1259 St Charles StThibodaux, LA 70301

Property Details for 1259 St Charles St

Property size (Sq ft)

92,500 SF

Property type

Apartment buildings

Description

This 96-unit apartment building in Thibodaux, Louisiana, presents a compelling value-add investment opportunity. The property, known as St. Charles Manor Apartments, consists of ten two-story buildings totaling 92,500 square feet, situated at 1259 St. Charles St, 70301. Currently boasting 90% occupancy, the property offers a significant upside potential due to existing rents being considerably below market rate (approximately 67% under market). The asking price is $2,400,000, translating to $25,000 per unit and $25.95 per square foot. The current Net Operating Income (NOI) stands at $397,144, yielding a 16.55% cap rate. However, a pro-forma NOI of $478,900 projects a significantly higher 19.95% cap rate, reflecting the potential for increased revenue through market rent adjustments. The property features a mix of two, three, and four-bedroom units. Extensive renovations have already been completed, including new roofs across all ten buildings and major interior and exterior improvements. A dedicated leasing office and conference room are on-site, and the current management team is willing to remain. The property's strong cash flow, even at current occupancy and rental rates, makes it an attractive investment. All new roofs have been installed across the ten buildings. Please note that tenants and on-site management should not be disturbed. Further details, including an Offering Memorandum, are available upon request.

Location Insight

City

Thibodaux

County

Lafourche Parish

State

Louisiana

Latitude

29.7845

Longitude

-90.8182

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