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


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.

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


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
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


Photograph of Listing Agent

Bryan D Pigeon

GARDNER REALTORS Mandeville Mandeville, LA 70448
LACDB Member
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