3106 Independence St Metairie, LA 70006
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12-Unit Value-Add Apartment Building in Metairie, LA
Property size:
7,880 SFProperty Features for 3106 Independence St
General Information
- Property type
- Multifamily properties
- Square Feet
- 7,880 SF
- Class
- B
Building Details
- Year Renovated
- 2023
- Buildings
- 2
- Stories
- 2
- Units
- 12
Listing Agency: Bridgewater Realty Advisors Listing Agent: Mason Mccullough
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional 12-unit apartment complex, situated at 3106 Independence St, Metairie, LA 70006, presents a compelling value-add investment opportunity. The property boasts 7,880 square feet across two, two-story buildings, renovated in 2023. Currently operating at 90% occupancy, the property generates a Net Operating Income (NOI) of $107,460, representing a 10.23% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $178,900 and a 17.04% cap rate, reflecting the potential for substantial rental income growth. This potential stems from current rents being 20-30% below market rates, allowing for strategic increases without extensive renovations. The property's prime location, just off Veterans Boulevard—Louisiana's busiest thoroughfare—and near the revitalized Clearview Mall corridor, further enhances its value and appeal. Ample off-street parking adds to the property's desirability. The asking price is $1,050,000, or $87,500 per unit, and the property is classified as a Class B multifamily investment. This complex offers a blend of immediate income and significant upside potential, making it an attractive addition to any real estate portfolio. The property is conveniently located in Jefferson Parish.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Jae Smooth the Barber
Barber Shop
Location Insight
- Map
- Local Demand
- City
- Metairie
- County
- Jefferson Parish
- State
- Louisiana
- Longitude
- -90.17850711872
- Latitude
- 30.003199624092
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FAQs
What type of property is this?
Multifamily property - 12-Unit Value-Add Apartment Building in Metairie, LA
Where is this multifamily property located?
The property is located at 3106 Independence St Metairie, LA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 12-unit Class B multifamily investment property in Metairie, LA.; 7,880 sq ft building on two lots, renovated in 2023, with ample off-street parking.; Currently 90% occupied, generating $107,460 NOI (10.23% cap rate), with pro-forma NOI projected at $178,900 (17.04% cap rate).
