within walking distance of the Louisiana State Capitol and is located near the intersection of Lakeland Drive and 6th Street. The sale is offered AS IS, with inspections intended for the buyer’s information only.
Key Highlights
- Two‑unit duplex with one bedroom and one bath in each unit
- Approximately 1,657 square feet of property size
- Screened rear porch measures approximately 184 sq ft
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
$17,106
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
8.56%
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%
$342,120
$342.1K
Cap Rate 7%
$244,371
$244.4K
Cap Rate 9%
$190,067
$190.1K
Market Conditions
NOI Build-Up for 1,657 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
$25.7K $15.48/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$24.4K $14.75/SF
− OpEx
−$7.3K −$4.42/SF
NOI
$17.1K $10.32/SF
Area
Baton Rouge, LA
Vacancy
4.73%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$342,120
Cap Rate 7%
$244,371
Cap Rate 9%
$190,067
Alternative Uses
Best Use
Multifamily LT 5
$244.4K
$213.8K – $285.1K
NOI $17,106 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$216.7K
$189.7K – $252.9K
NOI $15,172 @ 7.0% cap · market cap 7.59%
Theoretical Best
Specialty Retail
$396.8K
$347.2K – $463.0K
NOI $27,779 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 70802, LA
26,519
Population
13,887
Households
1.9
Avg Household Size
29
Median Age
24%
College-Educated
82%
High-School Grad
7.1 sq mi
ZIP Area
3,735
Density / Sq Mi
$34,082
Median Household Income
$23,215
Median Earnings
$935
Median Rent
$105,100
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?
Duplex - Two one-bedroom, one-bath units with a screened rear porch and substantial repair needs.
Where is this duplex located?
The property is located at 2-661 Lakeland Dr Baton Rouge, LA.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with one bedroom and one bath in each unit; Approximately 1,657 square feet of property size; Screened rear porch measures approximately 184 sq ft
