
Lakewood Pointe | 7001 Martin Dr
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INFORMATIONS PRINCIPALES SUR L'INVESTISSEMENT
- Property Type: Garden-style multi-family apartment complex
- Buildings: 20 two-story residential buildings + clubhouse/office
- Land Area: 18.81+/1 usable acres (30.87+/- gross acres)
RÉSUMÉ ANALYTIQUE
Lakewood Pointe presents a rare opportunity to acquire the note and mortgage secured by a 442-unit garden-style multi-family complex located at 7001 Martin Drive in New Orleans, Louisiana. This offering includes the bank's foreclosure interest and a final judgment in place, with a pending U.S. Marshal's Sale, creating a clear and direct legal pathway to ownership for the successful note purchaser. With existing cash flow, substantial physical asset value, and legal instruments supporting acquisition through foreclosure, this is a compelling value-add investment opportunity in a major Southeast market.
Property Overview
Property Type: Garden-style multi-family apartment complex
Address: 7001 Martin Drive, New Orleans, LA 70126
Land Area: 18.81+/- usable acres (30.87+/- gross acres)
Buildings: 20 two-story residential buildings + clubhouse/office
Gross Building Area: 456,838+/- SF
Net Rentable Area: 450,685+/- SF
Total Units: 442
Year Built: 1975
Average Unit Size: ~1,020 SF
Zoning: S-RM2 - Suburban Multi-Family Residential
Operational Highlights
Current Occupancy: 41.6%
Leasable Units: 331 (111 units offline)
Occupied Units: 184 (55.6% of leasable)
Deferred Maintenance: 111 units range from shell condition to those with mold/mildew damage
Estimated Cure Cost: $12,000/unit
Overall Condition: Fair; expected to be average upon completion of repairs
Investment and Market Data
"As Is" Appraised Value (Dec. 2024): $15,700,000
Stabilized Value (Projected Dec. 2029): $20,400,000
Effective Gross Income (Pro Forma): ~$3.97M annually
As Current NOI (Pro Forma): ~$1.53M
Cap Rate at Stabilization: 7.5%
Estimated Lease-Up Period: 48 months
Submarket Conditions: Rents have grown modestly (~5% over 18 months), while occupancy has declined, indicating a need for repositioning
Foreclosure and Legal Position
Judgment Entered: $24.7M against borrower (Lakewood Pointe Apts LLC)
Writ of Execution Issued: U.S. Marshal authorized to seize and sell the property
Marshal’s Sale Date: Pending; buyer may credit-bid up to the judgment amount
Collateral: Includes all real estate, improvements, leases, rents, and personal property
Property Overview
Property Type: Garden-style multi-family apartment complex
Address: 7001 Martin Drive, New Orleans, LA 70126
Land Area: 18.81+/- usable acres (30.87+/- gross acres)
Buildings: 20 two-story residential buildings + clubhouse/office
Gross Building Area: 456,838+/- SF
Net Rentable Area: 450,685+/- SF
Total Units: 442
Year Built: 1975
Average Unit Size: ~1,020 SF
Zoning: S-RM2 - Suburban Multi-Family Residential
Operational Highlights
Current Occupancy: 41.6%
Leasable Units: 331 (111 units offline)
Occupied Units: 184 (55.6% of leasable)
Deferred Maintenance: 111 units range from shell condition to those with mold/mildew damage
Estimated Cure Cost: $12,000/unit
Overall Condition: Fair; expected to be average upon completion of repairs
Investment and Market Data
"As Is" Appraised Value (Dec. 2024): $15,700,000
Stabilized Value (Projected Dec. 2029): $20,400,000
Effective Gross Income (Pro Forma): ~$3.97M annually
As Current NOI (Pro Forma): ~$1.53M
Cap Rate at Stabilization: 7.5%
Estimated Lease-Up Period: 48 months
Submarket Conditions: Rents have grown modestly (~5% over 18 months), while occupancy has declined, indicating a need for repositioning
Foreclosure and Legal Position
Judgment Entered: $24.7M against borrower (Lakewood Pointe Apts LLC)
Writ of Execution Issued: U.S. Marshal authorized to seize and sell the property
Marshal’s Sale Date: Pending; buyer may credit-bid up to the judgment amount
Collateral: Includes all real estate, improvements, leases, rents, and personal property
INFORMATIONS SUR L’IMMEUBLE
Type de vente | Investissement | Surface du lot | 12,49 ha |
Nb de lots | 442 | Surface de l’immeuble | 42 442 m² |
Type de bien | Immeuble residentiel | Occupation moyenne | 42% |
Sous-type de bien | Appartement | Nb d’étages | 3 |
Style d’appartement | Avec jardin | Année de construction/rénovation | 1975/2015 |
Classe d’immeuble | B | Ratio de stationnement | 0,11/1 000 m² |
Zonage | S-RM2 - Suburban Multi-Family Residential |
Type de vente | Investissement |
Nb de lots | 442 |
Type de bien | Immeuble residentiel |
Sous-type de bien | Appartement |
Style d’appartement | Avec jardin |
Classe d’immeuble | B |
Surface du lot | 12,49 ha |
Surface de l’immeuble | 42 442 m² |
Occupation moyenne | 42% |
Nb d’étages | 3 |
Année de construction/rénovation | 1975/2015 |
Ratio de stationnement | 0,11/1 000 m² |
Zonage | S-RM2 - Suburban Multi-Family Residential |
CARACTÉRISTIQUES
CARACTÉRISTIQUES DU LOT
- Climatisation
- Lave-vaisselle
- Broyeur d’ordures
- Cheminée
- Raccord machine à laver/sèche-linge
- Chauffage
- Ventilateurs de plafond
- Planchers en bois
- Réfrigérateur
- Dressing
- Accessible aux fauteuils roulants (chambres)
CARACTÉRISTIQUES DU SITE
- Club-house
- Cour
- Centre de fitness
- Laverie
- Aire de pique-nique
- Aire de jeux
- Piscine
- Clôturé
- Service de blanchisserie
- Programme d’assurance des occupants
LOT INFORMATIONS SUR LA COMBINAISON
DESCRIPTION | NB DE LOTS | MOY. LOYER/MOIS | m² |
---|---|---|---|
1+1 | 80 | - | 68 - 70 |
2+1 | 64 | - | 93 |
2+1.5 | 268 | - | 100 - 101 |
3+2 | 30 | - | 120 - 126 |
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TAXES FONCIÈRES
Numéro de parcelle | 3-9W-0-159-05 | Évaluation des aménagements | 801 476 € |
Évaluation du terrain | 182 119 € | Évaluation totale | 983 595 € |
TAXES FONCIÈRES
Numéro de parcelle
3-9W-0-159-05
Évaluation du terrain
182 119 €
Évaluation des aménagements
801 476 €
Évaluation totale
983 595 €
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Lakewood Pointe | 7001 Martin Dr
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