Renovated Office Building For
For Sale
$2,750,000
233 GENERAL PATTON Avenue, Mandeville, LA 70471
17,718 SF renovated office building with national tenant.
Property Size17,718 SF
Lot Size2.54 Acres
Price / SF$155.21
Days on Market528
Property Features for 233 GENERAL PATTON Avenue
General Information
Standard status
Active
Size
17,718 SF
Lot size
2.54 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
2007
Listing Agency:
Green Star Realty, LLC
(985) 630-1649
Listed By:
Richard Mauti · License #000024314
(985) 630-1649
Source:
Exitrealty
Added: Feb 26, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:10AM
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 Green Star Realty, LLC
Investment Insights
Based on property information with market context.
This is a 17,718 square foot office building that has been recently renovated. The property is currently leased by ADT Solar, a national company owned by ADT Home Security. A new 5-year lease with options was signed on August 1, 2023. The tenant has been in the building for 3 years. The property includes two additional lots for parking. The intended use of the property is for commercial real estate. The property is located in Mandeville, LA.
Key Highlights
- Leased by ADT Solar, a national company owned by ADT Home Security.
- New 5‑year lease signed August 1, 2023, with options.
- Above average returns.
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
$201,050
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
7.31%
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%
$4,021,000
$4.0M
Cap Rate 7%
$2,872,143
$2.9M
Cap Rate 9%
$2,233,889
$2.2M
Market Conditions
NOI Build-Up for 17,718 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
$346.6K $19.56/SF
− Vacancy
−$78.5K −$4.43/SF
EGI
$268.1K $15.13/SF
− OpEx
−$67.0K −$3.78/SF
NOI
$201.1K $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%
$4,021,000
Cap Rate 7%
$2,872,143
Cap Rate 9%
$2,233,889
Alternative Uses
Best Use
Office B
$2.87M
$2.51M – $3.35M
NOI $201,050 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$191.00M
$167.13M – $222.84M
NOI $13,370,145 @ 7.0% cap · market cap 486.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - 17,718 SF renovated office building with national tenant.
Where is this office building located?
The property is located at 233 GENERAL PATTON Avenue Mandeville, LA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Leased by ADT Solar, a national company owned by ADT Home Security.; New 5‑year lease signed August 1, 2023, with options.; Above average returns.
