The Waller Group is proud to present the 88.3% occupied, 60- unit value-add property in Lafayette, LA. The property is available because current ownership is looking to reinvest proceeds.
Current ownership is achieving $182 rent bumps after renovating one unit. Renovations include new flooring, new cabinets, and new appliances.
Current ownership is achieving $207,104 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $163 / unit, which is a $0.19 / sqft bump. With this bump, new ownership can achieve an annual NOI of $476,123. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
Owner pays all utilities including cable and Internet. The property is currently self-managed. Proforma financials were underwritten with a 5% management fee.