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The Banks 3300 Garden Oaks Dr 116 Unit Apartment Building $9,671,804 CAD ($83,378 CAD/Unit) New Orleans, LA 70114
Investment Highlights
- Market rate asset with meaningful operations upside
- Rent transparency between market rate and LIHTC allows for multiple ownership executions
- Attractive IRR for investor completing repositioning of the asset
- LIHTC conversion opportunity allows for major rehab
- Market driven yield expectations allow for attractive leveraged returns during hold period
Executive Summary
Property Features
• A mix of studio, one-, two-, and three-bedroom units featuring a balcony or patio, LVP
floors, air conditioning, and in-unit washer and dryer connections in select units
• Community amenities include gated access, a courtyard, barbecue and picnic area,
playground, and leasing office
• Recent capital expenditures include new roofs in 2022 as well as exterior painting of
the front building and replacement of all exterior lights in 2025
Desirable Location
• The property has a bus stop on New Orleans Regional Transit Authority routes
114A and 114B, facilitating easy travel to downtown New Orleans, the Smoothie King
Center and Superdome, Tulane Medical Center, and Oakwood Center
• Just a few blocks from General De Gaulle Drive, the main commercial thoroughfare of
the West Bank neighborhood featuring dozens of shops and restaurants
• Conveniently situated within one mile of grocers including Walmart Supercenter,
ALDI, and Rouses Market
• Only an 18-minute drive from Lakeside Shopping Center, which houses major
retailers like Dillard’s, Macy’s, Abercrombie & Fitch, DICK’S Sporting Goods, Express,
GameStop, and more
• Within a 22-minute drive to Louis Armstrong New Orleans International Airport,
which offers non-stop service to more than 50 destinations via 15 commercial airlines
• A mix of studio, one-, two-, and three-bedroom units featuring a balcony or patio, LVP
floors, air conditioning, and in-unit washer and dryer connections in select units
• Community amenities include gated access, a courtyard, barbecue and picnic area,
playground, and leasing office
• Recent capital expenditures include new roofs in 2022 as well as exterior painting of
the front building and replacement of all exterior lights in 2025
Desirable Location
• The property has a bus stop on New Orleans Regional Transit Authority routes
114A and 114B, facilitating easy travel to downtown New Orleans, the Smoothie King
Center and Superdome, Tulane Medical Center, and Oakwood Center
• Just a few blocks from General De Gaulle Drive, the main commercial thoroughfare of
the West Bank neighborhood featuring dozens of shops and restaurants
• Conveniently situated within one mile of grocers including Walmart Supercenter,
ALDI, and Rouses Market
• Only an 18-minute drive from Lakeside Shopping Center, which houses major
retailers like Dillard’s, Macy’s, Abercrombie & Fitch, DICK’S Sporting Goods, Express,
GameStop, and more
• Within a 22-minute drive to Louis Armstrong New Orleans International Airport,
which offers non-stop service to more than 50 destinations via 15 commercial airlines
Property Facts
| Price | $9,671,804 CAD | Building Class | C |
| Price Per Unit | $83,378 CAD | Lot Size | 3.75 AC |
| Sale Type | Investment | Building Size | 84,712 SF |
| No. Units | 116 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1989/2018 |
| Apartment Style | Garden | Parking Ratio | 2.36/1,000 SF |
| Zoning | S-RM1 | ||
| Price | $9,671,804 CAD |
| Price Per Unit | $83,378 CAD |
| Sale Type | Investment |
| No. Units | 116 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.75 AC |
| Building Size | 84,712 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built/Renovated | 1989/2018 |
| Parking Ratio | 2.36/1,000 SF |
| Zoning | S-RM1 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Double Pane Windows
Site Amenities
- Courtyard
- Picnic Area
- Playground
- Gated
- Grill
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 18 | $1,069 CAD | 400 - 786 |
| 1+1 | 18 | $1,325 CAD | 500 |
| 2+1 | 36 | $1,605 CAD | 740 |
| 2+2 | 8 | $1,605 CAD | 770 |
| 3+2 | 992 | $1,734 CAD | 992 |
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Property Taxes
| Parcel Number | 5-13-6-151-09 | Improvements Assessment | $557,197 CAD |
| Land Assessment | $111,015 CAD | Total Assessment | $668,211 CAD |
Property Taxes
Parcel Number
5-13-6-151-09
Land Assessment
$111,015 CAD
Improvements Assessment
$557,197 CAD
Total Assessment
$668,211 CAD
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The Banks | 3300 Garden Oaks Dr
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