Post on 26-May-2020
PROPERTY OVERVIEW
PARKSIDE APARTMENTS
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present this 24-unit multifamily gated community located in beautiful Lafayette, Louisiana. Parkside Apartments is a two-story apartment complex consisting of 12 one-bedroom/one-bath units at 690 square feet and 12 two-bedroom/one-bath units at 780 square feet. New ownership can take advantage of the lease up opportunity while adding small finishes to raise rents.
Located Right Next Door to F E 'Pa' Davis Park
All of the Units are Well Maintained
Located Minutes from the University of Louisiana at Lafayette
Located Minutes from the Lafayette Regional Airport
Take Advantage of the Lease Up Opportunity
Gated Community
Coin Operated Washer and Dryer (Average $625/Month)
Property has Never Flooded
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PARKSIDE APARTMENTS
SALES COMPARABLES MAP
16
PARKSIDE APARTMENTS
(SUBJECT)
Acadian Gardens
Willow Gardens
South College Gardens
SALES COMPARABLES
1
2
3
PROPERTY NAMEPARKSIDE APARTMENTS
SALES COMPARABLES
17
SALES COMPARABLES
Avg. $54,598
$0
$6,000
$12,000
$18,000
$24,000
$30,000
$36,000
$42,000
$48,000
$54,000
$60,000
Parkside
Apartments
Acadian
Gardens
Willow
Gardens
South
College
Gardens
Average Price Per Unit
Avg. 7.60%
0.0
0.8
1.6
2.4
3.2
4.0
4.8
5.6
6.4
7.2
8.0
Parkside
Apartments
Acadian
Gardens
Willow
Gardens
South
College
Gardens
Average Cap Rate
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
PARKSIDE APARTMENTS
SALES COMPARABLES
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18
SALES COMPARABLES
Units Unit Type
Offering Price: $1,200,000 12 1 bed 1 bath
Price/Unit: $50,000 12 2 bed 2 bath
Price/SF: $68.03
CAP Rate: 7.17%
GRM: 8.15
Total No. of Units: 24
Year Built: 1979
Underwriting Criteria
Income $142,906 Expenses $56,858
NOI $86,048 Vacancy ($11,774)
PARKSIDE APARTMENTS2401 E Simcoe St, Lafayette, LA, 70501
1
Units Unit Type
Close Of Escrow: 11/12/2018 23 1 Bdr Bath
Sales Price: $5,160,000 51 2 Bdr Bath
Price/Unit: $54,894 20 3 Bdr Bath
Price/SF: $60.72
Total No. of Units: 94
Year Built: 1972
ACADIAN GARDENS710 S College Rd, Lafayette, LA, 70503
Units Unit Type
Close Of Escrow: 7/10/2017 48 1 Bdr Bath
Sales Price: $5,330,000 61 2 Bdr Bath
Price/Unit: $48,899
Price/SF: $53.70
CAP Rate: 7.60%
Total No. of Units: 109
Year Built: 1974
2
WILLOW GARDENS101 Glouchester Rd, Lafayette, LA, 70506
PROPERTY NAME
MARKETING TEAM
PARKSIDE APARTMENTS
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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19
SALES COMPARABLES
Units Unit Type
Close Of Escrow: 11/12/2018 28 1 Bdr Bath
Sales Price: $3,600,000 32 2 Bdr Bath
Price/Unit: $60,000
Price/SF: $48.00
Total No. of Units: 60
Year Built: 1962
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SOUTH COLLEGE GARDENS915 S College Rd, Lafayette, LA, 70503