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5500 Weaver Rd Lake Charles, LA 70605

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13.55 Acres, 240-Unit Potential

Property Features for 5500 Weaver Rd

General Information

Property type
Land
Lot Size
590,238 SF

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Listing Contact
Steve Greer
Steve Greer

Listing Agency: Marcus & Millichap Baton Rouge Listing Agent: Steve Greer

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Overview

This exceptional 13.55-acre land parcel in Lake Charles, Louisiana, presents a compelling investment opportunity. Located at 5500 Weaver Rd, 70605, this shovel-ready site is fully entitled for a 240-unit Class A apartment complex, comprising ten 24-unit buildings. The project, approved by the Lake Charles City Council on October 4, 2017, is designed for construction in a single phase, projected to take 18 months. The site benefits from a strategic location in a high-growth area of the city, where residential development is concentrated, and the city has invested in infrastructure to support this expansion. Lake Charles's robust economy, fueled by significant ongoing and planned energy and infrastructure projects (estimated at $118 billion between 2017 and 2027), is driving substantial population growth, creating a high demand for housing. This demand is further underscored by projections of 35,000 new residents within the next decade. A third-party market study and appraisal confirm the project's feasibility. The asking price is $3,500,000, translating to $258,302 per acre. The seller is open to considering owner financing or a joint venture with a qualified developer. This opportunity offers significant potential for substantial returns upon project completion and lease-up. The project's viability is supported by a robust market study and appraisal, and the seller will consider owner financing or a joint venture with a qualified developer.
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Commercial real estate

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Location Insight

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City
Lake Charles
County
Calcasieu Parish
State
Louisiana
Longitude
-93.2584233
Latitude
30.1589138

FAQs

What type of property is this?
Land - 13.55 Acres, 240-Unit Potential
Where is this land located?
The property is located at 5500 Weaver Rd Lake Charles, LA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Shovel-ready 13.55-acre site in high-growth Lake Charles, LA, fully entitled for a 240-unit Class A apartment complex.; Proposed 240-unit Class A apartment complex, comprised of ten 24-unit buildings.; 18-month construction timeline with leasing commencing in the first buildings after 12 months.
(225) 329-8385 Call to check price and availability
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