Climate-Controlled Flex
For Sale
$1,200,000
111 Pear St., Covington, LA 70433
2006-built flex property with warehouse, office, mezzanine, controlled temperature, and access near Hwy 190 and I-12.
Property Size6,000 SF
Price / SF$200
Days on Market333
Property Features for 111 Pear St.
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
8
Property subtype
Industrial
Warehouse & Industrial
Clear Height
18 ft
Clear Span
Yes
Warehouse Space
5,000 SF
Office Build-Out
1,000 SF
Mezzanine
1,000 SF
Loading
Cross-Dock
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Amenities
Power
Water
Sewer
8 Parking Spaces
Building Details
Year Built
2006
Buildings
1
Construction
steel clear-span
Listing Agency:
Coldwell Banker TEC Mandeville
(504) 628-1241
Listed By:
Larry Caldarera · License #995717758
(504) 628-1241
Source:
Lacdb.resimplifi
Added: Oct 2, 2025
Changed: Aug 29
Last Checked: Aug 29 at 10:24AM
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 Coldwell Banker TEC Mandeville
Investment Insights
Based on property information with market context.
This 2006-built flex property combines a climate-controlled warehouse environment with office and mezzanine areas in a steel clear-span structure. The warehouse is spray-foam insulated and configured for cross-docking with two 12-foot roll-up doors and an additional 10-foot by 10-foot roll-up door. The building also includes 18-foot eaves and a 20-foot center height.
Set on a double lot in Covington near the Covington–Mandeville corridor, the property offers on-site parking and room for expansion. Its position just off Hwy 190 and south of I-12 provides access suited to distribution, service operations, light manufacturing, medical support, and other flex-space applications requiring a controlled indoor environment.
Set on a double lot in Covington near the Covington–Mandeville corridor, the property offers on-site parking and room for expansion. Its position just off Hwy 190 and south of I-12 provides access suited to distribution, service operations, light manufacturing, medical support, and other flex-space applications requiring a controlled indoor environment.
Key Highlights
- 6,000 SF climate‑controlled facility with warehouse, office, and mezzanine areas
- Steel clear‑span structure with 18' eaves and 20' center height
- Cross‑docking setup with two 12' roll‑up doors and one 10' x 10' roll‑up door
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
$68,083
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
5.67%
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%
$1,361,660
$1.4M
Cap Rate 7%
$972,614
$972.6K
Cap Rate 9%
$756,478
$756.5K
Market Conditions
NOI Build-Up for 6,000 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
$117.4K $19.56/SF
− Vacancy
−$26.6K −$4.43/SF
EGI
$90.8K $15.13/SF
− OpEx
−$22.7K −$3.78/SF
NOI
$68.1K $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%
$1,361,660
Cap Rate 7%
$972,614
Cap Rate 9%
$756,478
Alternative Uses
Best Use
Office B
$972.6K
$851.0K – $1.13M
NOI $68,083 @ 7.0% cap · market cap 5.67%
Second Best
Flex RnD
$809.8K
$708.6K – $944.8K
NOI $56,687 @ 7.0% cap · market cap 4.72%
Theoretical Best
Multifamily LT 5
$64.68M
$56.60M – $75.46M
NOI $4,527,648 @ 7.0% cap · market cap 377.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70433, LA
41,423
Population
18,712
Households
2.2
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
48.7 sq mi
ZIP Area
851
Density / Sq Mi
$79,354
Median Household Income
$47,406
Median Earnings
$1,373
Median Rent
$316,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 2006-built flex property with warehouse, office, mezzanine, controlled temperature, and access near Hwy 190 and I-12.
Where is this flex space located?
The property is located at 111 Pear St. Covington, LA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,000 SF climate‑controlled facility with warehouse, office, and mezzanine areas; Steel clear‑span structure with 18' eaves and 20' center height; Cross‑docking setup with two 12' roll‑up doors and one 10' x 10' roll‑up door
