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$ 4,550,000
Est. payment | /mo
1.64 Acres Lot
$ 4,550,000
Est. payment | /mo
1.64 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID NO2488793
Lot Size 1.638 Acres
Acres 1.638
Property Sub-Type Multi Family
Property Description
The Arabi Townhomes is a well-maintained 60-unit apartment community located at 1205 Mehle St in Arabi, LA. Offering 60 spacious two-bedroom, 1.5-bathroom units, this property is 97% occupied, providing a solid, stable income stream. With a current cap rate of 7.14% on actuals and an impressive 9.45% on year 2 pro forma numbers, The Arabi Townhomes presents a strong investment opportunity. Recent market rent comparables indicate that with minor cosmetic updates, the units can command $1,100 per month, unlocking additional revenue potential. This property has been expertly managed and maintained, with a historically high occupancy rate, making it an excellent choice for investors seeking both reliable cash flow and value-add potential for even greater returns. Arabi, LA, is a charming and rapidly developing community located just minutes from New Orleans, offering a unique blend of suburban tranquility and urban accessibility. With its proximity to major highways and the historic French Quarter, Arabi offers the perfect balance of suburban living with easy access to the bustling city, making it a highly desirable location for both tenants and investors alike.
Location
State LA
Interior
Heating Central
Cooling Central Air
Exterior
Parking Features Parking Lot
Roof Type Composition
Garage false
Building
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories 2
Others
Tax ID per assessor
Listed by Bridgewater Realty Advisors, LLC