Modern Flex Space with Warehouse
For Sale
$795,000
269 GENERAL PATTON Avenue, Mandeville, LA 70471
Commercial, Mandeville, LA
Property Size4,900 SF
Lot Size0.62 Acres
Price / SF$162.24
Days on Market61
Property Features for 269 GENERAL PATTON Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I2
Subdivision
Not a Subdivision
Lot features
Oversized
Standard status
Active
APN
138566
Size
4,900 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Description
NORTHSHORE COMMERCIAL PARK LO32
Legal Description
NORTHSHORE COMMERCIAL PARK LO32
Utilities
Water source
Public
Building Details
Year built
2024
Floors in Building
1
Listing Agency:
Keller Williams Realty Services
(985) 727-7000
Listed By:
Gregg Tepper · License #995700267
(985) 789-8717
Added: Jun 26
Changed: Aug 19
Last Checked: Aug 25 at 11:06AM
MLS# 2564803
Copyright © 2026 New Orleans Metropolitan Association 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.
Investment Insights
Based on property information with market context.
Completed in 2024, this 4,900-square-foot flex property includes 3,900 square feet of warehouse area arranged as two separate units. The larger unit contains 2,100 square feet of air-conditioned warehouse space, 1,000 square feet of office area, and two ADA bathrooms. The 1,800-square-foot second unit includes one ADA bathroom and is currently leased. The building features all-metal construction, insulated walls and ceiling, two 12-foot by 12-foot roll-up doors, and on-site parking. One roll-up door is electric, and a grease trap is in place for potential commercial kitchen use. The property is zoned I2 industrial and draws from public water.
Located in Mandeville along the I-12 corridor near Highway 59, the property provides access to I-59, I-55, and I-10. The larger space is occupied by the current owner, with move-out expected within 45–60 days.
Located in Mandeville along the I-12 corridor near Highway 59, the property provides access to I-59, I-55, and I-10. The larger space is occupied by the current owner, with move-out expected within 45–60 days.
Key Highlights
- 4,900 square feet completed in 2024
- 3,900 square feet of warehouse area divided into two units
- Larger unit includes 2,100 square feet of air‑conditioned warehouse and 1,000 square feet of office space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,602
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,040
$1.1M
Cap Rate 7%
$794,314
$794.3K
Cap Rate 9%
$617,800
$617.8K
Market Conditions
NOI Build-Up for 4,900 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$95.8K $19.56/SF
− Vacancy
−$21.7K −$4.43/SF
EGI
$74.1K $15.13/SF
− OpEx
−$18.5K −$3.78/SF
NOI
$55.6K $11.35/SF
Area
St. Tammany County, LA
Vacancy
22.65%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,040
Cap Rate 7%
$794,314
Cap Rate 9%
$617,800
Alternative Uses
Best Use
Office B
$794.3K
$695.0K – $926.7K
NOI $55,602 @ 7.0% cap · market cap 6.99%
Second Best
Flex RnD
$661.3K
$578.7K – $771.6K
NOI $46,294 @ 7.0% cap · market cap 5.82%
Theoretical Best
Multifamily LT 5
$52.82M
$46.22M – $61.63M
NOI $3,697,579 @ 7.0% cap · market cap 465.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70471, LA
23,334
Population
10,341
Households
2.3
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
28.9 sq mi
ZIP Area
807
Density / Sq Mi
$96,510
Median Household Income
$52,523
Median Earnings
$1,282
Median Rent
$370,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Acadiana Manna — 69142 LA-59 suite f, Mandeville, LA 70471
Frequently Asked Questions
What type of property is this?
Flex space - Recently built industrial property combines warehouse, office, and service features within an I2-zoned configuration.
Where is this flex space located?
The property is located at 269 GENERAL PATTON Avenue Mandeville, LA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4,900 square feet completed in 2024; 3,900 square feet of warehouse area divided into two units; Larger unit includes 2,100 square feet of air‑conditioned warehouse and 1,000 square feet of office space
