5500 Weaver Rd Lake Charles, LA 70605

Property Details for 5500 Weaver Rd

Lot size

13.55 lot acres

Property type

Land

Description

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.