Mandeville, LA Retail Property For Sale

Incredible value add investment opportunity in the heart of Mandeville. Mandeville Square is an 19,946 square foot retail center located on the corner of highway 190 and East Causeway Approach in Mandeville, Louisiana. The center is situated on approximately 2.5 acres and is shadow anchored by a Walmart Neighborhood Grocer. The location, access and nearby demographics highlight its strong potential for future value.

VALUE ADD OPPORTUNITY:

The current tenancy for the center includes: Albasha Express, Subway, Town Crier, O-Wheelies, and Walmart (Neighborhood Walmart not apart) .

Investment Highlights:

• Fee Simple Sale

• Value-Add opportunity

• Shadow-anchored by Walmart Neighborhood grocery

• Located on a busy signalized intersection with excellent visibility

• Fully leased 4,970 sq. ft. three-unit retail building on Hwy 59 in Mandeville, LA

• Financial information available on request

• Asking price $625,000

• Property includes 34 striped parking spaces + 1 handicap space

• Dedicated turn lane into property from Hwy 59

• Exterior signage on building and pylon sign along Hwy 59 frontage

• Suite C features a small warehouse storage area with ground level loading access in rear of Property.

• Zoning is HC-2 Highway Commercial

• Located ½ mile south of I-12, in front of Fountainbleau High School, across the street from the St. Tammany Sheriff’s Office, and the St. Tammany Trace

• Please do not disturb tenants. Contact broker for

information and tour requests.

Metal building located on the North side of Florida Street just outside the corporate limits of the City of Mandeville, between Marigny and Lamarque Streets.

The subject building is currently leased to a tire company on a month-to-month basis for $4,600/mo, Gross Lease.

The subject property is improved with a one-story commercial building originally designed for use as medical office space but could be converted for many different uses. Has reinforced slab, steel frame, metal panels and a metal roof resealed two years ago. Great visibility with gravel parking lot measuring approximately 125 x 40 containing approximately twenty-eight (28) parking spaces in front of building. There is also 2,337 sf of concreted surface on the east side and rear of building for additional parking and drive. West side of the yard has a chain link fence on the front, side and rear.

Located at the intersection of Hwy 59 and Hwy 1088 in Mandeville

Built in 1985

4,900 S.F. on 1.09 Acres

Zoned HC-2 Highway Commercial

Six Offices

Conference Room

Two Copy Rooms

Reception Area

Kitchen/Breakroom

Two Bathrooms

RE-LISTED: February 15, 2024

WAS: $3,450,000.00

NOW: $3,200,000.00

7.5% CAP RATE, AND A 15% CASH ON CASH RETURN, WITH FINANCING.

Owner Financing, see below.

$241,000.00 NOI Annually, or $20,083.33 each month Net Operating Income, "AFTER" Operating Expenses are paid.

7 Leases are at a Base Rent: $14 psf., plus a $3.31 psf. net, net, net charges on the shopping center. Now, the DMV is at $18+ Gross.

MAILBOX MONEY, 6 OF THE 8 TENANTS BEEN AT THIS CENTER

JUST RELISTED WITH A PRICE REDUCTION FROM ($3,450,000), TO ($3,200,000.00), AND OWNER FINANCING.

FINANCING:

OWNER WILL CONSIDER FINANCING UNDER THE FOLLOWING TERMS:

FOUR (4%) PERCENT INTEREST RATE

THIRTY (30) YEAR AMORTIZATION SCHEDULE, WITH A 36 MONTH PAYOFF.

$750,000.00 DOWNPAYMENT AT THE ACT OF SALE DATE

AMOUNT FINANCED: $2,250,000.00

NOI: $241,000.00 MINUS (-) DEBT SERVICE $129,060.00= $112,000.00 AFTER DEBT SERVICE DIVIDED INTO CASH DOWNPAYMENT OF $750,000.00= 15% CASH ON CASH RETURN.

8 tenants, of which 6 have been leasing for over 10 years, and In 2023, 6 of the 8 tenants extended their leases, and went from a Gross Lease to a Net Lease, all paying $14 psf. Base Rent plus a $3.31 psf. in Triple Net charges, with exception to the State lease but State is paying $18.30 psf. Gross and renewed in 2022 thru 2027, for 5 years.

IN PICTURES/ATTACHMENTS, VIEW: Rent Roll & Operating Expenses.

IF YOU CAN'T PRINT, CALL ME#985)789-1816 AND I'LL EMAIL DIRECTLY TO YOU.

Lot 1-C1. Located just south of Lonesome Road on the west side of Hwy 59, next to the Diaz Shell Station. There are 2 parcels available, each listed for $500,000 or approx $12 psf. Zoning (NC6) with multiple allowable uses only 1.5 miles south of I-12. High traffic counts and excellent demographics. Parcels can be purchased together for $1,000,000 or separately for $500,000 each. Some exclusions.

NC4 zoning frontage on Hwy 1088 (2.49 acres), back 1.78 acres is zoned NC1. There is a 2267 sf house with 3 bedrooms/2.5 baths on the property. Can be Residential/commercial.

Building Setback Lines must be determined by the St. Tammany Parish Planning

Department. The size of the property is .4 of an acre or 17,821 Sq.Ft. The property

address is :

1220 Louisiana Highway 59 (Girod Street)

A.K.A. Gerard Street). Property is shown by Mary C. Bolner, owner of Lagoda

Realty Company, Inc.