Catylist ID: #30224259
18 Co-Located Homes With Double Digit Cap Rate Upside Potential
Multi-Family for Sale
|Catylist Listing ID:||30224259|
|Property Subtypes:||Duplex/Fourplex, Low-Rise/Garden, Other|
|Number of Units:||18 Units|
|Building Size (RSF):||23,588 SF|
|Unit Price:||$83,333.33 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
Overview / Comments
"ELF Oaks Portfolio: 19 Co-Located Homes With Double Digit Cap Rate Upside Potential"
Saurage Rotenberg is pleased to present the opportunity to acquire a 19-unit regime of 2, 3, and 4 bedroom homes with upside potential in Live Oak Circle. Located in the heart of the city between Coursey Boulevard and Airline Highway, this property is near shopping, hotels, and restaurants. Ten (10) of the units are furnished and leased on a short-term basis through Airbnb and other online services, providing a tremendous upside in rental income. The furnishings, existing rental business, and website are provided value at sale. The business and real estate provide passive income with minimal effort from out of state / country Owners. Upside Pro-forma can be easily achieved with an active hands-on Owner.
This East Baton Rouge property consists of 19 units in a “fractured condominium” of 70 homes constructed as 35 duplexes. The unit mix includes Nine (9) 4 bedroom / 2 bathroom homes (1,512 Sq.Ft.), Three (3) 3 bedroom / 2 bathroom homes (1,364 Sq.Ft.), and Seven (7) 2 bedroom / 1 bathroom homes (1,036 Sq.Ft.), each with one carport space / covered parking and one tandem driveway space.
Eight (8) of the homes are rented unfurnished on typical 6 to12 month leases at market rents via a third-party management company, and One (1) is occupied by the on-site maintenance technician to provide immediate response. The other Ten (10) units are tastefully decorated, furnished, and equipped as upscale “business-ready” rentals and promoted on Airbnb, as well as directly on the property website at RentHouseBatonRouge.com. As the only volume holder of units at this project, Owner holds 19 of 70 association votes, and its partners currently serve the HOA Board President and Treasurer positions.
These furnished homes offer a large price advantage over hotels for groups needing 2 or more bedrooms and/or cooking or work team meeting space, and they offer a large convenience advantage over single dispersed Airbnb options for groups needing more than 4 bedrooms. Pricing ranges from up to $150 per night on Airbnb to a typical rate of $3,000 per month for direct furnished rentals (typically film, construction, or new franchise opening crews or newly relocated families).
The ELF Oaks 19 offer a new owner a rare true management project value-add play. The ten (10) furnished homes have performed at +/- $20,000 per month gross income in the past with local hands-on management and can readily exceed that again.This offers a local or focused owner the rare opportunity to acquire a stable, well-maintained, and performing asset at a low price per door and +/- 7% incoming cap rate for low risk, but quickly achieve double-digit cap rates and resulting high cash-on-cash returns without rehab.
This property provides a dependable performing coming in cap rate, no rehab needed, and straightforward management path to double-digit cap rates quickly.
Attachments & Media
|Nearest MSA:||Baton Rouge|
|County:||East Baton Rouge|
|Community Amenities:||On-Site Maintenance|
|Property Located Between:||Airline Hwy and Coursey Blvd|
|Number of Stories:||1|
|Parking Description:||2 Spaces per Unit|
|Laundry:||In Each Unit|
|Air Conditioning:||Evaporative Cooler|
|Internet Access:||Cable, DSL, Satellite|
|Zoning Description:||Limited Residential District|
|Proximity:||1 mile||3 miles||5 miles|
Carmen R Austin, CCIMSaurage Rotenberg Commercial Real Estate, LLC Baton Rouge, LA 70809
|The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|