Catylist ID:
#29999680
New Allstate & Martial Arts Hwy. 59 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 |
| Gross Land Area: | 16,700 SF |
| Sale Price: | $620,000 |
| Unit Price: | $146.78 PSF |
| Property Use Type: | Investment, Vacant/Owner-User, Business |
| Sale Terms: | Cash to Seller, Owner Financing |
| Last Updated: | 6/17/2019 |
Overview / Comments
|
Updated: May 29, 2019 Price reduction due to offer submitted! Great for Buyer looking for building to put his business in, and have a tenant or two to lease the other bays, to service a mortgage note or provide income. Unit A: 1,152 sf. Martial Arts hours (5-9 P.M.), Just leased March 27, 2019 for $1,100.00 per month, 36 months, plus options with 3% increases each year. Unit B: 1,056 sf. For Lease Former Lacoste Hair Salon, quoting $11 base psf. plus $3.49 psf. cam charges or $1,266.32, 36 months, plus options with 3% increases each year. Unit C: 1,056 sf. Leased to AllState Insurance Agency, just signed February 1, 2019, for $1,056.00 per month for 36 months, plus option for 3 years, with 3% increases each year. Unit D: 960 sf. available, ProForma, with 2 prospects looking to lease for $1,124.16 per month, for 36 months, with options at 3% increases each year. Total Gross Income: $4,546.48 per month or $54,557.76 minus (-) Operating Expenses of $11,058.00 NOI: $43,499.76.00 Each Year in Net Operating Income "MAKE WRITTEN OFFER" Commercially Zoned Land: 100' fronting Hwy. 59 by(X) 167'. Owner will consider an offer with Owner Financing Available, under the following terms and conditions: Down Payment required by Owner financing: Fifteen 15%) percent down payment, balance financed at 5.75%-6.5% pending credit of buyer, Amortized over up to (20-25) Years, with either a 3, 5, 7, or 10 year balloon, pending buyers financials provided. Overview: 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 Operating Expenses: Property Taxes: $5,264.00 Property Insurance: $3,394.00 Lawn Maintenance: $2,400.00 Total Operating Expenses: $11,058.00 |
Attachments & Media
Financials
| Finance Data Year | 2017 |
|---|---|
| Real Estate Taxes - Annual($) | $5,264 (Annual) |
| Potential Rental Income | $56,784 (Annual) |
| Net Operating Income | $44,526 (Annual) |
| Gross Operating Income | $55,584 (Annual) |
| Actual or Proforma Year | Proforma |
| Lender Name | Seller Financing |
| Loan Amount | $501,500 |
| Down Payment | $88,500 |
| Annual Debt Service | $3,306 (Annual) |
| Amortization Period | 25 Years |
Current Tenants
| Tenant Business Name | Lacoste Hair Salon |
| Is Renting? | Yes |
| Annual Revenue | $14,400 (Annual) |
| Suite Number | B |
| SF of Space Occupied | 1,056 SF |
| Current Rent | $1,100 PSF (Annual) |
| Tenant Notes | Tenant lease expires 6/2018, but does have a 36 month renewal option at $15,600.00 |
| Tenant Business Name | AllState Insurance Agency |
| Annual Revenue | $12,672 (Annual) |
| Suite Number | c |
| SF of Space Occupied | 1,056 SF |
| Current Rent | $1,056 PSF (Annual) |
| Tenant Notes | Gross Rent: $12 psf. cam |
| Tenant Business Name | For Buyers business or tenant |
| Annual Revenue | $12,480 (Annual) |
| Suite Number | D |
| SF of Space Occupied | 960 SF |
| Tenant Notes | Base Rent: $10 + $3 psf. cam |
| Tenant Business Name | Martial Arts |
| Annual Revenue | $13,200 (Annual) |
| SF of Space Occupied | 1,152 SF |
| Current Rent | $1,100 PSF (Annual) |
| Tenant Notes | Leased just signed March 27, 2019, for 3 years, plus options. Increases in options of 3% each year thereafter initial lease term. |
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 |
| © Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions. |
