251 Barry AveJefferson, LA 70121

Property Details for 251 Barry Ave

Property size (Sq ft)

28,924 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Riverside Commons, a Class B, 48-unit apartment building in Jefferson, Louisiana, presents a compelling investment opportunity. This stabilized multifamily property boasts 28,924 square feet, situated on a single, two-story building with 30 parking spaces. Currently operating at 97% occupancy, with an average monthly rent of $865 per unit, the property generates a substantial net operating income (NOI) of $301,581, representing a 10.42% cap rate. A pro-forma NOI of $525,022 projects an 18.14% cap rate, reflecting significant upside potential. Renovated in 2021, the property features a convenient on-site laundry facility. Its prime location near the Ochsner Medical Campus on Jefferson Highway ensures a strong tenant pool and consistent demand, further enhancing its value. The asking price is $2,895,000, translating to $60,312.50 per unit and $100.09 per square foot. This low-maintenance, cash-flowing asset offers exceptional holding power in a market experiencing a high demand for rental units. The property's proximity to Ochsner Medical Center provides a stable and reliable tenant base, minimizing vacancy rates and maximizing rental income. The potential for rent increases to at least $950 per unit further strengthens the investment's long-term prospects. This is an ideal opportunity for investors seeking a stable, high-performing asset with significant growth potential in a desirable location.

Location Insight

City

Jefferson

County

Jefferson Parish

State

Louisiana

Latitude

29.9614

Longitude

-90.1417

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