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'.

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


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
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 70471
LACDB Member
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