3005 Lake Villa Dr, Metairie, LA 70002

Property Description

INVESTMENT OPPORTUNITY IN METAIRIE! Great 6 plex that is fully rented with long term tenants at a wonderful location of Metairie. Six units consisting of five -2 bedroom, 1 bath and one- 1 bedroom/ 1 bath unit. The 1 bedroom is currently the manager's unit. Currently under rented at $6125 month, plus coin operated laundry income. Rent Proforma $7400. month. Tenants pay electric, owner pays water. Coin operated washers and dryers on site, current income $350. monthly. Laundry located rear of building in common area. Each unit has an assigned parking lane which holds 2 cars each. All underground plumbing has been replaced a few years back. Easy access to interstate, Veterans Hwy, bus stops, restaurants, groceries, etc... Flood Insurance $1689. 1 1/2 blocks from Raising Cane's Chicken and MOOYAH Burgers on Veterans, Fantastic location!! Buyer and Buyer's agent to do their own due diligence on Flood zone, etc..Gross rental income: $6125 per month/ $73,500 annually ($77,100 yr w/ coin operated laundry) 7.76% cap rate. Pro forma rental income: $7,400 per mo rent plus laundry $7700 mo/ $92,400 annually/ 9.95% pro forma cap rate.