28 Units | 7.16% Cap | 2020-2021 Renovations | Denham Springs, LA

03-31-2022
06-30-2022

8473 Florida Blvd, Denham Springs, LA 70726

  • 28 Units
  • 7.16% Cap
  • 100% Occupancy
  • 2020-2021 Renovations
  • Baton Rouge Market
  • Denham Springs, LA 

Property Description

The Waller Group is proud to present the 100% occupied, 28-unit stabilized portfolio in Denham Springs, LA. The property at 8473 Florida Blvd has undergone extensive renovations. Capital improvements include new siding installed on the backs of the buildings and where needed on the front, all soffit and fascia boards replaced, new roofs (single story building replaced in 2019 all others in 2021), all windows replaced, new shutters, new fencing around the property, new laminate flooring in bedrooms, new bathroom vanities and storage cabinets, new "shaker style" cabinets, resealing of slate style, new appliances including washer/dryer in 3 BD units, new plumbing fixtures, and all doorknobs and deadbolts have been replaced with master-key system. Additionally a new grinder pump is currently being installed on the larger of the 2 waste treatment units and a new electronic gate is being built and will be installed soon. The roofs at 108 N River Rd are 2 years old and the parking lot was redone in 2021. 2 of the units were remodeled in 2020 and the exterior was completely repainted in 2020. Current ownership is achieving $175,307 in annual NOI. New ownership, based upon area rent comps, can raise rents by $189 / unit, which is a $0.24 / sqft bump. With this bump, new ownership can achieve an annual NOI of $222,878. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. Current management is being compensated at 7% and has agreed to stay on post closing. Proforma financials were underwritten with a 7% management fee. The property is available because current ownership is looking to reinvest proceeds

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Price
$ 2,450,000
Year Built
1970
Year Renovated
2020
Building Size
21,880 Sq ft
Opportunity Zone
Off
Price per unit
$ 0
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30.483102, -90.915924