3300 Garden Oaks Dr - Apartments FOR SALE


New Orleans, LA 70114- Behrman
$7,110,000 USD
225-952-1255
3300 Garden Oaks Dr, New Orleans, LA for Sale
$7,110,000 USD
Apartments - FOR SALE
1/102
null | Request Cap Rate

3300 Garden Oaks Dr
New Orleans, LA 70114
Behrman


HIGHLIGHTS

  • Market rate asset with meaningful operations upside
  • LIHTC conversion opportunity allows for major rehab
  • Rent transparency between market rate and LIHTC allows for multiple ownership executions
  • Market driven yield expectations allow for attractive leveraged returns during hold period
  • Attractive IRR for investor completing repositioning of the asset

OVERVIEW

Property Features • A mix of studio, one-, two-, and three-bedroom units featuring a balcony or patio, LVP floors, air conditioning, and in-unit washer and dryer connections in select units • Community amenities include gated access, a courtyard, barbecue and picnic area, playground, and leasing office • Recent capital expenditures include new roofs in 2022 as well as exterior painting of the front building and replacement of all exterior lights in 2025 Desirable Location • The property has a bus stop on New Orleans Regional Transit Authority routes 114A and 114B, facilitating easy travel to downtown New Orleans, the Smoothie King Center and Superdome, Tulane Medical Center, and Oakwood Center • Just a few blocks from General De Gaulle Drive, the main commercial thoroughfare of the West Bank neighborhood featuring dozens of shops and restaurants • Conveniently situated within one mile of grocers including Walmart Supercenter, ALDI, and Rouses Market • Only an 18-minute drive from Lakeside Shopping Center, which houses major retailers like Dillard’s, Macy’s, Abercrombie & Fitch, DICK’S Sporting Goods, Express, GameStop, and more • Within a 22-minute drive to Louis Armstrong New Orleans International Airport, which offers non-stop service to more than 50 destinations via 15 commercial airlines

FOR SALE DETAILS

PRICE

$7,110,000 USD

PRICE/SF

$76 USD /SF

# OF UNITS

116

PRICE/UNIT

$61,293

CAP RATE

Request Cap Rate

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Banks

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1989

PARKING SPACES

200

LAND DETAILS

LAND ACRES

3.75 AC

LAND SF

163,350 SF

ZONING

S-RM1

APN/PARCEL ID

5-13-6-151-09

ASK ABOUT THIS PROPERTY

225-952-1255

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225-952-1255

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