2205 Hullen StMetairie, LA 70001

Property Details for 2205 Hullen St

Property size (Sq ft)

31,652 SF

Property type

Apartment buildings

Description

This exceptional value-add investment opportunity presents a 36-unit apartment complex situated on a substantial 35,148 square foot lot in the desirable Metairie, Louisiana market (zip code 70001). Comprising two three-story buildings totaling 31,652 square feet, the property boasts a strong current NOI of $357,163, representing a 10.99% cap rate. The complex features a mix of one-bedroom, one-bathroom; two-bedroom, one-bathroom; and two-bedroom, one-and-a-half-bathroom units, currently operating at 91.7% occupancy. Each building includes a coin-operated laundry room, adding to the property's income stream. Further enhancing its appeal are a well-maintained swimming pool and ample tenant parking. The property benefits from a recently installed roof (2022) and presents a significant opportunity to increase rental income through market-rate adjustments. Larger units have the potential to command rents of $1,350 per month based on comparable market data. This property offers a compelling blend of strong current performance and significant upside potential, making it an ideal addition to any investor's portfolio. Seller financing is available at a 4.5% interest rate. The asking price is $3,250,000, translating to $90,278 per unit and $102.68 per square foot.

Location Insight

City

Metairie

County

Lafayette

State

Louisiana

Latitude

29.9934

Longitude

-90.1586

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