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

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

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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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