2400 Fruge StLake Charles, LA 70601

Property Details for 2400 Fruge St

Year built

2004

Lot size

3.66 AC

Property size (Sq ft)

56,357 SF

Property type

Apartment buildings

Description

The Oaks, a 56-unit apartment building in Lake Charles, LA, presents a compelling value-add investment opportunity. This Class B property, built in 2004 and extensively renovated in 2022/2023, boasts 56,357 square feet across five, three-story buildings on a 3.663-acre lot. Currently operating under Section 42 LIHTC restrictions until 2030, the property offers significant upside potential as it transitions to market-rate. The property features a mix of 1, 2, 3, and 4-bedroom units, averaging 1,006 square feet, with an attractive average monthly rent of $673. Improvements include new granite countertops, new roofs, and new HVAC units in 52 of the 56 units. All units have washer/dryer connections and individual utility meters, minimizing owner expenses. With a 98% occupancy rate as of March 1, 2024, and a location in a growing market fueled by the petrochemical, gaming, and aviation industries, The Oaks offers a strong foundation for future growth and profitability. The asking price is $3,900,000, representing $69,643 per unit and $69.20 per square foot. The property is zoned for business use and is offered fee simple. The Oaks is poised to benefit from the removal of rent restrictions in 2030, presenting a significant long-term investment opportunity.

Location Insight

City

Lake Charles

County

Calcasieu Parish

State

Louisiana

Latitude

30.2351

Longitude

-93.1859

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