16-Unit Apartment
For Sale
$1,420,000
50 WHITMAR Drive, Hammond, LA 70401
16 all-electric units with city water and sewer, newer roof and windows, and on-site coin laundry for tenants.
Property Size8,795 SF
Days on Market27
Property Features for 50 WHITMAR Drive
General Information
Standard status
Active
Size
8,795 SF
Property subtype
Apartment
Additional Details
Utilities to Site
Yes
Multifamily Units
16
Amenities
on-site coin laundry
Building Details
Building Size
8,795 SF
Year Built
1992
Listing Agency:
Appletree Realty, LLC
(504) 272-7288
Listed By:
Cindy Ng · License #995684283
(504) 272-7288
Source:
Talbot-realty
Added: Jul 27
Changed: Aug 10
Last Checked: Aug 22 at 3:29AM
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 16-unit apartment building was built in 1992 and features newer roof and newer windows. The units are all-electric with no gas service, and the property has city utilities including water and sewer. Interiors are described as having no carpet. Kitchens are equipped with granite countertops, range/ovens, and refrigerators.
On-site coin laundry is available, providing an additional amenity for residents. Parking is provided in both front and back parking lots. High-speed internet is available with several providers to choose from.
The property is located in the vicinity of Southeastern Louisiana University and downtown Hammond, supporting tenant access to both campus and city conveniences.
On-site coin laundry is available, providing an additional amenity for residents. Parking is provided in both front and back parking lots. High-speed internet is available with several providers to choose from.
The property is located in the vicinity of Southeastern Louisiana University and downtown Hammond, supporting tenant access to both campus and city conveniences.
Key Highlights
- 16‑unit apartment building built in 1992
- Newer roof and newer windows
- All‑electric units with no gas service
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
$57,514
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
4.05%
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%
$1,150,280
$1.2M
Cap Rate 7%
$821,629
$821.6K
Cap Rate 9%
$639,044
$639.0K
Market Conditions
NOI Build-Up for 8,795 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
$115.0K $13.08/SF
− Vacancy
−$10.5K −$1.19/SF
EGI
$104.6K $11.89/SF
− OpEx
−$47.1K −$5.35/SF
NOI
$57.5K $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%
$1,150,280
Cap Rate 7%
$821,629
Cap Rate 9%
$639,044
Alternative Uses
Best Use
Apartment 5plus
$821.6K
$718.9K – $958.6K
NOI $57,514 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.83M
NOI $169,713 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
77
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 - 16 all-electric units with city water and sewer, newer roof and windows, and on-site coin laundry for tenants.
Where is this apartment building located?
The property is located at 50 WHITMAR Drive Hammond, LA.
What is the asking price?
The asking price for this property is $1,420,000.
What are key features of this property?
This property features: 16‑unit apartment building built in 1992; Newer roof and newer windows; All‑electric units with no gas service
