6711-6817 Tara Ln

LISTING DESCRIPTION Plaza Park Apartments | 6711–6817 Tara Lane | New Orleans, LA 70127

Plaza Park Apartments is a 78-unit, Class C multifamily community offered at $1,200,000 — representing one of the most compelling deep-value-add acquisition opportunities currently available in the greater New Orleans market. Situated on 2.77 acres in the West Lake Forest submarket of New Orleans East, the property comprises approximately 98,710 gross square feet with 76,100 rentable square feet across a mix of one-, two-, and three-bedroom units. The site is zoned S-RM2 (Suburban Multifamily) and is not located within a designated FEMA flood zone.

Originally constructed in 1986, the asset has experienced significant deferred maintenance following foreclosure and is priced accordingly — at just $15,385 per unit and $12.16 per gross square foot. For experienced value-add operators and distressed asset investors, the rehabilitation path is well-defined: estimated total CapEx of $3,950,000 yields a projected After-Repair Value of approximately $5,125,000, a stabilized NOI of $614,400, and an equity creation potential of nearly $4,000,000. A stabilization timeline of 18 to 24 months post-acquisition is considered reasonable.

Area Overview

New Orleans East is one of the largest geographic districts within Orleans Parish, home to a resilient workforce population and a growing base of residents seeking affordable, quality housing options. The West Lake Forest submarket sits along the I-10 corridor, providing direct and efficient access to downtown New Orleans, the Central Business District, and the broader metro employment base. The area is served by retail corridors along Bullard Avenue and Chef Menteur Highway, with proximity to major medical, educational, and government employment anchors throughout eastern New Orleans and the surrounding region.

The submarket has seen renewed investor interest in recent years, driven by limited new multifamily construction, sustained rental demand from the area's workforce population, and the availability of financial incentives for qualified operators repositioning distressed housing stock. Comparable renovated multifamily assets in the New Orleans East area have traded between $47 and $97 per square foot, with the subject's ARV equating to approximately $67 per square foot — well within the range of market-supported valuations for rehabilitated product in this corridor.

• 🏢 78-unit multifamily community on 2.77 acres in New Orleans East
• 💰 Offered at $1,200,000 | $15,385 per unit | $12.16 per gross SF
• 📈 Projected After-Repair Value (ARV) of ~$5,125,000 at 12% cap rate
• 💵 Estimated equity creation potential of ~$4,000,000 upon stabilization
• 🔨 Total estimated CapEx of $3,950,000 | Stabilization timeline: 18–24 months
• 🏠 Diverse unit mix: 22 one-bed, 20 two-bed, and 36 three-bedroom units
• 📐 76,100 rentable SF | 98,710 gross SF | Avg unit size ~976 SF
• 🏗️ Zoned S-RM2 (Suburban Multifamily) | Not in a FEMA designated flood zone
• 🛣️ Direct I-10 access | Minutes from downtown New Orleans and the CBD
• 🏘️ Located in a submarket with limited new construction and strong workforce housing demand
• 📊 Stabilized pro forma NOI of $614,400 | Post-rehab rents from $1,000–$1,400/mo
• 💼 Cash, as-is sale | Buyer due diligence period | Proof of funds required
• ✅ Ideal for experienced distressed multifamily operators and value-add investors