710 Mcneese St Lake Charles, LA 70605

Property Details for 710 Mcneese St

Year built

1970

Property size

40,800 SF

Property type

Commercial real estate

Description

Acadian Oaks Apartments presents a compelling investment opportunity in Lake Charles, Louisiana. This well-located Class B multifamily property boasts 51 units spread across six, two-story buildings, totaling 40,800 square feet. Built in the 1970s, the complex underwent extensive renovations following Hurricanes Laura and Delta, ensuring it's ready for new tenants. The unit mix includes a variety of sizes and layouts: eight 1-bedroom/1-bathroom townhouses (712 sq ft each), thirty-two 2-bedroom/1-bathroom flats (800 sq ft each), six 2-bedroom/2-bathroom townhouses (997 sq ft each), and three 3-bedroom/2-bathroom flats (1,087 sq ft each). Ample parking is available with 77 spaces. Situated near the intersection of Lake Street and West McNeese Street, this property enjoys a desirable location, conveniently close to McNeese State University (less than a mile away). The asking price is $3,300,000, representing a 6.00% cap rate. This is a ground lease-free property offering significant potential for future returns. The property is almost completely renovated and ready for immediate occupancy.