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Listed byUnited Real Estate Partners • Thomas Bookhardt • 504-305-4930
$ 999,999
Est. payment /mo
Active
6711-6817 TARA LN New Orleans, LA 70127
170 Beds
87 Baths
78,100 SqFt
UPDATED:
Key Details
Property Type Other Types
Listing Status Active
Purchase Type For Sale
Square Footage 78,100 sqft
Price per Sqft $12
MLS Listing ID 2554011
Style Other
Bedrooms 170
Full Baths 87
HOA Y/N No
Year Built 1986
Lot Dimensions 2.77
Source ROAM MLS
Land Area 78100
Property Description
Plaza Park Apartments is a 78-unit, Class C multifamily community offered at $1,200,000 — representing one of the most compelling deep-value-add acquisition opportunities currently available in the greater New Orleans market. Situated on 2.77 acres in the West Lake Forest submarket of New Orleans East, the property comprises approximately 98,710 gross square feet with 76,100 rentable square feet across a mix of one-, two-, and three-bedroom units. The site is zoned S-RM2 (Suburban Multifamily) and is not located within a designated FEMA flood zone. Originally constructed in 1986, the asset has experienced significant deferred maintenance following foreclosure and is priced accordingly — at just $15,385 per unit and $12.16 per gross square foot. For experienced value-add operators and distressed asset investors, the rehabilitation path is well-defined: estimated total CapEx of $3,950,000 yields a projected After-Repair Value of approximately $5,125,000, a stabilized NOI of $614,400, and an equity creation potential of nearly $4,000,000. A stabilization timeline of 18 to 24 months post-acquisition is considered reasonable.
Location
State LA
County Orleans
Interior
Cooling Central Air
Fireplace No
Exterior
Parking Features Parking Lot
Utilities Available Natural Gas Not Available
Garage No
Building
Lot Description Other
Foundation Slab
Water Public
Architectural Style Other
New Construction No
Others
Tax ID 39w016281
Virtual Tour https://www.corelistingmachine.com/tour/titan/?id=9145991&version=unbranded&
Schools Near
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