Citrus Apartments: Elmwood Investment
For Sale
Contact for pricing
Pending
5855 Citrus Blvd, New Orleans, LA 70123
64-unit studio apartment property near Elmwood Business Park.
Property Size31,398 SF
Days on Market159
Property Features for 5855 Citrus Blvd
General Information
Standard status
Pending
Size
31,398 SF
Class
C
Property subtype
Multifamily
Zoning
GO1, General Office District
Building Details
Year Built
1985
Year Renovated
2008
Buildings
1
Stories
3
Units
64
Listing Agency:
Don Randon Real Estate, Inc.
Listed By:
Randy Argote · License #LA
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 22 at 6:50AM
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.
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$322,111
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
6.68%
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%
$6,442,220
$6.4M
Cap Rate 7%
$4,601,586
$4.6M
Cap Rate 9%
$3,579,011
$3.6M
Market Conditions
NOI Build-Up for 31,398 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
$644.3K $20.52/SF
− Vacancy
−$58.6K −$1.87/SF
EGI
$585.7K $18.65/SF
− OpEx
−$263.5K −$8.39/SF
NOI
$322.1K $10.26/SF
Area
ZIP 70123
Vacancy
9.10%
Lease Rate
$20.52 /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%
$6,442,220
Cap Rate 7%
$4,601,586
Cap Rate 9%
$3,579,011
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 70123, LA
27,346
Population
14,297
Households
1.9
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
7.6 sq mi
ZIP Area
3,598
Density / Sq Mi
$82,639
Median Household Income
$52,709
Median Earnings
$1,310
Median Rent
$318,000
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 - 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.
