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Lake Haven Riverside Court 4021 Hessmer Ave

100 Unit Apartment Building $11,950,000 ($119,500/Unit) 7.11% Cap Rate Metairie, LA 70002

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Investment Highlights

100% Occupancy (cash machine from day 1)
Stable Market adjacent to major retail corridor
Property qualifies for tax credits

Big Value Add play
Quality/experienced staff

Executive Summary

Owned this property for 2 decades. Always stays 100% with a waiting list. Big value add play (rents 30% under market rates). Complete overhaul in 2006 and then Cap X as needed. Recently replaced 2 roofs. Long term/experienced staff. Stable Metairie market has remained high occupancy for decades. Freddie Mac loan ($6 mil balance @ 4.6%) can be assumed or paid off. Property is in an Enterprise Zone and also qualifies for the Restoration Tax Abatement program. Jefferson Parish district police department a few doors down the street.

Financial Summary (Actual - 2024)	Annual	Annual Per SF
Gross Rental Income	$1,350,000	$12.27
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	$1,350,000	$12.27
Taxes	-	-
Operating Expenses	-	-
Total Expenses	$500,000	$4.55
Net Operating Income	$850,000	$7.73

Financial Summary (Actual - 2024)

Gross Rental Income
Annual	$1,350,000
Annual Per SF	$12.27

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	$1,350,000
Annual Per SF	$12.27

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	$500,000
Annual Per SF	$4.55

Net Operating Income
Annual	$850,000
Annual Per SF	$7.73

Property Facts

Price	$11,950,000	Building Class	C
Price Per Unit	$119,500	Lot Size	1.01 AC
Sale Type	Investment	Building Size	110,000 SF
Cap Rate	7.11%	Average Occupancy	100%
No. Units	100	No. Stories	2
Property Type	Multifamily	Year Built/Renovated	1975/2006
Property Subtype	Apartment	Parking Ratio	1.09/1,000 SF
Apartment Style	Low Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$11,950,000
Price Per Unit	$119,500
Sale Type	Investment
Cap Rate	7.11%
No. Units	100
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	C
Lot Size	1.01 AC
Building Size	110,000 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1975/2006
Parking Ratio	1.09/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.