Renovated 9-Unit Apartment
For Sale
$725,000
638 Iris St, Lake Charles, LA 70601
Single-story multifamily property with updated interiors and a mix of one-bedroom apartments and an efficiency unit.
Property Size6,500 SF
Price / SF$111.54
Days on Market40
Property Features for 638 Iris St
General Information
Standard status
Active
Size
6,500 SF
Occupancy
100%
Units
Unit Mix
8 x 1BR/1BA, 1 x efficiency
Multifamily Units
9
Building Details
Year Renovated
2022
Stories
1
Listing Agency:
Exit Realty Southern
(337) 884-4843
Listed By:
Josh Foster · License #995702707
Source:
Athomerealtyla
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 31 at 7:01PM
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 Exit Realty Southern
Investment Insights
Based on property information with market context.
This single-story apartment property contains 9 units within 6,500 square feet. The configuration includes eight one-bedroom, one-bathroom apartments plus one efficiency unit with an integrated living and sleeping area. Renovation work completed in 2022 addressed flooring, paint, kitchens, bathrooms, granite countertops, and fixtures. The property is fully occupied and provides updated residential interiors in a compact multifamily format.
The property is located at 638 Iris St in Lake Charles, near downtown businesses, restaurants, shopping, and employment centers. Its single-level design supports convenient resident access and straightforward property operations. The unit mix and completed improvements offer a clearly defined apartment asset for multifamily ownership.
The property is located at 638 Iris St in Lake Charles, near downtown businesses, restaurants, shopping, and employment centers. Its single-level design supports convenient resident access and straightforward property operations. The unit mix and completed improvements offer a clearly defined apartment asset for multifamily ownership.
Key Highlights
- 9 units: eight 1‑bedroom, 1‑bathroom apartments and one efficiency unit
- 6,500 square feet of total property size
- Renovated in 2022 with updated flooring, paint, kitchens, bathrooms, and fixtures
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
$37,984
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
5.24%
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%
$759,680
$759.7K
Cap Rate 7%
$542,629
$542.6K
Cap Rate 9%
$422,044
$422.0K
Market Conditions
NOI Build-Up for 6,500 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
$74.1K $11.40/SF
− Vacancy
−$5.0K −$0.78/SF
EGI
$69.1K $10.62/SF
− OpEx
−$31.1K −$4.78/SF
NOI
$38.0K $5.84/SF
Area
Calcasieu County, LA
Vacancy
6.80%
Lease Rate
$11.40 /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%
$759,680
Cap Rate 7%
$542,629
Cap Rate 9%
$422,044
Alternative Uses
Best Use
Apartment 5plus
$542.6K
$474.8K – $633.1K
NOI $37,984 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.40M
$1.23M – $1.63M
NOI $98,075 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 70601, LA
34,571
Population
16,811
Households
2.1
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
16.1 sq mi
ZIP Area
2,147
Density / Sq Mi
$49,545
Median Household Income
$34,044
Median Earnings
$938
Median Rent
$164,300
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 - Single-story multifamily property with updated interiors and a mix of one-bedroom apartments and an efficiency unit.
Where is this apartment building located?
The property is located at 638 Iris St Lake Charles, LA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 9 units: eight 1‑bedroom, 1‑bathroom apartments and one efficiency unit; 6,500 square feet of total property size; Renovated in 2022 with updated flooring, paint, kitchens, bathrooms, and fixtures
