25🔥1BR/1BA UNIT APARTMENTS🔥
DON’T LET THIS GREAT INVESTMENT
OPPORTUNITY PASS YOU BY!
PRICED TO SELL QUICKLY!
📆INSPECTION DATE & TIME⏰
• Cash Price: $1,500,000 OBO
• Price / Unit: $60,000
• Proforma Cap Rate: 7.2% (assuming $1030 rents based on rental comps in area, and 35% expense ratio to cover property taxes, insurance, vacancies, and maintenance.)
• Current rents: $650/unit
• Building Class: C+
• Average Occupancy: 88%
• Sale Conditions: AS-IS, CASH ONLY
• Lot Size: 1 Acre
• No. Units: 25
• No. Stories: 2
• Bedrooms/Unit: 1BR/Unit
• Bathrooms/Unit: 1BA/Unit
• Building Size: 25,800 ft²
• Each Unit Size: Approx. 1,033 ft² each Unit
• Apartment Style: Low Rise
• Year Built: 1976
• Flood Zone: NOT in a flood zone
• Common Area: Laundry Room – On Site For Common Use
• HVAC: Split System – 10 Exterior Units
• Water & Sewer: Each Unit Is Metered Separately and Tenant Paid.
• Electricity: Each Unit Is Metered Separately and Tenant Paid.
• Parking: 2 Spaces/Unit
- Contains 25 cozy units in 2 buildings in Houma, Louisiana.
- Built-in 1976 and features 1-bedroom, 1-bathroom, 2-story units.
- Features a laundry room for common use and 2 parking spaces per unit.
- Each unit has the electricity and water metered separately and is tenant paid.
- Equipped with 10 HVAC units that supply heating and air to the 25 units.
- Targeted interior renovations will generate higher monthly rents and elevate the property’s perception in the market.
- New ownership will be able to leverage the strong market rent growth and phase in value-add improvements to quickly push top-line revenue.
- Nearby competitors are achieving average rents of $200-400 more per 1BR unit.
- Houma (pronounced “hume-uh”) is considered the capital of deep bayou country and is known for its heavy Cajun roots and culture.
- Numerous dance halls and restaurants proudly showcase Houma’s Cajun culture in addition to a distinctive dialect, several unique musical styles, and an annual Cajun Mardi Gras festival.
- Houma is also the residence of the United Houma Nation Native American tribe, which hosts many traditional events on a constant basis.
- The natural habitat is a critical aspect of life in Houma, which consists of more than 2,500 square miles of swamps and wetlands.
- Located on the Intercoastal Waterway, which positions the city as a gateway for many charter fishing expeditions, birding adventures, and swamp tours.
- Minutes away from top dining and shopping destinations, as well as major employers and schools.
- 3 main shopping centers within 3.2 miles, which is about a 6-minute drive.
- Many museums to visit, including the Bayou Terrebonne Wildlife Museum, the Regional Military Museum, and the Terrebonne Museum just to name a few.
- 3 main Golf Courses are in close vicinity: Southern Oaks Club, Colonial Acres Golf Club, and Sugarland Country club.
- Offers a rich cultural history, a bustling culinary scene, and a distinctive blend of Cajun and Zydeco music that will win your heart.
The Houma Louisiana Apartments are in a section of the county with a thriving sub-market. Currently, several local companies are hiring workers resulting in money flowing into the city that is helping spur job growth. Among the most notable are:
- Grand Isle Shipyard employs about 3,000 people, including about 700 in the Houma-Thibodaux area. GIS expects its employment to grow 10% annually through 2024.
- Danos employs 150-200 at its headquarters in Gray and about 2,000 offshore and in the shale fields. It expects to increase its workforce by 15% annually.
- Galliano-based Edison Chouest Offshore is building ships to support offshore oil exploration in Ghana and tugs used to help export liquefied natural gas. The company expects orders to build six more of the tugs and possibly some cruise ships. Its LaShip yard in Houma has 600 employees and expects to add up to 200 more.
- Lockport-based Bollinger Shipyards will keep at least 650 people busy into 2024 by building Coast Guard Fast-Response Cutters. The company won a contract in August that could lead to an estimated $123 million of work building Navy ships. Three of the ships will be built at the company’s Lockport shipyard and involve about 100 workers. The contract involves options for 30 more of the vessels, which, if awarded, would result in about 100 new jobs.
- Thoma-Sea Shipyard in Houma now employs 400 workers and is hiring another 150. Last year, the company landed a $178 million contract to build two new NOAA research vessels, a project that will last through 2024.
- The Houma-Thibodaux region is projected to add 6,000 more jobs by 2014 as drilling activity increases in the Gulf of Mexico.
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📆INSPECTION DATE & TIME⏰
Please consider these terms when determining your offer amount:
• The property is purchased as-is for all cash.
• Proof of funds showing the purchase price amount available in a bank account statement or a line of credit statement must be submitted. Bank letters, letters from lenders, or cellphone screenshots will not be accepted.
• The buyer pays all closing costs (buyer and seller side).
• There is no inspection period on the contract, all inspections are to be performed during the scheduled inspection days. All inspections are to be completed before signing a contract.
• No financing contingency. This means no “hard money” loans or any type of loan that requires an appraisal.
• Current year property taxes are prorated.
• The contract is contingent upon the delivery of an insurable title to the property to the buyer.
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