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Devonshire Apartments 11620 Airline Hwy 100 Unit Apartment Building $6,950,000 ($69,500/Unit) Baton Rouge, LA 70816
INVESTMENT HIGHLIGHTS
- Strong N O I - T’3 Annualized NOI at $610,000 and Hybrid NOI at $617,000.
- Great Location - Situated on Airline Hwy., Devonshire Apartment benefits from easy access to major highways including Siegen, I-10 and I-12
- Diverse Unit Mix - This property offers a variety of unit types (976 SF average unit size)
- Average Monthly Rents - $1,019/month and average rents PSF at $1.06/sf.
- Strong Occupancy Rate - Currently at strong occupancy levels (averaging 94% over the last 18 months)
- Asking Price is an 8% Cap Rate based off the True T'12 NOI of $560,000
EXECUTIVE SUMMARY
CBRE Baton Rouge invites you to explore Devonshire Apartments of Louisiana, a 100- unit apartment community located at 11620 Airline Hwy, Baton Rouge, LA. This prime market-rate multifamily asset offers a diverse range of unit types, accommodating tenants’ needs from efficiencies to three-bedroom/two-bathroom apartments. Devonshire Apartments boasts an excellent location, adjacent to Siegen Lane and just minutes from Interstate 10 and Interstate 12. Property is located off Airline Highway, a major thoroughfare running north and south through Baton Rouge to Ascension Parish, providing convenient access to a variety of shopping, dining, employers and entertainment options throughout Baton Rouge. The property currently operates at strong occupancy levels, with average rents reflecting competitive market conditions. This well-maintained community features 37 renovated units completed in 2021, presenting significant upside potential for new owners through the opportunity to renovate more units and increase rental rates and enhance property value. This is a unique opportunity to invest in a well-located asset with immediate cash flow and substantial upside potential through value-add strategies.
Contact Agents for any additional information of questions.
Contact Agents for any additional information of questions.
PROPERTY FACTS
| Price | $6,950,000 | Building Class | C |
| Price Per Unit | $69,500 | Lot Size | 4.91 AC |
| Sale Type | Investment | Building Size | 97,560 SF |
| No. Units | 100 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1974 |
| Apartment Style | Garden | Parking Ratio | 1.91/1,000 SF |
| Zoning | MF | ||
| Price | $6,950,000 |
| Price Per Unit | $69,500 |
| Sale Type | Investment |
| No. Units | 100 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.91 AC |
| Building Size | 97,560 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 1.91/1,000 SF |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Laundry Service
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | 300 |
| 1+1 | 30 | - | 800 |
| 2+2 | 48 | - | 1,020 |
| 3+2 | 20 | - | 1,200 |
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PROPERTY TAXES
| Parcel Number | 02055074 | Improvements Assessment | $253,792 |
| Land Assessment | $36,960 | Total Assessment | $290,752 |
PROPERTY TAXES
Parcel Number
02055074
Land Assessment
$36,960
Improvements Assessment
$253,792
Total Assessment
$290,752
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Devonshire Apartments | 11620 Airline Hwy
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