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The Phoenix Apartments 3619 Texas St 208 Unit Apartment Building For Sale 7% Cap Rate Lake Charles, LA 70607
Executive Summary
The Phoenix Apartments is a stabilized 208-unit multifamily investment in Lake Charles offering immediate scale, strong in-place occupancy, and meaningful operational momentum. The property is currently 98% occupied, averages 925 square feet per unit, and benefits from a comprehensive 2022 renovation that repositioned the asset to compete more effectively with newer product in the market.
The investment offers a compelling yield-and-growth profile driven by below-market rents and improving operations. Current rents average $854 per unit, or $0.93 per square foot, versus a competitive set average of $1.16 per square foot, creating a clear path to revenue growth through lease trade-outs and renewals. At the same time, vacancy has compressed sharply from 11.8% to 2.0%, with economic occupancy reaching nearly 98%, reinforcing the asset’s leasing strength and stabilization story.
The Phoenix is further supported by a strategic location with direct access to I-10 and I-210 and proximity to Lake Charles’ major employment anchors, including petrochemical facilities, hospitals, gaming destinations, and McNeese State University. Backed by significant recent capital improvements and durable regional demand drivers, the property presents investors with a rare opportunity to acquire a stabilized, renovated asset with immediate cash flow and measurable upside.
The investment offers a compelling yield-and-growth profile driven by below-market rents and improving operations. Current rents average $854 per unit, or $0.93 per square foot, versus a competitive set average of $1.16 per square foot, creating a clear path to revenue growth through lease trade-outs and renewals. At the same time, vacancy has compressed sharply from 11.8% to 2.0%, with economic occupancy reaching nearly 98%, reinforcing the asset’s leasing strength and stabilization story.
The Phoenix is further supported by a strategic location with direct access to I-10 and I-210 and proximity to Lake Charles’ major employment anchors, including petrochemical facilities, hospitals, gaming destinations, and McNeese State University. Backed by significant recent capital improvements and durable regional demand drivers, the property presents investors with a rare opportunity to acquire a stabilized, renovated asset with immediate cash flow and measurable upside.
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Property Facts
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7% | Lot Size | 10.24 AC |
| No. Units | 208 | Building Size | 223,046 SF |
| Property Type | Multifamily | Average Occupancy | 98% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 2000/2018 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 208 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 10.24 AC |
| Building Size | 223,046 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 2000/2018 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Fireplace
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- Fitness Center
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Grill
- Laundry Service
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 39 | - | 700 |
| 2+1.5 | 154 | - | 925 - 936 |
| 3+2 | 15 | - | 1,200 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 00308862 | Improvements Assessment | $1,131,740 CAD |
| Land Assessment | $30,462 CAD | Total Assessment | $1,162,202 CAD |
Property Taxes
Parcel Number
00308862
Land Assessment
$30,462 CAD
Improvements Assessment
$1,131,740 CAD
Total Assessment
$1,162,202 CAD
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The Phoenix Apartments | 3619 Texas St
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