Causeway Mandeville, La. Income Property

Shopping Center for Sale
Catylist Listing ID: 30671155
Property Subtypes: Community Center, Fashion/Specialty, Free-Standing Store, Mixed Use, Neighborhood Center, Strip Center, Other
Building Size (RSF): 8,200 SF
Gross Land Area: 39,000 SF
Sale Price: $775,000
Unit Price: $94.51 PSF
Property Use Type: Investment
Building Name: Seal Sports
Sale Terms: Cash to Seller
Cap Rate: 8.5%
Last Updated: 9/16/2021

Overview / Comments

Updated: April 21, 2021.

This 8,200 sf. freestanding building is well located. 60,000 plus cars daily pass in front of it, proceeding to Interstate 12, Covington, La., but in Mandeville, La.
There currently are 3 bays
Seal Sports in approx. 5,000 sf. (Maybe available for lease).
A Cpa Firm in approx. 2000 sf.
Formerly Nancy Robbins space being approx. 1250 sf., which is being marketed for rent at $12 plus $3 psf. for nnn charges.
Fronts Two (2) Major Highways, Hwy. 190 and Old Hwy. 190 in the rear of the building.
PRICE PER FOOT: $94.51 psf.
Interior spaces all show well, exterior a stucco finish, and sides are metal.

Current Tenants

Tenant Business Name Listing agent obtaining details to Rent Roll
Tenant Business Name CPA Firm
Is Renting? Yes
Annual Revenue $30,000 (Annual)
SF of Space Occupied 2,000 SF
Lease Expiration 12/0021
Tenant Business Name Seal Sports Center
Is Renting? Yes
Annual Revenue $51,000 (Annual)
SF of Space Occupied 5,000 SF
Current Rent $4,250 PSF (Annual)
Lease Expiration 9/0031
Tenant Notes Tenant has approx. 2.6 years remaining, from April 2021.
Tenant Business Name Vacant, Wide Open Space, with offices in Rear (Marketing space)
Annual Revenue $18,750 (Annual)
SF of Space Occupied 1,250 SF
Current Rent $1,562 PSF (Annual)
Tenant Notes Have prospects to lease, and would be for 2-5 years, plus options, with 3-5% increases each year thereafter.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Saint Tammany
Zoning: HIGHWAY COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Other
Property Located Between: Hwy. 190 and Old Hwy. 190
Property Visibility: Excellent
Largest Nearby Street: Hwy. 190
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Parking Type: Surface
Parking Description: Complies with regulatory authorities
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: HC Commercial
Lot Frontage: 130'
Lot Depth: 300'
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,962 45,896 71,317
Median Age: 43.86 41.02 40.17
Households: 4,134 17,558 26,821

Contact

Photograph of Listing Agent

Bryan D Pigeon

John Sanderford & Associates, LLC Metairie, LA 70055
LACDB Member
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