Active
Sale
Multifamily
Investment
Low Rise

Investor Opportunity: 64-Unit Apartment Complex

5855 Citrus Blvd, New Orleans, LA 70123

For Sale

$4,825,000

$153.67/SF$75,390.63/Unit

Total Units
64
Cap Rate
7.11%%
Building Size
31,398 SF
Lot Size
1.095 ac
Parish
Jefferson
Days on Market
511
Listed
05/07/2025
Updated
08/13/2026
Investor Opportunity: 64-Unit Apartment Complex
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Overview

The Almond Tree Apartments are a strategically located 64-unit studio apartment property offering strong income potential and long-term upside in one of Jefferson Parish’s most resilient rental corridors. Situated on the edge of the thriving Elmwood Business Park, this asset benefits from consistent tenant demand driven by proximity to major employment hubs, national retailers, and regional transit routes. The all-studio unit mix caters to a growing demographic seeking affordability, convenience, and minimal-maintenance living.

·       All New Hardie-Plank Exterior & Roof

·       7% + Cap Rate on CurrentOperations

·       Efficient Property to Operate& Manage

·       Long-Term Income & Rent

Growth Potential with limited studio inventory in the surrounding submarket and steady economic activity anchored by Elmwood’s commercial core, the Citrus Apartments represent a rare opportunity to acquire scale in a supply-constrained area. Investors will appreciate the property's stabilized performance, value-add potential through interior upgrades, and a favorable rental market that supports continued multifamily use. This is a compelling acquisition for investors focused on cash flow, market stability, and future appreciation in the Elmwood/Harahan submarket.

Please contact me for further info & to review financials.

Attachments

Additional Information

City
New Orleans
State
LA
Zip Code
70123
Secondary Uses
Low Rise
Zoning
GO1
Zoning Desc.
General Office District
NOI
$343,000
Sale Terms
Cash to Seller
Building Name
Almond Tree Apartments
Business Park
Elmwood
# of Buildings
1
Floors
3
Year Built
1985
Year Renovated
2008
Roof Type
Hip
Construction Siding
Hardie Plank Siding
Construction Type
Framed
Submarket
Airport-Metairie-Kenner
Nearest MSA
New Orleans-Metairie
Property Use Type
Investment
Property Status
Existing
Total Units
64
Laundry
Shared
Parcel APN
700005694
Listing ID
bb16c722

Parcel & Location