• Year Built: 1978
763 Monet Dr is amulti-family property for lease in Baton Rouge, LA.
The Degas Manor apartments in Baton Rouge, LA consist of 71 apartment units in three New Orleansstyle buildings. All floor plans are 1- or 2-bedrooms with 1 or 1.5 bathrooms. A $1.3 million renovation completed in 2004 upgraded nearly every aspect of the property, including new roofs on all buildings (with warranty), fresh exterior paint, and repairs to siding, landings, stairs and fences. The renovation also installed new lawn sprinklers and resolved drainage issues. Unit interiors received new carpet, appliances and cabinetry. All units come with a full size refrigerator, electric range, dishwasher, garbage disposal and central heat/air. Community amenities include a shared gas barbecue grill, picnic areas, on-site management with 24-hour maintenance, vending machines, on-site laundry facility and ample parking. The property is convenient to public transportation on Florida Boulevard, and there are numerous retail stores nearby, including restaurants. The Bon Carre Business Center, constructed in 2004, is within walking distance and currently employs over 3,500 people. Despite extensive renovations in 2004, some of the unit interiors have fallen into disrepair and require light renovation before they are returned to service.
Approximately $45,000 in upgrades is required to prepare 32 units for lease, or approximately $1,400 per unit, to install new appliances, sinks, faucets and flooring. With these improvements in place, the property could operate at significantly higher occupancy, producing very healthy cash flows as shown in the pro-forma income statement included in section VII. Moreover, there is potential to increase rents over time, as the high level of vacancy has depressed rental values approximately $0.10/sf below comparable properties.
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