Great Price: Mandeville 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
Last Updated: 10/19/2018

Overview / Comments

Updated: May 16, 2018

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. available
Unit B: 1,056 sf. Leased to Lacoste Hair Salon
Unit C: 1,056 sf. available
Unit D: 960 sf. available
Bays C&D are adjacent for tenant or buyers business for 2,016 sf. contiguous and are ready to be moved into.

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 or ($88,500.00) dollars.
Amount Owner Financed: $501,500.00
Amortized over up to Twenty-Five (25) Years, with either a 5, 7, or 10 year balloon, pending buyers financials provided.
Interest Rate: Six and One Quarter (6-6.5%) calculated at 6.25%
Principle and Interest Payment: $3,306.00 per month

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

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 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 For Buyers business or tenant
Annual Revenue $13,728 (Annual)
Suite Number c
SF of Space Occupied 1,056 SF
Tenant Notes Base Rent: $10 + $3.00 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 Unit A
Annual Revenue $14,976 (Annual)
SF of Space Occupied 1,152 SF
Tenant Notes Quoting Base Rent: $10+3.00 psf. cam

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 70448
LACDB Member
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