145 Nutmeg Drive

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Address: 145 Nutmeg Dr, Ruston, LA 71270, USA

Florida & Gulf Coast + Apartment Buildings

Created date: July 15, 2024

Date last updated: December 2, 2024

Property Highlights:
$1.47M in Value-Add Upside, Market Rate leases in the mid $700s
2.5 Miles from Louisiana Tech, 3.0 Miles from Grambling State
Current Effective Rents of $596, Max Rents Allowable of $891
Eligible for Qualified Contract (Compliance Period ended in 2015)
Over $800,000 in Capital Expenditures spent improving the property
NEW Sewer Lift Station installed in June 2023
Interior rehab done to nearly half of the units (Detail varies by unit)
On-Site Property Manager and Maintenance.
On-Site Laundry with CSC contract
Leasing Office/Clubhouse with event space and central mail

Property Description

Cinnamon Court is a 56 unit apartment community built in Ruston, Louisiana in 2000. The property is located in west Ruston, nestled between the campuses of Louisiana Tech University and Grambling State University. Cinnamon Court is currently in the LIHTC (Low Income Housing Tax-Credit) program, however it sits outside of the 15 year compliance period. The property was developed in 2000 through the LIHTC program administered by the LHC. The property’s original developer did not waive the right to Qualified Contract, and the 15 year Compliance Period has expired. Although in the Extended Use, the Tax Credits have not been recapitalized and provides a buyer to take the property through the Qualified Contract process. The margin to lease Cinnamon Court as a market rate property within two Public Universities holds a rental value of between $150-200. Current ownership has improved the property through the Capital Expenditures in a very impactful way since acquiring the property in 2020. The current owner has invested nearly $1 million into the property, and includes work to the Sewer Lift, Roofing, Parking Lot and Clubhouse as well as unit interior improvements consisting of vinyl plank flooring, paint, appliances, toilets, doors and cabinets. Comparable market rate properties in the area indicate that Cinnamon Court inhibits the ability to go through the Qualified Contract process, continue improving the unit interiors of the property and raise rents up to $200. A Buyer can achieve a true 27% IRR on a 5 year hold through the Qualified Contract process on Cinnamon Court.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,700,000
No. of Units:	56
Year Built:	2000
Lot Size:	5.00 Sq ft
Opportunity Zone:	No
Price per unit:	$48,214
Property Website	Click Here