Property Features $3,400,000 +/-34 Acres of Non-Wetlands Land Less Than 1 Mile From SLU
TABLE OF CONTENTS Property Information 3 Southeastern (SLU) Information 4 Southeastern Student Housing Information 5 Rent Comparable Information 6-10 Rent Comparable Map 11
PROPERTY INFORMATION 45.9 Acres Total 33.64 acres permitted for 1,200 beds additional 12.26 acres reserved for commercial use Less than 1 mile to center of Southeastern State Campus Flood Zone AE Adequate fill onsite Located in Tangipahoa Parish with two property lines bordering the Hammond city lines Utilities: Sewer Parish or treatment plant; Water: Parish; Electric Entergy; No gas available Density - 9.5 units per acre Wooded with flat topography value on timber is not yet determined Over 3000 of frontage on Oak Street 10 acres of wetlands which have an approved mitigation permit from the Corp of Engineers
SOUTHEASTERN (SLU) INFORMATION Located in Hammond, LA 3rd Largest 4 year University in the State Founded in 1925 and offers 70 various undergraduate and graduate degrees Total enrollment of 15,000+ students 38.5% Male / 61.5% Female Total campus size of approximately 365 acres 92.8% acceptance rate for applicants 17.7% of students live on campus, average on campus housing expense is $6,450 82.3% of students live off campus 73% of students have cars on campus Between 2001 and 2008 six major construction projects have occurred on campus yielding a $268 million impact on the state
SOUTHEASTERN STUDENT HOUSING MARKET After review of the student housing market we found there to be little to no new student product available and overall a very tired inventory of apartment housing surrounding Southeastern. The market surveys produced one complex constructed in the last 5 years and it catered to both students and the general public. We also found through the course of research that management is very poor due to the difficulty of gathering property information. In not one case did we find a rent by the room - furnished amenity nor did we find a product that catered exclusively to students, which leads us to believe there is an untouched niche for a rent by the room student alternative. This gap, coupled with the massive local barriers to entry for multi-family developments should give a prospective developer confidence in the success of the Oak Street location.
RENT COMPARABLES 1 Lions Way Apartments 15043 Woodstone Dr. 1 Br / 1 Ba 476 $585.00 $1.23 1 Br / 1 Ba 476 $595.00 $1.25 2 Br / 2 Ba 940 $750.00 $0.80 2 Azalea Park 2 Br / 2 Ba 840 $700.00 $0.83 2 Br / 2 Ba 800 $650.00 $0.81 3 Cerise 131 Billups Drive 1 Br / 1 Ba 494 $475.00 $0.96 2 Br / 1 Ba 667 $550.00 $0.82
RENT COMPARABLES 4 Oak Alley 1108 North Street 2 Br / 2 Ba $700.00 3 Br / 2 Ba $800.00 5 Pecan Grove 504 Pecan Street 1 Br / 1 Ba 525 $55.00 $1.05 2 Br / 2 Ba 686 $650.00 $0.95 6 Pelican Park Cedar Lane 2 Br / 2 Ba 840 $595.00 $0.71 2 Br / 1 Ba 840 $695.00 $0.83
RENT COMPARABLES 7 Providence Club 300 E. Columbus Drive 1 Br / 1 Ba 721 $475.00 $0.66 2 Br / 1 Ba 760 $575.00 $0.76 3 Br / 2 Ba 806 $800.00 $0.99 8 Saint Croix 44 Whitmar Drive 1 Br / 1.5 Ba (loft) 562 $575.00 $1.02 9 St. Regis 800 Pecan Street 1 Br / 1 Ba 784 $650.00 $0.83 2 Br / 2 Ba 826 $750.00 $0.88
RENT COMPARABLES 10 St. Tropez 900 Pecan Street 1 Br / 1 Ba 834 $650.00 $0.78 1 Br / 2 Ba 950 $750.00 $0.79 3 Br / 2 Ba 1518 $1,000.00 $0.66 11 University Courtyard 1302 North Oak Street 1 Br / 1 Ba 494 $575.00 $1.16 1 Br / 1 Ba 508 $600.00 $1.18 2 Br / 2 Ba 667 $700.00 $1.05 12 University Crossing 1800 North Oak Street 2 Br / 2 Ba 1076 $950.00 $0.88 3 Br / 2 Ba 1236 $1,100.00 $0.89
RENT COMPARABLES 13 University Apartments 1002 West University Ave. 1 Br / 1 Ba 14 Hammond Eastside Apartment 107 South Orange Street 1 Br / 1 Ba(studio) $480.00 2 Br / 2 Ba $560.00 15 The Creeks Apartments 15015 Creeks Road 2 Br / 2 Ba 1,131 $900.00 $0.88 2 Br / 2 Ba 1,194 $900.00 $0.75 3 Br / 2 Ba 1,321 $1,200.00 $0.91 3 Br / 2 Ba 1,376 $1,200.00 $0.87
Aerial of Comparable Properties