Mandeville, LA Retail Property For Sale

RARE opportunity to own a Commercial building on Lakefront with 3 upstairs residences. Bottom floor has been gutted after Ida. Building rarely takes on water and has only flooded since raised during Ida. 2 of 3 apartments are occupied upstairs. Instant rental income of $4500 a month. Amazing location and gorgeous sunsets await you! Buyer to verify Sq Ft. Also listed as Multifamily in MLS

Value-add Shopping Center well suited for investor or owner-occupant

Located in the heart of Mandeville with some of the best demographics in the State

Updated: May 1, 2023

Price, reduced by $200,000.00

Just renewed Home Goods for Five (5) Years, been there 10 years, Home Goods spent $975,000.00 of their money renovating space, and one of their best stores in their large chain.

Party City, has no intention of closing this store even though they filed for Chapter 11, not 7, and are paying $13.86 base rent, plus whatever the nets are.

Also have a back up offer on this 12,500 sf. for 10 years, with over a $16 psf. Base plus nets.

Recent Rent Comparables in the $25-$35 psf. net, net, net.

Tenants: Home Goods, Party City, Jersey Mikes, The Micro Brewery Tea Co. and Circuitry.

IN THE HEART OF MANDEVILLE NATIONAL RETAIL TENANT CORRIDOR

8 tenants, of which 6 have been leasing for over 10 years.

In 2023, 7 of the 8 tenants extended their leases, and went from a Gross Lease to a Net Lease, all paying $14 psf. plus a $3.41 psf. in Net charges, with exception to the State lease but State is paying $18 psf. and renewed last year for 5 years.

$241,000.00 NOI

(See in attachments the Rent Roll & Operating Expenses, under pictures.

LAND AREA

 40,075 sq. ft.

ZONING

HC-2

TRAFFIC

60,844 V.P.D(I-12)(actual)

21,200 V.P.D(LA.59)(est.)

(2015 per LA. DOTD)

PURCHASE PRICE

$488,000

FEATURES

This commercially zoned tract on LA. Highway 59 (Just south of I-12) in St. Tammany Parish, LA. Is ideal for fuel/ C-stores, restaurants (with or without drive thru), hotels, as well as offices (with or without light industrial & warehousing). The parcel size and shape may be flexible. Adjacent square footage possible available to combine with the subject property.