Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    351 HOLIDAY Drive Covington, LA 70433

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,143,000

    Government leased building in Covington, Louisiana, with renewed lease.

    Type:General Commercial
    Property size:
    15,682 SF
    Price / SF:
    $136/SF
    Added:
    Jun 18, 2024
    Days on Market:
    677
    Last Refresh:
    Apr 1 at 8:20 pm

    Property Features for 351 HOLIDAY Drive

    General Information

    Standard status
    Active
    Size
    15,682 SF
    Property subtype
    General Commercial

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    Larry Haik

    Listing agent Larry Haik

    Listing office ABEK Real Estate

    Listing date Jun 18, 2024

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of ABEK Real Estate

    Overview

    Government Leased Building in Covington

    This commercial property is located in Covington, Louisiana, just off Highway 190 and Interstate 12. The property is currently leased to a government tenant. The tenant has occupied the building for several years and recently renewed their lease for an additional five-year term. The next renewal option is in mid-2026. The property size is 15682 square feet.
    Location Intelligence

    Current Use by Public Records

    NNN properties

    Map

    City
    Covington
    County
    St. Tammany
    State
    Louisiana
    Longitude
    -90.1271
    Latitude
    30.4598

    Nearby Similar for Sale

    • $670,000
      6,000 SF

      Tenant Occupied Office Building

      Tenant occupied office building with lease in place through 2028.
      20081 HIGHWAY 36, Covington, LA 70433
      View Details
    • $389,000
      4,000 SF

      Turn Key Restaurant Opportunity

      4,000 SF restaurant with indoor and outdoor seating.
      1204 W 21st Avenue, Covington, LA 70433
      View Details
    • $1,200,000
      8,250 SF

      Covington Mixed-Use Investment Opportunity

      Two tenant-occupied buildings with parking lot near Justice Center.
      810-816 N COLUMBIA Street, Covington, LA 70433
      View Details
    • $660,000
      2,523 SF

      Elegant Townhouse in Terra Bella

      Two-story townhouse with courtyard, guest suite, and double garage.
      700 COTTAGE Lane, Covington, LA 70433
      View Details
    • $2,950,000
      7,739 SF

      Retail Property on Pinnacle Parkway

      Retail property available for sale in Covington, Louisiana.
      Pinnacle Parkway, Covington, LA
      View Details
    • $1,800
      550 SF

      Covington Office with Private Entry

      Office space with utilities included near downtown Covington.
      100 MENETRE Drive, Covington, LA 70433
      View Details
    • Contact for pricing
      66,000 SF

      Covington Class A Office Condos

      Class A office building with condo suites for sale.
      1351 Holiday Square Boulevard, Covington, LA, 70433
      View Details
    • $390,000
      2,597 SF

      Versatile Office Building For Sale

      Freestanding office building suitable for medical, counseling, or general use.
      20115 Hwy 36, Covington, LA 70433
      View Details
    • $1,199,000
      4,064 SF

      Medical Office with Additional Lots

      Medical office for sale with income and development potential.
      56 STARBRUSH Circle, Covington, LA 70433
      View Details
    • $688,800
      7,500 SF

      Freestanding Dollar General in Abita Springs

      Single tenant Dollar General with minimal landlord responsibilities.
      21458 Hwy 36, Covington, LA
      View Details
    • $19

      Mixed-Use Retail & Office Development

      Exceptional commercial property with versatile space for various businesses.
      71178 Louisiana 21, Covington, LA 70433
      View Details

    FAQs

    What type of property is this?
    NNN property - Government leased building in Covington, Louisiana, with renewed lease.
    Where is this nnn property located?
    The property is located at 351 HOLIDAY Drive Covington, LA.
    What is the asking price?
    The asking price for this property is $2,143,000.
    What are key features of this property?
    This property features: Government leased building with an **8% CAP rate**; Tenant recently renewed lease for another 5 years; Tenant has occupied the building for several years with consistent 5‑year renewals
    (985) 259-4605
    We can help!
    Listing Contact
    Larry Haik
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!