Current Use by Public Records
- Apartment buildings
Property Details for 5500 La-75
- Year built
- 2015
- Lot size
- 2.67 lot acres
- Property type
- Apartment buildings
Description
This exceptional 40-unit apartment complex, Magnolia Villas, presents a compelling investment opportunity in Saint Gabriel, Louisiana. Built in 2015, this stabilized property boasts 10 two-story buildings situated on a 2.67-acre lot at 5500 LA-75, 70776. The complex comprises 40 three-bedroom, two-bathroom units, currently enjoying a 98% occupancy rate (projected 100% by 05/30/2024). Each unit features updated amenities, reflecting recent rent increases from $825-$850 to $1,025 per month, with further potential for increases to $1,100. The property includes a convenient on-site leasing office and a large storage building for maintenance equipment. The property's strong performance is evidenced by a current NOI of $341,480 and a pro-forma NOI of $425,480, translating to a current cap rate of 9.76% and a pro-forma cap rate of 12.16%. The complex is designated as LIHTC. Its prime location near industrial plants in Saint Gabriel and Ascension Parish, coupled with its proximity to Tanger Outlet Mall and Baton Rouge (a 17-minute drive), ensures consistent demand and strong rental income. This easy-to-maintain property offers a rare blend of high occupancy, significant upside potential, and a desirable location, making it an ideal addition to any investment portfolio. The asking price is $3,500,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Saint Gabriel
- County
- Iberville Parish
- State
- Louisiana
- Longitude
- -91.0975
- Latitude
- 30.2187
