Mid-Size New Orleans East Apartment Complex

Multi-Family for Sale
Catylist Listing ID: 30166153
Property Subtypes: Low-Rise/Garden
Number of Units: 46 Units
Building Size (RSF): 38,180 SF
Gross Land Area: 1.59 Acres
Sale Price: $2,050,000
Unit Price: $44,565.22 Per Unit
Property Use Type: Investment
Building Name: Heritage House Apartments
Usable Size (USF): 38,180 SF
Sale Terms: Cash to Seller
Cap Rate: 9.8%
Average Occupancy Rate: 95
Last Updated: 3/11/2018

Overview / Comments

Originally constructed in the mid-1980s, Heritage House Apartments was purchased and renovated post-Hurricane Katrina and is stabilized and producing healthy cash flows.

The subject was partially renovated utilizing Federal Low Income Housing Tax Credits (LIHTC), as allocated by the Louisiana Finance Agency. In order to obtain the LIHTC, ownership agreed to restrict rents on the property through December 31, 2039.

Please inquire with listing agents for additional information, including offering memorandum, copy of the LIHTC Tax Credit Regulatory Agreement and financials.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Northshore / N.O. East
Tax ID/APN: 41180931
Zoning: BIP
Percent Occupied: 95%
Property Located Between: Crowder Blvd. & Gawain Dr.
Highway Access: Heritage House is located at the 8000 Block of Chef Menteur Highway, 3 miles from the Highway 90 I-610 exit, 7 miles east of the New Orleans Central Business District and 17.6 miles east of Louis Armstrong New Orleans International Airport.
Property Condition: Good
Number of Stories: 2
Year Built: 1985
Year Renovated: 2012
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Package Unit
Zoning Description: According to the City of New Orleans Property Viewer, the subject property is zoned Business Industrial Park (BIP). It is believed that the property operates under a legal non-conforming use. Buyer to confirm zoning to its satisfaction.
Lot Frontage: 80'
Lot Depth: 386' / 382'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Available upon request.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,200 53,243 153,713
Median Age: 32.48 33.17 35.06
Households: 3,339 19,463 60,653
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