Highway 59 Strip Center

Shopping Center for Sale
Catylist Listing ID: 29999680
Property Subtypes: Community Center, Fashion/Specialty, Mixed Use, Strip Center, Other
Building Size (RSF): 4,224 SF
Gross Building Area: See Agent
Sale Price: $589,000
Unit Price: $139.44 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Owner Financing
Last Updated: 9/19/2017

Overview / Comments

Updated: August 15, 2017
Owner Financing Available: Ten (10%) percent down payment or ($58,900.00) dollars with up to 25 Year Amortization, 5-7 Year balloon, under a Bond for Deed, Ownership carries the mortgage.

This strip center is in an ideal location, fronts Hwy. 59, close to Interstate 12
and sits directly in front of the Mandeville Fountain Bleu High school

Find a Strip Center these days on the Northshore or Southshore that is almost leased, good income, great location, well maintained, near Interstate and that the Seller is willing to carry Ninety (90%) percent of the mortgage.
Actual Income:
Total Gross Income with 3 bays leased & one to be leased ($60,384.00) dollars annually.
3 Bays provide now: $45,984.00
Last remaining bay that consist of approx. 960 square feet, and can lease for Minimum of Base of: $12+3 cam or
Proforma Income of: $14,400.00

Total Gross Income of: $60,384.00 . This center has the potential to increase the rents.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $5,264 (Annual)
Net Operating Income $49,821 (Annual)
Gross Operating Income $60,000 (Annual)
Actual or Proforma Year Actual
Amortization Period 25 Years

Current Tenants

Tenant Business Name Lisa's Beauty Supplies
Annual Revenue $16,585 (Annual)
Suite Number A
SF of Space Occupied 1,152 SF
Current Rent $1,392 PSF (Annual)
Options Tenant has leased for over 7 yrs.
Tenant Notes Tenant has been on a month to month lease for over 3 Years.
Tenant Business Name Jason Olivier Attorney at Law
Annual Revenue $15,000 (Annual)
Suite Number C
SF of Space Occupied 1,056 SF
Current Rent $1,250 PSF (Annual)
Tenant Notes Tenants rent increases November 2017 to ($15,600.00 in year 3. Tenant lease expires 10/31/2018
Tenant Business Name Lacoste Hair Salon
Annual Revenue $13,200 (Annual)
Current Rent $1,100 PSF (Annual)
Tenant Notes Tenant has a 36 month renewal option at $15,600.00
Tenant Business Name vacant
Annual Revenue $12,000 (Annual)
SF of Space Occupied 960 SF
Current Rent $1,000 PSF (Annual)

Additional Details

Nearest MSA: New Orleans-Metairie
County: Saint Tammany
Tax ID/APN: 126731
Zoning: COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Other
Property Located Between: Interestate 12 & Hwy. 59
Property Visibility: Excellent
Largest Nearby Street: Hwy. 59 & Interstate 12
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Roof Type: Arched
Parking Type: Surface
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: HC
Lot Frontage: 100+
Lot Depth: 175'
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,046 28,917 65,563
Median Age: 37.36 37.79 39.73
Households: 353 10,389 24,713

Contact

Photograph of Listing Agent

Bryan D Pigeon

GARDNER REALTORS Mandeville Mandeville, LA 70448
LACDB Member
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