16-Unit Apartment Building with
For Sale
$1,275,000
321 Bengal Rd, River Ridge, LA 70123
Recently improved multifamily property with updated systems, strong occupancy, and one unit available for lease-up.
Property Size6,988 SF
Price / SF$182.46
Days on Market144
Property Features for 321 Bengal Rd
General Information
Standard status
Active
Size
6,988 SF
Property subtype
Multifamily
Occupancy
94%
Additional Details
Cap Rate
9%
Multifamily Units
16
Amenities
security cameras
Power
Water
Natural Gas
Building Details
Year Built
1980
Listing Agency:
Bridgewater Realty Advisors
(504) 298-5547
Listed By:
Mason McCullough · License #LA9705
(504) 298-5547
Source:
Lacdb.resimplifi
Added: Apr 8
Changed: Aug 28
Last Checked: Aug 29 at 6:03AM
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 16-unit apartment property contains 6,988 square feet and was built in 1980. Extensive work completed during the past year includes new underground plumbing, interior updates across approximately 3/4 of the units, renovated bathrooms, and improvements to flooring, Sheetrock, paint, and appliances. The metal roof has been serviced with new screws and foam, while a new maintenance-storage shed and security cameras add to the property’s operating features.
Occupancy stands at 15/16 units, with one vacancy remaining. Current performance reflects a 9% cap rate on actuals, with the source materials indicating a potential 10% cap rate once the vacant unit is filled. All voucher-supported units are 1 bedroom, while 10 2-bedroom units may offer an opportunity to pursue 2-bedroom vouchers. The property is located at 321 Bengal Rd in River Ridge, LA 70123.
Occupancy stands at 15/16 units, with one vacancy remaining. Current performance reflects a 9% cap rate on actuals, with the source materials indicating a potential 10% cap rate once the vacant unit is filled. All voucher-supported units are 1 bedroom, while 10 2-bedroom units may offer an opportunity to pursue 2-bedroom vouchers. The property is located at 321 Bengal Rd in River Ridge, LA 70123.
Key Highlights
- 16‑unit apartment property with 15/16 units occupied
- 6,988 SF building constructed in 1980
- New underground plumbing completed within the past year
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
$71,690
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
5.62%
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%
$1,433,800
$1.4M
Cap Rate 7%
$1,024,143
$1.0M
Cap Rate 9%
$796,556
$796.6K
Market Conditions
NOI Build-Up for 6,988 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
$143.4K $20.52/SF
− Vacancy
−$13.0K −$1.87/SF
EGI
$130.3K $18.65/SF
− OpEx
−$58.7K −$8.39/SF
NOI
$71.7K $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%
$1,433,800
Cap Rate 7%
$1,024,143
Cap Rate 9%
$796,556
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.1K – $1.19M
NOI $71,690 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,485 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
93.8%
Occupancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Recently improved multifamily property with updated systems, strong occupancy, and one unit available for lease-up.
Where is this apartment building located?
The property is located at 321 Bengal Rd 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: 16‑unit apartment property with 15/16 units occupied; 6,988 SF building constructed in 1980; New underground plumbing completed within the past year
