3005 Lake Villa Dr, Metairie, LA 70002

Property Description

With taxes included, total expenses are $18,309/yr. Current cap rate: 8.50% ($59,391 NOI) Pro forma cap rate: 10.69% ($74,691 NOI) INVESTMENT OPPORTUNITY IN METAIRIE! Great 6-plex in a wonderful location. Six units: five 2 bed/1 bath and one 1 bed/1 bath, currently the manager's unit. Currently UNDER RENTED at $6,125/month with room to grow (pro forma rent $7,400/month). Tenants pay electric; owner pays water (approx. $500/month). Coin-operated washers and dryers on site at rear of building ($350/month income). Each unit has an assigned parking lane holding 2 cars. All underground plumbing replaced a few years ago. Easy access to the interstate, Veterans Hwy, bus stops, restaurants, and groceries. Property tax $3,251 / Flood insurance $2,038 / Property insurance $5,928 / Liability $1,092. Current gross income: $6,475/month, $77,700/year including laundry. 8.50% cap rate. Pro forma gross income: $7,750/month, $93,000/year including laundry. 10.69% pro forma cap rate. Buyer's agent and buyer to due their own due diligence. Private Remarks: Limited showings, Need 24-36 hr notice. Can only show 1 unit. Can show reach once under contract. No sign on property. Off street parking for all unit With taxes included, total expenses are $18,309/yr. Current cap rate: 8.50% ($59,391 NOI) Pro forma cap rate: 10.69% ($74,691 NOI)