Resort-Style Condo with Waterfront
For Sale
$167,500
38035 Post Office Rd ##18B, Prairieville, LA 70769
Three-bedroom condo with waterfront porch, community pool, and convenient location.
Property Size1,395 SF
Days on Market430
Property Features for 38035 Post Office Rd ##18B
General Information
Standard status
Active
Size
1,395 SF
Property subtype
Condominium
Taxes and HOA fees
Annual Taxes
$4,560
Amenities
Cable Ready
Ceiling Fan(s)
Central
Central Air
Elec Stove Con
Dishwasher
Disposal
Microwave
Range/Oven
Cable Connected
Building Details
Building Size
1,395 SF
Year Built
2006
Stories
1
Listing Agency:
Keller Williams Realty First Choice
Listed By:
Ashley Parrott · License #0995702638
(225) 933-6869
Source:
Kw
Added: Jul 16, 2025
Changed: Sep 8
Last Checked: Sep 18 at 11:46AM
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 Keller Williams Realty First Choice
Investment Insights
Based on property information with market context.
This three-bedroom, two-bath condo offers a resort-style living experience. The interior features an abundance of windows and French doors, providing natural light to the living area and kitchen. The open-concept kitchen and den are suited for entertaining. A large waterfront front porch offers a space to relax. The master suite includes an ensuite bathroom with decorative tile floors, double vanity, garden tub, and separate shower. All bedrooms feature walk-in closets. The property includes a grassy area and exterior storage space. Residents have access to a community pool. The condo is located near I-10, restaurants, and shopping.
Key Highlights
- Resort‑style living with community pool.
- Waterfront front porch with water fountain view.
- Open concept kitchen and den, ideal for entertaining.
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
$6,416
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
3.83%
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%
$128,320
$128.3K
Cap Rate 7%
$91,657
$91.7K
Cap Rate 9%
$71,289
$71.3K
Market Conditions
NOI Build-Up for 1,395 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
$14.6K $10.44/SF
− Vacancy
−$2.9K −$2.08/SF
EGI
$11.7K $8.36/SF
− OpEx
−$5.2K −$3.76/SF
NOI
$6.4K $4.60/SF
Area
Ascension County, LA
Vacancy
19.90%
Lease Rate
$10.44 /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%
$128,320
Cap Rate 7%
$91,657
Cap Rate 9%
$71,289
Alternative Uses
Best Use
Apartment 5plus
$91.7K
$80.2K – $106.9K
NOI $6,416 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$306.1K
$267.8K – $357.1K
NOI $21,427 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 70769, LA
46,671
Population
17,557
Households
2.7
Avg Household Size
35
Median Age
35%
College-Educated
92%
High-School Grad
47.9 sq mi
ZIP Area
974
Density / Sq Mi
$114,707
Median Household Income
$59,552
Median Earnings
$1,245
Median Rent
$295,200
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 - Three-bedroom condo with waterfront porch, community pool, and convenient location.
Where is this apartment building located?
The property is located at 38035 Post Office Rd ##18B Prairieville, LA.
What is the asking price?
The asking price for this property is $167,500.
What are key features of this property?
This property features: Resort‑style living with community pool.; Waterfront front porch with water fountain view.; Open concept kitchen and den, ideal for entertaining.
