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Louisiana Apartments 3202-3210 Louisiana Ave 34 Unit Apartment Building $5,000,000 ($147,059/Unit) 6.75% Cap Rate Fort Pierce, FL 34947
INVESTMENT HIGHLIGHTS
- Upside In Rents Through Professional Property Management
- Assumable Loan Available at a 4.58% Interest With a Remaining Balance of $2,350,000
- On-Site Coin Operated Laundry
- Unique Unit Mix Of All Large 2 and 3 Bed Floor Plans
- Offers Extremely Close Proximity to Interstate-95
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the Louisiana Apartments, a 34-unit multifamily portfolio located at 3101–3210 Louisiana Avenue in Fort Pierce, Florida. Situated on 1.64 acres in a quiet residential neighborhood, the offering also includes a vacant parcel, providing both stable in-place income and future development potential.
The portfolio is comprised of six concrete block buildings constructed between 1973 and 1977, totaling 36,074 gross square feet. The unit mix consists of eleven (11) two-bedroom/one-bathroom units averaging 875 square feet and twenty-three (23) three-bedroom/one-bathroom units averaging 1,050 square feet. Roofs on the pitched-shingle buildings were most recently replaced in 2017, while two of the flat-roof buildings have older roofs, presenting an opportunity for capital improvements.
Property Details
3210 Louisiana Ave – 8 Units | 9,168 SF | Built 1977
3208 Louisiana Ave – 8 Units | 9,168 SF | Built 1977
3206 Louisiana Ave – 8 Units | 9,168 SF | Built 1975
3204 Louisiana Ave – 4 Units | 3,890 SF | Built 1974
3202 Louisiana Ave – 4 Units | 3,890 SF | Built 1974
3104 Louisiana Ave – 2 Units | 1,840 SF | Built 1973
3101 Louisiana Ave – Vacant Lot (included in sale)
Located minutes from Downtown Fort Pierce, U.S. Highway 1, and I-95, the Louisiana Apartments benefit from strong rental demand driven by a growing workforce, port activity, and ongoing revitalization efforts in the city. The portfolio’s mix of large two- and three-bedroom units makes it well-suited for families, while the inclusion of the vacant lot offers an investor optionality for additional development or amenities.
With limited multifamily supply in the immediate area and continued population growth along Florida’s Treasure Coast, the Louisiana Apartments present an attractive opportunity to acquire scale with value-add upside through interior renovations, roof replacements, and long-term redevelopment potential.
The portfolio is comprised of six concrete block buildings constructed between 1973 and 1977, totaling 36,074 gross square feet. The unit mix consists of eleven (11) two-bedroom/one-bathroom units averaging 875 square feet and twenty-three (23) three-bedroom/one-bathroom units averaging 1,050 square feet. Roofs on the pitched-shingle buildings were most recently replaced in 2017, while two of the flat-roof buildings have older roofs, presenting an opportunity for capital improvements.
Property Details
3210 Louisiana Ave – 8 Units | 9,168 SF | Built 1977
3208 Louisiana Ave – 8 Units | 9,168 SF | Built 1977
3206 Louisiana Ave – 8 Units | 9,168 SF | Built 1975
3204 Louisiana Ave – 4 Units | 3,890 SF | Built 1974
3202 Louisiana Ave – 4 Units | 3,890 SF | Built 1974
3104 Louisiana Ave – 2 Units | 1,840 SF | Built 1973
3101 Louisiana Ave – Vacant Lot (included in sale)
Located minutes from Downtown Fort Pierce, U.S. Highway 1, and I-95, the Louisiana Apartments benefit from strong rental demand driven by a growing workforce, port activity, and ongoing revitalization efforts in the city. The portfolio’s mix of large two- and three-bedroom units makes it well-suited for families, while the inclusion of the vacant lot offers an investor optionality for additional development or amenities.
With limited multifamily supply in the immediate area and continued population growth along Florida’s Treasure Coast, the Louisiana Apartments present an attractive opportunity to acquire scale with value-add upside through interior renovations, roof replacements, and long-term redevelopment potential.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $5,000,000 | Apartment Style | Garden |
| Price Per Unit | $147,059 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.64 AC |
| Cap Rate | 6.75% | Building Size | 34,000 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.02 | No. Stories | 2 |
| No. Units | 34 | Year Built | 1977 |
| Property Type | Multifamily | Parking Ratio | 1.06/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R-4 - Residential | ||
| Price | $5,000,000 |
| Price Per Unit | $147,059 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Sale Condition | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 8.02 |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.64 AC |
| Building Size | 34,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1977 |
| Parking Ratio | 1.06/1,000 SF |
| Zoning | R-4 - Residential |
AMENITIES
UNIT AMENITIES
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 34 | - | 830 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,281,700 | |
| Land Assessment | $358,800 | Total Assessment | $2,640,500 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$358,800
Improvements Assessment
$2,281,700
Total Assessment
$2,640,500
CONTACTS
-
Daniel Cunningham -
River Rhoads -
Evan Richardson -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Louisiana Apartments | 3202-3210 Louisiana Ave
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