Multi-Tenant Investment; 100% Occupied; Just South of New Orleans

Office for Sale
Catylist Listing ID: 30525312
Property Subtypes: Mixed Use, Office Building
Building Size (RSF): 7,100 SF
Gross Land Area: 1 Acre
Sale Price: $700,000
Unit Price: $98.59 PSF
Ceiling: 8 ft.
Property Use Type: Investment, Business
Class of Space: Class B
Usable Size (USF): 7,100 SF
Sale Terms: Cash to Seller
Cap Rate: 8.25%
Average Occupancy Rate: 100
Last Updated: 6/21/2021

Overview / Comments

Only 20 minutes from downtown New Orleans, this large 4-unit office building sits in a prime Belle Chasse location with 80' frontage on Hwy. 23. The lot measures approx. 80’ x 590’ (1-acre). The building is approx. 7,100 sq. ft. in total and 100% occupied; NOI $57,750; 8.25% CAP rate. Gross rents are $6,200 monthly. Major capital improvements were made in 2019-2020 including all new flooring, all new lighting, all 5 HVAC units replaced inside and out, a new 16’ multi-tenant highway sign, and new landscaping. Front and rear parking lots offer space for 50+ vehicles. Additional green space behind the rear parking lot allows even more room for expansion. This building is strategically located near major industrial projects planned for Plaquemines Parish, including the new Venture Global LNG facility and the IGP Methanol Plant. The industrial development planned for this area will keep these commercial rental units in demand, making this building a strategic long-term investment.

Attachments & Media

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $4,700 (Annual)
Potential Rental Income $74,400 (Annual)
Net Operating Income $57,750 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Southern Belle Day Spa
Industry Type Other Services
Is Renting? Yes
Suite Number A-B
SF of Space Occupied 4,650 SF
Lease Expiration 3/2023
Tenant Business Name Decomuse Boutique, LLC
Industry Type Arts, Entertainment, and Recreation
Is Renting? Yes
Suite Number C
SF of Space Occupied 800 SF
Lease Expiration 3/2022
Tenant Business Name Ready Responders, LLC
Industry Type Health Care and Social Assistance
Is Renting? Yes
Suite Number D
SF of Space Occupied 1,242 SF
Lease Expiration 10/2022

Additional Details

Nearest MSA: New Orleans-Metairie
County: Plaquemines
Submarket/Township: Plaquemines Parish
Taxing Authority: Plaquemines Parish
Tax ID/APN: 1526550
Zoning: C-2 COMMERCIAL
Property Located Between: Demandre St. & Saint Ann St.
Property Visibility: Excellent
Highway Access: 80' frontage on Highway 23
Airports: Distance to MSY is 22 miles.
Area Description: Centrally located in Belle Chasse (Plaquemines Parish). Distance to downtown New Orleans is approx. 11 miles, and distance to Venice is approx. 70 miles.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 7,100 SF
Year Built: 1989
Year Renovated: 2019
Roof Type: Hip
Construction/Siding: Brick
Parking Ratio: 7 (per 1000 SF)
Parking Type: Surface
Parking Description: 2 parking lots, front and back. Approx. 50 parking spaces total.
Total Parking Spaces: 40
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Zoning Description: C-2 Commercial
Lot Frontage: 80'
Lot Depth: 590'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 19A, BEING A RE-S/D OF PORTIONS OF LOTS 19 & 30, SEC D, BELLE CHASSE - 80' FRONT ON HWY 23 X 750'. BOUNDED N SIDE BY JOHN BRUCE BIEBER & W SIDE BY E HODGE. LOT 19A (COMM), 80' FRONT BEG A DISTANCE 150' FROM OAK TREE RD X 589.35' X 594.06' X 80' IN THE REAR. OFFICE & OFFICE ADDN

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,378 32,930 115,310
Median Age: 39.05 37 35.28
Households: 1,582 11,554 41,518

Contact

Photograph of Listing Agent

Mary Cheramie

RE/MAX Generations Belle Chasse, LA 70037
LACDB Member
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