The subject property is a seven building, two story, 117 unit apartment complex in New Orleans East. It sits at the intersection of Downman & Dwyer Rds., between the Downman Rd. & Morrison Rd. I-10 exits.
The property was constructed in the 1960s and was completely rehabilitated in 2006 following Hurricane Katrina, with the owner spending over $2,400,000 in renovation costs. The buildings are constructed of brick, with exterior balconies and entrances on the second floor. First floor apartments have sliding glass doors and small fenced yards. There are two on-site swimming pools and a community laundry room. There are also 187 off-street parking spaces. The entire complex has perimeter wrought iron fencing. The property is in very good condition and has been well maintained by a local owner/operator for approximately 13 years. It provides tremendous income upside potential.
The unit mix is as follows (see "Attachments & Media" for floor plans):
71 x 1BR/1BA units, either 550sf or 600sf
46 x 2BR/1BA units, either 700sf or 825sf
The units are separately metered for electrical, with the owner paying water.
The complex is approximately 53% occupied (62/117 units). 13 of the units are out of service and need renovation. A number of units are rented to subsidized tenants.
The property generates approximately $35,339/month in gross rents; projected gross rents at 100% occupancy are $80,316.
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