3106 Independence StMetairie, LA 70006

  • Residential income properties
  • 0.17 AC
For Sale
$1,050,000 View listing

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.

3106 Independence St, Metairie, Louisiana

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$3,403
$6,930
$18,940
$25,870
-
$69,300
$189,400
$258,700

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