Property details
New Orleans, LA Multifamily Deal, Southeast Region
Property Description
New Orleans, LA Multifamily Deal
Approx. 270 Units
70% occupancy - 3 down units
Of the 80 Vacant units, 30 units have been renovated and have tenants with signed leases awaiting move in, which will bring the occupancy to 82%.
Of the remaining 50 vacant units, 25 are a light turn and 25 are a heavy turn.
The deal is now available for $15.5M or $57K per unit, with recent leases being signed approaching $900 per month.
On a T-6 basis annualized it would be a 6.2% cap at ask, without the new leases and with the 18% upside on vacancy. Proforma at say 92% occupancy would be well above a 7.
All the 3rd party reports are complete (appraisals, environmental, and title).
The Seller also has financing lined up for a buyer if desired - bridge debt at 85% LTC, 2+1 at 9% interest, as long as the buyer puts up 1 year of interest reserve.
A buyer will need to incorporate the fee into any offer, 3%.
Images
Highlights
- Status:
- Available
- Price:
- $15,500,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 270
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.