Building Details

Year Built 1980

Buildings 1

Stories 2

Units 16

Listing Agency: Bridgewater Realty Advisors m***@bridgewater.realty Show Phone

Listed By: Bryce Marullo · License #LA 995705186

Source: Crexi

Added: Mar 13 Changed: Aug 8 Last Checked: Aug 8 at 2:53PM

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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 Bridgewater Realty Advisors

Investment Insights

Based on property information with market context.

This multifamily property features 16 units, with approximately three-quarters of the units having undergone interior renovations. These renovations include new flooring, sheetrock, paint, appliances, and complete bathroom upgrades. The property has undergone over $250,000 in renovation work within the past year, including all new underground plumbing. A metal roof is in good condition with new screws and foam. A new shed is available for maintenance storage. Security cameras are installed. Currently, 14 out of 16 units are occupied. Gross monthly rents are currently over $16,000 per month and are projected to exceed $18,000 per month at full occupancy. The property size is 6,429 square feet. Agent/Owner.

Key Highlights

• Significant recent renovations: Over $250,000 spent on upgrades including plumbing, interior renovations to ~3/4 of units, and complete bathroom renovations.
• High occupancy rate: 14/16 units currently occupied, providing immediate income.
• Potential for increased income: Opportunity to increase rent roll and property value by achieving 100% occupancy.

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

$65,955

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

5.17%

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%

$1,319,100 $1.3M

Cap Rate 7%

$942,214 $942.2K

Cap Rate 9%

$732,833 $732.8K

Market Conditions

NOI Build-Up for 6,429 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

$131.9K $20.52/SF

− Vacancy

−$12.0K −$1.87/SF

EGI

$119.9K $18.65/SF

− OpEx

−$54.0K −$8.39/SF

NOI

$66.0K $10.26/SF

Area

ZIP 70123

Vacancy

9.10%

Lease Rate

$20.52 /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%

$1,319,100

Cap Rate 7%

$942,214

Cap Rate 9%

$732,833

Alternative Uses

Best Use

Apartment 5plus

$942.2K

$824.4K – $1.10M (±1% cap)

NOI $65,955 @ 7.0% cap · market cap 5.17%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,447 @ 7.0% cap · market cap 9.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Parking Lot & Garage Gym & Fitness Center Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

548

Businesses Nearby

Explore this area Business Placement

Demographics for 70123, LA

27,346

Population

14,297

Households

1.9

Avg Household Size

44

Median Age

44%

College-Educated

94%

High-School Grad

7.6 sq mi

ZIP Area

3,598

Density / Sq Mi

$82,639

Median Household Income

$52,709

Median Earnings

$1,310

Median Rent

$318,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Recently renovated 16-unit apartment building with income potential.

Where is this apartment building located?

The property is located at 321-325 Bengal Road River Ridge, LA.

What is the asking price?

The asking price for this property is $1,275,000.

What are key features of this property?

This property features: Significant recent renovations: Over $250,000 spent on upgrades including plumbing, interior renovations to ~3/4 of units, and complete bathroom renovations.; High occupancy rate: 14/16 units currently occupied, providing immediate income.; Potential for increased income: Opportunity to increase rent roll and property value by achieving 100% occupancy.