400 Westside Boulevard
Houma, LA 70364 ·
123 Units · Multifamily For Sale
10.15% Cap Rate | Priced Under $30,000/unit
|No. Units||123||Property Use Type||Investment|
|Building Size||112,053 SF||Cap Rate||10.15%|
|Listing ID: 17069170||Date Created: 03/16/2011||Last Updated: 03/23/2012|
Marcus and Millichap is pleased to present an exceptional multifamily investment opportunity located in Houma, Louisiana with the Colonial Village Apartments. Colonial Village features 123 units consisting two and three bedroom floor plans. Colonial Village is centrally located in Houma off Park Avenue within minutes of upscale retail and shopping areas. The Houma economy benefits from the robust oil and gas exploration and production industry as the city sits in the heart of the Gulf Coast Energy Corridor. This industry helped make Houma economy resilient during the great recession with an unemployment rate of 5.1% which is the 16th lowest rate in the county for 4th quarter 2010. Colonial Village is well maintained and boasts an average occupancy of 95% with market rents below competitors in a submarket that is 98% occupied. The property can be delivered free and clear of debt, allowing for new financing which is available at historically low interest rates. Investors can achieve a double digit cash return on existing operations.
Colonial Village is located on Westside Boulevard, ¼ mile west of Park Avenue which is a major arterial corridor throughout Houma. The property is within minutes of Southland Mall, Home Depot, Target, Wal Mart Supercenter, and Best Buy. In the immediate area, Colonial Village is surrounded by several apartment communities, commercial space, and Colonial Village Golf Course.
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