2537 Riv Rd Jefferson, LA 70121-4167
- Apartment buildings
- 0.74 lot acres
Current Use by Public Records
- Mississippi River Trail / Hiking Area
Property Details for 2537 Riv Rd
- Lot size
- 0.74 lot acres
- Property type
- Apartment buildings
- APN
- 0-70-0001927
- APU
- 700001927
Description
This exceptional value-add multifamily investment opportunity presents a 13-unit apartment building situated on a 0.75-acre lot in Jefferson, Louisiana, at 2537 River Rd, 70121. The property, classified as a Class B building, boasts 10,141 square feet and comprises four two-story buildings. Currently featuring 13 units, nine of which are turnkey and fully furnished, the property offers significant upside potential. The existing structure allows for the addition of two more units, with estimated build-out and renovation costs of approximately $125,000. This project's prime location directly adjacent to Ochsner Medical Center, Louisiana's largest employer, provides a strong tenant base of medical professionals, patients, and their families seeking short-term housing. The high demand for short-term rentals in this area ensures quick occupancy and strong cash flow. The property offers ample off-street parking. Financial projections indicate an 8.39% current cap rate and a pro-forma cap rate of 9.31%, with a pro-forma net operating income (NOI) of $232,728. Seller financing is available. The property is zoned for multi-family use, making it an ideal investment for those seeking a high-return, value-add opportunity in a prime medical corridor location. This property is offered at an asking price of $2,500,000.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jefferson
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.1515
- Latitude
- 29.9609
- CBSA code
- 35380
- CBSA name
- NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA
