Catylist ID:
#29999680
100% LEASED, (4th) BAY LEASED, 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 |
| 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 |
| Cap Rate: | 7.7% |
| Last Updated: | 7/10/2020 |
Overview / Comments
|
Updated: March 26, 2020 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 are now rentedto: 1. Allstate 2. Martial Arts 3. Hair Salon and The 4th bay, at the Southern end unit has an LOI with a Health & Nutritional Store. Negotiating build-out currently. Total Gross Income: $4,706.00 per month or $56,472.00 minus (-) Operating Expenses of $11,058.00 NOI: $45,414.00 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: $5,354.00 Property Insurance: $3,394.00 Lawn Maintenance: $2,400.00 Total Operating Expenses: $11,148.00 NOI: $42,804.00 Divided (/) by asking price being firm of $575,000.00 is a 7.25% cap rate. For qualified buyer the seller will consider a Bond For Deed |
Attachments & Media
Financials
| Finance Data Year | 2017 |
|---|---|
| Real Estate Taxes - Annual($) | $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 | Actual |
| 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 | Three (3) year lease signed 2019, and lease has 2 (3) year options, with increases of 3% each year. |
| Tenant Business Name | Wayne Cavalier dba Hair Stylist |
| Annual Revenue | $15,600 (Annual) |
| Suite Number | B |
| SF of Space Occupied | 1,056 SF |
| Lease Expiration | 2/0028 |
| Options | Two (12) month options to renew at 3% increases each year. |
| Tenant Notes | This is a Net Lease Agreement |
| Tenant Business Name | Stephanie Haydel dba Martial Arts Teaching |
| Annual Revenue | $13,200 (Annual) |
| Suite Number | A |
| SF of Space Occupied | 1,152 SF |
| Current Rent | $1,100 PSF (Annual) |
| Lease Expiration | 4/2022 |
| Options | Two (3) year options to renew with 120 days notification, and increaes to be Three (3%) percent each year. |
| Tenant Notes | Lease signed March 27, 2019, for 3 years, plus options. Increases in options of 3% each year thereafter initial lease term. |
| Tenant Business Name | Nutritional Herbal Life Business |
| Is Renting? | Yes |
| Annual Revenue | $15,000 (Annual) |
| SF of Space Occupied | 1,000 SF |
| Escalations | Gross Lease at $15 psf. |
| Options | 3(1) year options, with 3% increases |
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 |
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