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Madrid Apartments 3201 2nd Ave 62 Unit Apartment Building $6,070,185 CAD ($97,906 CAD/Unit) 10.01% Cap Rate Lake Charles, LA 70601
Investment Highlights
- Proximity to Key Amenities – The property is strategically located just minutes from key transportation routes, including Interstate 10 and U.S. Hwy
- Urban Development and Infrastructure Investment – The local government of Lake Charles has been actively investing in the region’s infrastructure
- Limited Housing Supply – The demand for rental properties is outpacing the supply in the area.
- It’s also within close proximity to business hubs like the Lake Charles Port and Westlake Chemical.
- Employment Opportunities – The Lake Charles area is home to several large employers, including Citgo Petroleum, Cheniere Energy, and Sasol America
- Steady Rent Growth – Due to strong demand and low supply, rents have been increasing steadily over the past few years.
Executive Summary
Broker of Record
Donnie Jarreau
License # BROK.995704351-CORP (LA)
Matthews Real Estate Investment Services, Inc
16173 Perkins Road Baton Rouge, LA 70810
(866) 889-0550
Donnie Jarreau
License # BROK.995704351-CORP (LA)
Matthews Real Estate Investment Services, Inc
16173 Perkins Road Baton Rouge, LA 70810
(866) 889-0550
Property Facts
| Price | $6,070,185 CAD | Apartment Style | Garden |
| Price Per Unit | $97,906 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 2.98 AC |
| Cap Rate | 10.01% | Building Size | 56,400 SF |
| Gross Rent Multiplier | 7 | Average Occupancy | 92% |
| No. Units | 62 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1964/1980 |
| Property Subtype | Apartment | ||
| Zoning | Business | ||
| Price | $6,070,185 CAD |
| Price Per Unit | $97,906 CAD |
| Sale Type | Investment |
| Cap Rate | 10.01% |
| Gross Rent Multiplier | 7 |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.98 AC |
| Building Size | 56,400 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/1980 |
| Zoning | Business |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 26 | $1,167 CAD | 700 |
| 2+1 | 21 | $1,280 CAD | 900 |
| 2+1.5 | 12 | $1,512 CAD | 1,250 |
| 2+2 | 2 | $1,147 CAD | 850 |
| 3+2 | 1 | $1,889 CAD | 1,400 |
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Property Taxes
| Parcel Number | 00808830 | Improvements Assessment | $58,476 CAD |
| Land Assessment | $35,427 CAD | Total Assessment | $93,903 CAD |
Property Taxes
Parcel Number
00808830
Land Assessment
$35,427 CAD
Improvements Assessment
$58,476 CAD
Total Assessment
$93,903 CAD
Contacts
-
Luke Matthews -
Nathan Shields -
Ariana Sobhan -
Matthews Real Estate Investment Services
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