offering overview - loopnet · for sale multifamily woodcrest & woodbridge apartments. 430...
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OFFERING OVERVIEW57 Unit West Jefferson Portfolio
Monroe St & Cook St, Gretna, LA | Glasgow Dr, Harvey, LA
For Sale
MultifamilyWoodcrest & Woodbridge Apartments
430 Notre Dame StreetNew Orleans, LA 70130504 525 1311 tellatterblum.com
Portfolio OverviewThe 57 Unit West Jefferson Multifamily Portfolio which
includes the Woodbridge and Woodcrest Apartments
present a Unique Opportunity to Purchase Two (2)
Stablized, Conveniently Co-Located, Medium Sized
Apartment Communities in a Historically Stable Greater
New Orleans Submarket.
Woodbridge Apartments (26 Units - Harvey) are situated
on a cul-de-sac/corner of a neighborhood that consists
of mostly single-family homes. All units are One (1)
Bedroom and One (1) Bathroom Dwellings. Woodcrest
Apartments (31 Units - Gretna) are Studio Style Dwellings
with the added benefit of easy to maintain Cinder-Block
construction and solid surface flooring.
SALE PRICE: $2,600,000
NUMBER OF UNITS: 57
CAP RATE: 8.72%
GRM: 6.59
2019 NOI: $226,675
LOT SIZE: 49,650 SF
BUILDING SIZE: 35,545 SF
ZONING: R-1 / C-1 / R-1A
MARKET: New Orleans (MSA)
SUB MARKET:Westbank of JeffersonParish
CROSS STREETS:
Franklin Ave. / MadisonSt. / 4th St. -Scottsdale Drive /Clydesbank Drive
Executive Summary
Woodcrest Apartments - Gretna• Minutes from Downtown New Orleans, and, All Westbank
Major Thoroughfares
• Walking Distance to Multiple Community Assets thatInclude: EducationalInstitutions, Religious Facilities, GroceryAnchored/Big Box Shopping Centers,and a Multitude ofFood & Beverage Options
• Fully Renovated in 2013 with Stabilization Shortly Thereafter
• 2013's Renovation Improvements Totaling appprox.$150,000
• Current Occupancy 95%
• $1.1M Offering Price w/ 2019's NOI Provided an UnleveredReturn of +/-9.34%
Woodbridge Apartments - Harvey• Minutes to Downtown New Orleans and Five Blocks from
Manhattan Blvd
• Geographically Located in the Center of the Westbank andStrategically Positioned to Nearby Economic Drivers/Community Attractions
• Fully Renovated in 2015 with Stabilization Shortly Thereafter
• Above Average Quality Finishes Throughout Property
• Excellent Ingress and Egress for Off Street Parking
• Strong Historical Performance Since Repositioning
• Current Occupancy 88%
• $1.5M Offering Price w/ 2019's NOI Provided an UnleveredReturn of +/-8.26%
Multifamily Portfolio Sale
West JeffersonWoodcrest | Woodbridge
430 Notre Dame StreetNew Orleans, LA 70130504 525 1311 tellatterblum.com
Investment Overview 57 UNIT MULTIFAMILY PORTFOLIO
Price $2,600,000
Number of Units 57
Price per Unit $45,614
Approximate Square Footage 35,545
Price per Square Footage $73
GRM 6.59
CAP Rate 8.72%
2019 Operating Data | Pro Forma
Gross Operating Income $394,654
Operating Expenses -$167,978
Net Operating Income $226,675Debt Service - $133,407
Pre-Tax Cash Flow $93,268
Cash-on-Cash Return % (yr 1) 14.35%
Principal Reduction (yr 1) + $41,681
Financing Assumptions
Loan Amount $1,950,000
LTV 75.00%
Interest Rate 4.750%
Debt Service $133,407
Debt Service Monthly $11,117
Amortization 25
Financing Options are Subject to Change per Individual Investor.
Multifamily Portfolio Sale
2019 Financials & Pro Forma57 Units | West Jefferson (Gretna & Harvey)
430 Notre Dame StreetNew Orleans, LA 70130504 525 1311 tellatterblum.com
57 Unit West JefferdonPortfolio
1425 Monroe St @ 617 & 720 Cook St | 2216 Glasgow DrGretna | Harvey, Louisiana
The information contained in the following Investment Summary is proprietary and strictly confidential. It is intended to be
reviewed only by the party receiving it from NAI Latter & Blum Investment Real Estate Brokerage and should not be made
available to any other person or entity without the written consent of Broker. This Investment Summary has been prepared
to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in
the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Broker
has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the
subject property, the future projected financial performance of the property, the size and square footage of the property
and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State
and Federal regulations, the physical condition of improvements thereon, or the financial condition or business prospects
of any tenant, or any tenant’s plans or intentions to continue occupancy of the subject property.
The information contained in the Marketing Brochure has been obtained from sources we believe to be reliable; however,
Broker has not verified, and will not verify, any of the information contained herein, nor has Broker conducted any
investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or
completeness of the information provided. All potential purchasers must take appropriate measures to verify all of the
information set forth herein.
For more informationRyan Pearce, Commercial Sales & LeasingO: 504 569 9439 | C: 504 444 1503rpearce@latterblum.com | LA #0995682184
Paul Richard, Commercial Sales & LeasingO: 504 569 9329 | C: 504 957 5759prichard@latterblum.com
430 Notre Dame StreetNew Orleans, LA 70130504 525 1311 tellatterblum.com
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