2959 Greenwood Dr Baton Rouge, LA 70808
- Apartment buildings
- 7,016 SF
Current Use by Public Records
- Apartment buildings
Property Details for 2959 Greenwood Dr
- Property size
- 7,016 SF
- Property type
- Apartment buildings
Description
This exceptional 8-unit apartment complex in Baton Rouge, Louisiana, presents a compelling investment opportunity. Located at 2959 Greenwood Dr, 70808, in the dynamic Perkins Overpass area, this property comprises three two-story buildings totaling 7,016 square feet. Two front buildings, constructed of block, each house two spacious 2-bedroom, 1-bathroom apartments. The rear building, of frame construction, contains four 1-bedroom, 1-bathroom units. Currently operating at 100% occupancy, the property generates a strong pro-forma NOI of $63,956, resulting in a 7.53% cap rate. The asking price is $849,500, translating to $106,188 per unit and $121.08 per square foot. One-bedroom units currently rent for $800-$1000 per month, while two-bedroom units rent for $700-$1000 per month, with several long-term tenants. Ample parking is available. The property benefits from its proximity to thriving commercial areas and the planned multi-use linear park under the Overpass, poised to significantly enhance the area's walkability and property values. This is a rare chance to acquire a high-performing asset in a rapidly developing neighborhood. The property is located in East Baton Rouge Parish.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Baton Rouge
- County
- East Baton Rouge Parish
- State
- Louisiana
- Longitude
- -91.1576
- Latitude
- 30.4255
