24-Unit Apartment
For Sale
$2,150,000
46434 W Lee Hughes Rd, Hammond, LA 70401
Fully occupied multifamily complex with on-site laundry, storage, and ownership office space.
Property Size17,513 SF
Price / SF$122.77
Days on Market42
Property Features for 46434 W Lee Hughes Rd
General Information
Standard status
Active
Size
17,513 SF
Property subtype
Multi-Family
Building Details
Year Built
1998
Listing Agency:
Elite Real Estate Advisors
(985) 542-7601
Listed By:
Sergio Mesa · License #912124506
Source:
Fiorellaavenue
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 7:02PM
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 Elite Real Estate Advisors
Investment Insights
Based on property information with market context.
Westview Village Apartments is a 24-unit multifamily property comprising three buildings on concrete slabs. Each residence includes 2 bedrooms and 1 bathroom, while the complex also provides an on-site coin-operated laundry facility, eight storage units, and office space for ownership. Brick and vinyl siding exteriors complement asphalt shingle roofs replaced approximately three years ago. The property was built in 1998 and encompasses 17,513 SF on approximately 1.85 acres, with a large concrete parking area serving residents and guests.
The property is located at 46434 W. Lee Hughes Road in Hammond, near Interstate 55 and Interstate 12. Southeastern Louisiana University, schools, shopping, restaurants, medical facilities, and parks are also nearby. Utilities include parish water through a single master meter and a septic sewer system. All 24 units are fully occupied, and the property is reported at a 7% CAP.
The property is located at 46434 W. Lee Hughes Road in Hammond, near Interstate 55 and Interstate 12. Southeastern Louisiana University, schools, shopping, restaurants, medical facilities, and parks are also nearby. Utilities include parish water through a single master meter and a septic sewer system. All 24 units are fully occupied, and the property is reported at a 7% CAP.
Key Highlights
- 24 fully occupied units, each with 2 bedrooms and 1 bathroom
- 17,513 SF apartment property on approximately 1.85 acres
- Three buildings constructed on concrete slabs; built in 1998
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
$114,524
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
5.33%
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%
$2,290,480
$2.3M
Cap Rate 7%
$1,636,057
$1.6M
Cap Rate 9%
$1,272,489
$1.3M
Market Conditions
NOI Build-Up for 17,513 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
$229.1K $13.08/SF
− Vacancy
−$20.8K −$1.19/SF
EGI
$208.2K $11.89/SF
− OpEx
−$93.7K −$5.35/SF
NOI
$114.5K $6.54/SF
Area
Tangipahoa County, LA
Vacancy
9.10%
Lease Rate
$13.08 /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%
$2,290,480
Cap Rate 7%
$1,636,057
Cap Rate 9%
$1,272,489
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,524 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.83M
$4.22M – $5.63M
NOI $337,941 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 70401, LA
21,014
Population
10,321
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
88%
High-School Grad
34.7 sq mi
ZIP Area
606
Density / Sq Mi
$50,995
Median Household Income
$31,405
Median Earnings
$977
Median Rent
$226,800
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 - Fully occupied multifamily complex with on-site laundry, storage, and ownership office space.
Where is this apartment building located?
The property is located at 46434 W Lee Hughes Rd Hammond, LA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 24 fully occupied units, each with 2 bedrooms and 1 bathroom; 17,513 SF apartment property on approximately 1.85 acres; Three buildings constructed on concrete slabs; built in 1998
