Two Complex New Orleans East Multi-Family Investment

Multi-Family for Sale
Catylist Listing ID: 30182243
Property Subtypes: Low-Rise/Garden
Number of Units: 61 Units
Building Size (RSF): 54,180 SF
Gross Land Area: 146,990 SF
Sale Price: $2,800,000
Unit Price: $45,901.64 Per Unit
Property Use Type: Investment
Building Name: Bundy & Cindy Place Apartments
Usable Size (USF): 54,180 SF
Sale Terms: Cash to Seller
Cap Rate: 8.99%
Average Occupancy Rate: 97
Last Updated: 11/29/2017

Overview / Comments

Re/Max Commercial Brokers, in collaboration with Lafont Realties, is excited to present this two complex multi-family investment offering to the market. The Bundy (Bundy) and Cindy (Cindy) Apartment complexes are just a few blocks apart from one another in the New Orleans East submarket, approximately 9.7 miles east of the New Orleans Central Business District. Bundy houses forty-seven (47) units in twenty-four (24) single story buildings and Cindy houses the remaining fourteen (14) units in three (3) two (2) story buildings. The buildings were completely renovated in 2012/2013.

Detailed additional info, including a full Offering Memorandum and financials, are available upon execution of an NDA (attached).

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Northshore / N.O. East
Tax ID/APN: 41197591
Zoning: C-2; S-RM2
Percent Occupied: 97%
Community Amenities: On-Site Maintenance
Property Located Between: Lake Forest Boulevard & I-10 Service Road
Highway Access: The properties are midway between the Crowder Boulevard and Read Boulevard I-10 exits.
Area Description: New Orleans East is a neighborhood poised for unprecedented growth. The close-knit community has a small town feel, but offers big city development opportunities. The East is the only area in New Orleans to offer large tracts of land available for development, and provides a blank canvas for new retail expansion. With almost 75,000 residents in New Orleans East and relatively few existing businesses, retail and restaurants are in high demand. The East has a trade area population of over 182,000. Access to major traffic on Interstate 10 makes it an ideal location for regional retail shopping. The area is in a perfect intercept position for residents returning to the Slidell area from jobs in New Orleans. The main retail corridors of Bullard Avenue, Read Boulevard, Crowder Boulevard and Chef Menteur Highway are the focal points for a variety of new retail projects. The new Walmart Supercenter at the intersection of Bullard and I-10, opened to packed aisles in fall of 2014. Another Walmart opened in Gentilly (4301 Chef Menteur Highway) in 2016 bringing more retail convenience into the area. The planned East Town shopping center redevelopment at the corner of Read Boulevard and Interstate 10 will include popular retailers and dining options. The redeveloped Joe Brown Park sports complex features state of the art athletic fields including a turf football field, a $3.8 million football complex, renovated recreation center, 8-lane running track, $3.0 million indoor pool renovation, baseball, tennis courts, improved walking trails, a small amphitheater, picnic shelters and concession stands. There are also 2 new schools that are currently under construction along Read Boulevard. The other major development in the area is the recent completion (2014) of the New Orleans East hospital (pictured below) on the site of the former Pendleton Memorial Methodist Hospital on Read Boulevard. This site was redeveloped with a new $130 million, 80-bed hospital. It includes a 71,700sf Patient Care Pavilion as well as a renovated 133,640sf existing East Tower. In addition, Folgers Coffee recently announced a new $70 million expansion of their facilities at their Chef Menteur facility. This expansion is expected to create an additional 120 jobs.
Total Number of Buildings: 27
Property Condition: Good
Number of Stories: 2
Year Built: 1980
Year Renovated: 2012
Exterior Description: See Offering Memorandum for detailed property and improvement details.
Parking Type: Surface
Total Parking Spaces: 60
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central, Wall Units
Air Conditioning: Engineered System, Package Unit
Interior Description: See Offering Memorandum for detailed interior details.
Zoning Description: See Offering Memorandum for detailed zoning information.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Bundy: Lot A-2, Lot A-3, and Lot 5E1E, Section 23 of the Lakratt Tract, Third Municipal District, City of New Orleans; Cindy: Lot 17, Square AA, Cindy Place.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,771 57,419 123,934
Median Age: 31.35 32.65 35.01
Households: 8,021 20,564 48,116

Contact

Photograph of Listing Agent

Jonathan D Shaver

RE/MAX Commercial Brokers Inc Metairie, LA 70002
Photograph of Listing Agent

Natalie Lafont

Lafont Realties Metairie, LA 70002
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