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Pelican Gardens 1820 E Texas St 193 Unit Apartment Building $9,900,000 ($51,295/Unit) Bossier City, LA 71111
INVESTMENT HIGHLIGHTS
- One Bedroom Apartments - 500 sq. ft.
- Easy Access to Freeways, Shopping
- Public Library Nearby
- Two Bedroom Apartments - 750 sq. ft.
- Access to Public Transportation
EXECUTIVE SUMMARY
PRIME LOCATION IN GROWING SUBMARKET
• Quick access to I-20, countless businesses, casinos, Barksdale Air Force Base, and the newly-developed East Bank arts and entertainment district
• 10,000-11,000 cars per day near the intersection of East Teas Street and Benton Road
• Bossier City’s population has grown 12.4% since 2010, and it is projected to grow .5% in 2020
RENTAL UPSIDE
• Vacancy in the Bossier City submarket is currently at 7.5%
• Rental Rates have recently grown 3.2% year-over-year in the Bossier City submarket
CAPITAL IMPROVEMENTS
• Roof Replacements have been completed on all buildings
• Extensive concrete and iron repairs on walkways and stairs have been completed
• Quick access to I-20, countless businesses, casinos, Barksdale Air Force Base, and the newly-developed East Bank arts and entertainment district
• 10,000-11,000 cars per day near the intersection of East Teas Street and Benton Road
• Bossier City’s population has grown 12.4% since 2010, and it is projected to grow .5% in 2020
RENTAL UPSIDE
• Vacancy in the Bossier City submarket is currently at 7.5%
• Rental Rates have recently grown 3.2% year-over-year in the Bossier City submarket
CAPITAL IMPROVEMENTS
• Roof Replacements have been completed on all buildings
• Extensive concrete and iron repairs on walkways and stairs have been completed
PROPERTY FACTS
| Price | $9,900,000 | Building Class | C |
| Price Per Unit | $51,295 | Lot Size | 5.11 AC |
| Sale Type | Investment | Building Size | 195,000 SF |
| No. Units | 193 | Average Occupancy | 50% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1983/2023 |
| Apartment Style | Garden | ||
| Zoning | B3 | ||
| Price | $9,900,000 |
| Price Per Unit | $51,295 |
| Sale Type | Investment |
| No. Units | 193 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.11 AC |
| Building Size | 195,000 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built/Renovated | 1983/2023 |
| Zoning | B3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Maintenance on site
- Online Services
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 135 | - | 475 - 500 |
| 2+1 | 58 | - | 750 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $349,200 | |
| Land Assessment | $81,197 | Total Assessment | $430,397 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$81,197
Improvements Assessment
$349,200
Total Assessment
$430,397
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Jax 770 LLC
Pelican Gardens | 1820 E Texas St
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