4011 LA-59

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: $590,000
Unit Price: $139.68 PSF
Property Use Type: Investment, Vacant/Owner-User, Business
Sale Terms: Cash to Seller, Owner Financing
Last Updated: 12/9/2019

Overview / Comments

Updated: November 14, 2019

New Price, with Bond for Deed Financing as follows:
Price: $590,000.00
Downpayment: 10% or $59,000.00
Amount Financed by Seller under a Bond For Deed: 90%
Interest Rate: 5.75% - 6%
Amortized over 20 years, with a 60 month call

Three (3) adjacent bays for New Buyer to occupy, which consist of approximately
Suites B,C, & D, that total 3,364 square feet for the new owners company to occupy.
Actual Income as follows:
One Tenant to pay expenses in Unit A: 1,152 sf. Martial Arts hours (5-9 P.M.), Just leased April 1, 2019 for $1,100.00 per month, 36 months, plus options with 3% increases each year.

Proforma Income if the 3 bays where to be leased:
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

Commercially Zoned Land: 100' fronting Hwy. 59 by(X) 167'.

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

Annual Operating Expenses:
Property Taxes: $5,264.00
Property Insurance: $3,394.00
Lawn Maintenance: $2,400.00
Total Operating Expenses: $11,058.00

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 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.
Tenant Business Name For New Tenant or Buyers business

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

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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 70471
LACDB Member
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