11-Unit Apartment
For Sale
$790,000
48 Whitmar Dr, Hammond, LA 70401
All-electric residences feature granite kitchens, individual laundry appliances, and tenant parking.
Property Size6,192 SF
Price / SF$127.58
Days on Market12
Property Features for 48 Whitmar Dr
General Information
Standard status
Active
Size
6,192 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
11
Amenities
granite countertops
range/ovens
refrigerators
washer-dryers
high speed internet
Listing Agency:
Appletree Realty, LLC
(504) 272-7288
Listed By:
Cindy Ng · License #995684283
(504) 272-7288
Source:
Exprealty
Added: Jul 27
Changed: Aug 6
Last Checked: Aug 6 at 3:09AM
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 Appletree Realty, LLC
Investment Insights
Based on property information with market context.
This 11-unit apartment property contains 6,192 square feet and offers all-electric residences with no carpet. Each unit includes a kitchen outfitted with granite countertops, a range/oven, and a refrigerator, along with a washer and dryer. City water and sewer service support the complex, while high-speed internet is available through several providers.
The property is situated near Southeastern Louisiana University and downtown Hammond. On-site parking is available for tenants, adding a practical amenity for the residential community. The combination of individual laundry equipment, updated kitchen components, and city utility service provides a clearly defined physical configuration for multifamily ownership.
The property is situated near Southeastern Louisiana University and downtown Hammond. On-site parking is available for tenants, adding a practical amenity for the residential community. The combination of individual laundry equipment, updated kitchen components, and city utility service provides a clearly defined physical configuration for multifamily ownership.
Key Highlights
- 11‑unit apartment complex totaling 6,192 square feet
- Near Southeastern Louisiana University and downtown Hammond
- All‑electric units with no carpet
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
$40,492
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
5.13%
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%
$809,840
$809.8K
Cap Rate 7%
$578,457
$578.5K
Cap Rate 9%
$449,911
$449.9K
Market Conditions
NOI Build-Up for 6,192 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
$81.0K $13.08/SF
− Vacancy
−$7.4K −$1.19/SF
EGI
$73.6K $11.89/SF
− OpEx
−$33.1K −$5.35/SF
NOI
$40.5K $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%
$809,840
Cap Rate 7%
$578,457
Cap Rate 9%
$449,911
Alternative Uses
Best Use
Apartment 5plus
$578.5K
$506.2K – $674.9K
NOI $40,492 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,484 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
206
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - All-electric residences feature granite kitchens, individual laundry appliances, and tenant parking.
Where is this apartment building located?
The property is located at 48 Whitmar Dr Hammond, LA.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: 11‑unit apartment complex totaling 6,192 square feet; Near Southeastern Louisiana University and downtown Hammond; All‑electric units with no carpet
