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Citrus Apartments: Elmwood Investment Opportunity

5855 Citrus Blvd, New Orleans, LA 70123

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For Sale

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64-unit studio apartment property near Elmwood Business Park.

Type:Multifamily

Property size:

31,398 SF

Price / SF:

$153/SF

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.

We can help!

Contact an agent

Randy Argote

For Sale

Contact for pricing

64-unit studio apartment property near Elmwood Business Park.

Type:Multifamily

Property size:

31,398 SF

Price / SF:

$153/SF

Added:: Mar 17, 2026
Days on Market:: 113
Last Refresh:: Jul 4 at 9:48 am

Property Features for 5855 Citrus Blvd

General Information

Standard status: Active
Size: 31,398 SF
Property subtype: Multifamily

Building Details

Year Built: 1985

We can help!

Contact an agent

Randy Argote

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

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 Uses

Best Use

Apartment 5plus

$4.60M

$4.03M – $5.37M (±1% cap)

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 (±1% cap)

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

Suggested Use

Location Insight

Map
Local Demand

City: New Orleans
County: Jefferson
State: Louisiana
Longitude: -90.2035707
Latitude: 29.9638126

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For sale
Apartment buildings
LA
New Orleans
70123
5855 Citrus Blvd

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.