Catylist Listing ID: 30328269
Property Subtypes: Multi-Family, Residential (Single Family), Other
Gross Land Area: 547,854 SF
Sale Price: $2,350,000
Unit Price: $4.29 PSF
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/3/2019

Overview / Comments

The McEnery Company is pleased to offer for sale a development tract located within the City of Covington, Louisiana. The property consists of +/- 12.58 acres of commercially zoned land, significant street, water, sewer and drainage infrastructure, located just off of Highway 25 on the corner of Privette Boulevard and Regina Coeli Road, adjacent to the newly constructed Regan Crossing, a 288-unit luxury apartment complex. The site is located a block from the Highway 190 Bypass and Highway 25 (Collins Boulevard) interchange, which is fully developed with a CVS, Walgreens, McDonald’s Restaurant and a Winn Dixie anchored shopping center. Another significant development in the immediate area is the planned multi‐use development, known as “Covington Commons”, a premier proposed commercial development.

The Faubourg St. John Tract can support both substantive single and multi-family development. The property has a plat in place that allows for up to 244 multi-family units. A previous plat, recorded in 2008 allowed 110 town-home lots. City of Covington Staff has recently indicated that the property could be re-platted to accommodate approximately 60 single-family home lots using the existing infrastructure. The adjacent Privette Tract, may also be available to become assembled with Faubourg St. John.

There are over 100,000 people within 10 miles of Faubourg St. John and an average household income of about $84,000 a year. The market in Covington is presently robust with strong leading indicators and apparent excess demand for new housing inventory.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Saint Tammany
Taxing Authority: St. Tammany Parish
Tax ID/APN: 106-807-4712
Zoning: CR, REGIONAL COMMERCIAL DISTRICT
Property Located Between: Privette Drive and Regina Coeli Road
Property Visibility: Excellent
Legal Description: A certain 12.577 tract of land situated in Section 45, Township 6 South, Range 11 East, City of Covington, Parish of St. Tammany, State of Louisiana
Largest Nearby Street: Highway 25
Feet of Frontage: 960
Site Description: 12.58 acres of commercially zoned land, significant street, water, sewer and drainage infrastructure
Lot Frontage: 960
Lot Depth: 565

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 20,397 45,458
Median Age: 40.34 38.71
Households: 7,861 17,315

Contact

Photograph of Listing Agent

S. Parkerson (Parke) McEnery

The McEnery Company
New Orleans, LA
LACDB Member
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