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Listed byBridgewater Realty Advisors • Bryce A Danna-Marullo • 504-901-0463
$5,250,000
Est. payment /mo
113 Beds
64 Baths
38,000 SqFt
UPDATED:
Key Details
Property Type Other Types
Sub Type Multifamily 5+
Listing Status Active
Purchase Type For Sale
Square Footage 38,000 sqft
Price per Sqft $138
MLS Listing ID 2558044
Style Traditional
Bedrooms 113
Full Baths 64
HOA Y/N No
Year Built 1978
Lot Size 2 Sqft
Acres 2.76
Lot Dimensions 2.75 ac
Property Sub-Type Multifamily 5+
Source ROAM MLS
Land Area 38000
Property Description
River Pines Apartments is a 64-unit multifamily property located on Florida Blvd in Baton Rouge. The complex features a mix of (15) one-bedroom units and (49) two-bedroom units, offering a balanced unit mix with strong tenant demand strong historical occupancy and reliable cash flow. All major systems are maintained and market rents support further upside through light renovations. With an in place NOI of $335k and an 6.39% cap rate at the asking price, River Pines provides stable yield and low management intensity in a high-demand Baton Rouge submarket to major employers, retail and transit routes. The seller has intentionally kept rental rates low to ensure high occupancy and reduce turnover. When the rents are increased to actual market value, NOI can be boosted to $536,587 or a 10.22% cap rate.
Location
State LA
County East Baton Rouge
Area 2.76
Interior
Cooling Central Air
Fireplace No
Exterior
Parking Features Parking Lot
Utilities Available Natural Gas Available
Garage No
Building
Foundation Slab
Water Public
Architectural Style Traditional
New Construction No
Others
Tax ID 00007145
Virtual Tour https://www.propertypanorama.com/instaview/roam/2529356
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