Multi-Family•Low-Rise/Garden•For Sale

Elm Grove Gardens

8770 Elm Grove Garden Drive, Baton Rouge, Louisiana 70807

Sale Price $300,000
Sale Type Investment
Sale Condition Auction
Zoning A4 - General Residential District
Bldg Type Multi-Tenant
Status Existing
Year Built 1968
Year Renovated 2006
Stories 2
Cap Rate 26.04%
Gross Bldg 70,000 SqFt
RBA 66,864 SqFt
Land Area 5.7 Acres
Avail Parking 2/1000SqFt
Ceiling Height 8.0 Ft
Project Size 84
Net Op Inc $78,105
Market Baton Rouge
The property is being offered as a Note Sale via www.Ten-X.com. Opening bid will start at $300,000. The non-performing loan is secured Elm Grove Gardens, a multifamily property built in 1968 and located in Baton Rouge, Louisiana, minutes west of the Baton Rouge Airport and a short drive north of Downtown Baton Rouge (CDB). Elm Grove Gardens is an 84-unit project previously under a HAP contract covering 100% of the units. The HAP contract has been abated and this is now a market-rate property. Of the eighty-four (84) units, twenty (20) are two bedroom / one bathroom units and the remaining sixty-four (64) units are three bedroom / one bathroom units. The two-story, garden-style project is situated on 5.70 acres and is comprised of eight (8), two-story buildings. The improvements consist of wood frame construction, brick veneer exterior, and pitched, asphalt shingle roofs. Site amenities include a manager's office, laundry facility and a centralized, covered pavilion. Apartments feature a refrigerator, stove, tub/shower combination, vinyl flooring and painted sheetrock / vinyl paneling. Recent improvements include repair and replacement of sidewalks, roof work, HVAC repair and replacement and renovation of existing apartment units. Close proximity to I-110, Hwy. 90 and Baton Rouge Airport (BTR) offering easy access to area employment and amenities. Subject property is located minutes from CBD, Southern University, Baton Rouge Community College (BRCC) and Louisiana State University (LSU).
  • Grade-level parking
  • Pitched, asphalt shingle roofs
  • Individual, central HVAC
  • Washer/dryer hookups in all units
  • High speed internet access
  • Value-add opportunity for increased occupancy
1/11/2019 3:22:52 PM 1/11/2019 4:15:32 PM
Justin Langlois
Commercial Real Estate Advisor
SVN | Graham, Langlois & Legendre

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