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5750 Florida BoulevardBaton Rouge, LA 70806

East Baton Rouge County

$5,250,000List price
113Beds
64Baths
38,000Sq Ft
1978Year built
2.76Acre lot
5 months agoOn market

Description

River Pines Apartments is a 64-unit multifamily property located on Florida Blvd in Baton Rouge. The complex features a mix of (15) one-bedroom units and (49) two-bedroom units, offering a balanced unit mix with strong tenant demand strong historical occupancy and reliable cash flow. All major systems are maintained and market rents support further upside through light renovations. With an in place NOI of $335k and an 6.39% cap rate at the asking price, River Pines provides stable yield and low management intensity in a high-demand Baton Rouge submarket to major employers, retail and transit routes. The seller has intentionally kept rental rates low to ensure high occupancy and reduce turnover. When the rents are increased to actual market value, NOI can be boosted to $536,587 or a 10.22% cap rate.

Property Information

Property type
Residential Income
Sub-type
Apartment
Style
Traditional
Year built
1978
Living area
38,000 Sq Ft
Lot size
2.76 acres
Lot dimensions
2.75 ac
Days on market
164
MLS® Listing#
2558044

Property Features

Cooling
Central Air
Heating
Central
Parking
Parking Lot
Lot features
City Lot
Construction
Brick · Block
Foundation
Slab
Roof
Flat
Sewer
Public Sewer
Water source
Public

Financial Details

HOA
YesAssociation: GBRAR
Parcel number
00007145

Listing Courtesy: Bridgewater Realty Advisors, LLC - 5049010463

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