3106 Independence StMetairie, LA 70006
- Residential income properties
- 0.17 AC
Property Details for 3106 Independence St
- Lot size
- 0.17 AC
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 0-82-0036320
- APU
- 820036320
Description
This exceptional 12-unit apartment complex, situated at 3106 Independence St, Metairie, LA 70006, presents a compelling value-add investment opportunity. The property boasts 7,880 square feet across two, two-story buildings, renovated in 2023. Currently operating at 90% occupancy, the property generates a Net Operating Income (NOI) of $107,460, representing a 10.23% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $178,900 and a 17.04% cap rate, reflecting the potential for substantial rental income growth. This potential stems from current rents being 20-30% below market rates, allowing for strategic increases without extensive renovations. The property's prime location, just off Veterans Boulevard—Louisiana's busiest thoroughfare—and near the revitalized Clearview Mall corridor, further enhances its value and appeal. Ample off-street parking adds to the property's desirability. The asking price is $1,050,000, or $87,500 per unit, and the property is classified as a Class B multifamily investment. This complex offers a blend of immediate income and significant upside potential, making it an attractive addition to any real estate portfolio. The property is conveniently located in Jefferson Parish.
Location Insight
- City
- Metairie
- County
- Jefferson
- State
- Louisiana
- Latitude
- 30.0031
- Longitude
- -90.1787
- CBSA code
- 35380
- CBSA name
- NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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