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    Houma Medical District Opportunity Title is generated by Realmo AI

    1023 Wood St, Houma, LA 70360

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    Claim this Listing
    For Sale
    $299,999

    COMMERCIAL - Houma, LA

    Property size:
    3,374 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $88/SF
    Added:
    Aug 10, 2025
    Days on Market:
    273
    Last Refresh:
    May 9 at 2:06 am

    Property Features for 1023 Wood St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 3, Bathroom 2
    Parking
    23
    Parking features
    Parking Lot
    Exterior features
    Storage
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    Size
    3,374 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Description
    LOTS 7 & 8 BLOCK 114 BOUDREAUX ADDITION AS SHOWN & DESIGNATED BY THE LETTERS A-B-C-D ON MAP ATTACHED TO INSTRUMENT 271907.

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Floors in Building
    2
    Building materials
    Brick
    Roof type
    Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Shantelle Abshire
    Shantelle Abshire

    Listing agent Shantelle Abshire License #995701309

    Listing office Canal & Main Realty 6712 W Main Street, Thibodaux, LA

    Listing date Aug 10, 2025

    MLS# 2025014903

    Copyright © 2026 Bayou Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Build‑to‑Suit Opportunity: Customize the space to your exact needs, ideal for medical, dental, or professional use.
    • Prime Location: Situated in Downtown Houma's Medical District with excellent visibility.
    • Ample Parking: Includes 23 private parking spots.
    • Generator Included: Equipped with a Generac generator for backup power.
    • Tesla Charging Station: Features a Tesla charging station.
    • Prepped for Transformation: Gutted post‑Ida, ready for immediate build‑out.

    Overview

    Located in Houma's Downtown Medical Corridor, this property presents a build-to-suit opportunity. The former medical office, which has been gutted post-Ida, is ready for transformation. The owners are open to a build-to-suit arrangement, allowing for a customized space. The previous layout included 16 offices/exam rooms, a nurses' station, a file room, two executive offices, and a kitchen, offering flexibility for medical, dental, or professional use. The property features 23 private parking spots, a Generac generator, and a Tesla charging station. The lot size is 0.29 acres and the property size is 3374 square feet. This property offers excellent visibility, ample parking, and existing infrastructure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ulcerative Colitis Study ... Medical Clinic Winstead Law Firm

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Houma
    County
    Terrebonne
    State
    Louisiana
    Longitude
    -90.713106
    Latitude
    29.593653

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    FAQs

    What type of property is this?
    Medical Office Space - Former medical office in downtown Houma ready for transformation.
    Where is this medical office space located?
    The property is located at 1023 Wood St Houma, LA.
    What is the asking price?
    The asking price for this property is $299,999.
    What are key features of this property?
    This property features: Build‑to‑Suit Opportunity: Customize the space to your exact needs, ideal for medical, dental, or professional use.; Prime Location: Situated in Downtown Houma's Medical District with excellent visibility.; Ample Parking: Includes 23 private parking spots.
    (985) 852-1137
    We can help!
    Listing Contact
    Shantelle Abshire
    Shantelle Abshire
    Real Estate License ID: 995701309
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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