Updated Apartment
For Sale
$550,000
2304 Fasske St, Sulphur, LA 70663
Multifamily property with major mechanical, electrical, roofing, and exterior improvements.
Property Size7,600 SF
Price / SF$72.37
Days on Market52
Property Features for 2304 Fasske St
General Information
Standard status
Active
Size
7,600 SF
Additional Details
Multifamily Units
10
Building Details
Year Built
1982
Listing Agency:
One Way Realty LLC
(337) 263-5295
Listed By:
Krystal Steward
Source:
Athomerealtyla
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 25 at 4:01AM
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 One Way Realty LLC
Investment Insights
Based on property information with market context.
This 7,600-square-foot apartment property was built in 1982 and is located at 2304 Fasske St in Sulphur, Louisiana. The building carries MR zoning and has received substantial updates, including replacement of all exterior A/C condensers, updated electrical service from Federal Pacific to GE, a roof installed in 2020, and a wood fence added in 2024. Eight interior A/C air handlers have also been replaced.
Eight units have been refreshed with new flooring, paint, selected cabinet work, and ceiling paint and texture. The remaining units are occupied by long-term tenants who maintain them well. Average occupancy has been 90% since the 2021 purchase. Additional space on the north end may accommodate two more units, a washroom, or a storage building.
Eight units have been refreshed with new flooring, paint, selected cabinet work, and ceiling paint and texture. The remaining units are occupied by long-term tenants who maintain them well. Average occupancy has been 90% since the 2021 purchase. Additional space on the north end may accommodate two more units, a washroom, or a storage building.
Key Highlights
- 7,600‑square‑foot apartment property in Sulphur, LA
- MR zoning
- All exterior A/C condensers replaced
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
$44,412
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
8.07%
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%
$888,240
$888.2K
Cap Rate 7%
$634,457
$634.5K
Cap Rate 9%
$493,467
$493.5K
Market Conditions
NOI Build-Up for 7,600 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
$86.6K $11.40/SF
− Vacancy
−$5.9K −$0.78/SF
EGI
$80.7K $10.62/SF
− OpEx
−$36.3K −$4.78/SF
NOI
$44.4K $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%
$888,240
Cap Rate 7%
$634,457
Cap Rate 9%
$493,467
Alternative Uses
Best Use
Apartment 5plus
$634.5K
$555.2K – $740.2K
NOI $44,412 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.43M – $1.91M
NOI $114,673 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
582
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
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 - Multifamily property with major mechanical, electrical, roofing, and exterior improvements.
Where is this apartment building located?
The property is located at 2304 Fasske St Sulphur, LA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 7,600‑square‑foot apartment property in Sulphur, LA; MR zoning; All exterior A/C condensers replaced
