2400 Fruge St Lake Charles, LA 70601
- Commercial real estate
- 56,357 SF
- 3.66 lot acres
Current Use by Public Records
- Fancy Chauffeur Service / Transportation Service / Chauffeur Service
- The Oaks Apartments / Apartment Complex
Property Details for 2400 Fruge St
- Year built
- 2004
- Lot size
- 3.66 lot acres
- Property size
- 56,357 SF
- Property type
- Commercial real estate
Description
The Oaks, a 56-unit apartment building in Lake Charles, LA, presents a compelling value-add investment opportunity. This Class B property, built in 2004 and extensively renovated in 2022/2023, boasts 56,357 square feet across five, three-story buildings on a 3.663-acre lot. Currently operating under Section 42 LIHTC restrictions until 2030, the property offers significant upside potential as it transitions to market-rate. The property features a mix of 1, 2, 3, and 4-bedroom units, averaging 1,006 square feet, with an attractive average monthly rent of $673. Improvements include new granite countertops, new roofs, and new HVAC units in 52 of the 56 units. All units have washer/dryer connections and individual utility meters, minimizing owner expenses. With a 98% occupancy rate as of March 1, 2024, and a location in a growing market fueled by the petrochemical, gaming, and aviation industries, The Oaks offers a strong foundation for future growth and profitability. The asking price is $3,900,000, representing $69,643 per unit and $69.20 per square foot. The property is zoned for business use and is offered fee simple. The Oaks is poised to benefit from the removal of rent restrictions in 2030, presenting a significant long-term investment opportunity.
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
- Lake Charles
- County
- Calcasieu Parish
- State
- Louisiana
- Longitude
- -93.185899848556
- Latitude
- 30.235069010398
