Citrus Apartments: Elmwood Investment
5855 Citrus Blvd, New Orleans, LA 70123
64-unit studio apartment property near Elmwood Business Park.
Type:Multifamily
Property size:
31,398 SFPrice / SF:
$153/SF- Added:
- Mar 17, 2026
- Days on Market:
- 68
- Last Refresh:
- Mar 19 at 11:27 pm
Property Features for 5855 Citrus Blvd
General Information
- Standard status
- Active
- Size
- 31,398 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1985
Listing agent Randy Argote License #LA
Listing office Don Randon Real Estate, Inc.
Listing date Mar 17, 2026
Source Crexi
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 Don Randon Real Estate, Inc.
HighLights
- Strong income potential: 7%+ cap rate on current operations.
- Strategic location: Proximity to Elmwood Business Park, major employers, national retailers, and regional transit.
- High demand: Limited studio inventory in the submarket ensures consistent tenant demand.
- All new Hardie‑Plank exterior & roof.
- Value‑add potential: Opportunity for interior upgrades to increase rents.
- Efficient operations: Designed for ease of management and minimal maintenance.
Overview
The Citrus Apartments, located in Elmwood, LA, comprise a 64-unit studio apartment property situated near Harahan, just off Dickory. The property benefits from its location on the edge of the Elmwood Business Park, which drives consistent tenant demand due to its proximity to major employment hubs, national retailers, and regional transit routes. The unit mix consists entirely of studio apartments, catering to a demographic seeking affordability and convenience. The property features a new Hardie-Plank exterior and roof. The Citrus Apartments offer long-term income and rent growth potential. The property's stabilized performance and a favorable rental market support continued multifamily use. This property presents an opportunity for investors focused on cash flow, market stability, and future appreciation in the Elmwood/Harahan submarket.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$3.58M
NOI $322,111 @ 9.00% cap · cautious / downside scenario
Moderate
$4.60M
NOI $322,111 @ 7.00% cap · market / base-case scenario
Aggressive
$6.44M
NOI $322,111 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $644.3k | $20.52 |
| − Vacancy | −$58.6k | −$1.87 |
| EGI | $585.7k | $18.65 |
| − OpEx | −$263.5k | −$8.39 |
| NOI | $322.1k | $10.26 |
31,398 SF · lease $20.52/SF/yr · vacancy 9.10% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$4.60M
$4.03M – $5.37M
NOI $322,111 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.05M
$7.05M – $9.40M
NOI $563,820 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Almondtree Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- New Orleans
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.2035707
- Latitude
- 29.9638126
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 64-unit studio apartment property near Elmwood Business Park.
Where is this apartment building located?
The property is located at 5855 Citrus Blvd New Orleans, LA.
What is the asking price?
The asking price for this property is $4,825,000.
What are key features of this property?
This property features: Strong income potential: 7%+ cap rate on current operations.; Strategic location: Proximity to Elmwood Business Park, major employers, national retailers, and regional transit.; High demand: Limited studio inventory in the submarket ensures consistent tenant demand.
