Addresses:
- 6000 Chef Menteur Hwy, New Orleans, LA 70126
- 3300 Preston Place, New Orleans, LA 70131
- 7700 Downman Road, New Orleans, LA 70126
- 6235 Chef Menteur Hwy, New Orleans, LA 70126
- 1432 Independence Street, New Orleans, LA 70117
The McEnery Company is pleased to bring to market a rare and highly profitable apartment portfolio with strong footholds across the metropolitan area. The St. James portfolio comprises a total of 319 units secured on 5 strategically located sites with remarkably well maintained physical plants at each location. The level of management and impeccable maintenance in place at all 5 properties is rare in this asset class and serves to provide a durable and efficient investment opportunity with a strong equity return and safe haven for growth and prosperity in the severely underserved affordable housing sector in New Orleans. The combined net income on the 319-unit portfolio is accurately calculated at $1,658,000, with rents and occupancies showing strong and modest growth. The properties maintain relatively lower percentage subsidies with the majority of the tenants payment market rent, comprising a very healthy and coveted tenant mix. The St. James portfolio provides a refreshing opportunity for real returns in this returned starved market of late, and we look forward to receiving qualified expressions of interest.
List Price: Contact Brokers
NOI: $1,658,000
# of Units: 319 Units
# of Properties: 5
Total Building Area: 269,975 SF
Total Land Size: 10.02 Acres
Occupancy: 97%
For further listing details please contact Troy Hagstette 504-251-5719 or Parke McEnery 504-236-9542
