Versatile Office Building For
For Sale
Contact for pricing
20115 Hwy 36, Covington, LA 70433
Freestanding office building suitable for medical, counseling, or general use.
Property Size2,597 SF
Lot Size0.69 Acres
Price / SF$127.07
Days on Market491
Property Features for 20115 Hwy 36
General Information
Standard status
Active
Size
2,597 SF
Class
B
Lot size
0.69 Acres
Property subtype
Office, Mixed Use, Special Purpose
Zoning
NC-2 Neighborhood Commercial District
Investment Type
Owner/User
Building Details
Year Built
1965
Year Renovated
2021
Buildings
1
Stories
1
Units
1
Listing Agency:
NAI Rampart
(504) 569-9439
Listed By:
Ryan Pearce · License #LA SALE.0995682184-ACT
Source:
Crexi
Added: Apr 21, 2025
Changed: Aug 16
Last Checked: Aug 24 at 5:32AM
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 NAI Rampart
Investment Insights
Based on property information with market context.
This single-tenant, freestanding office building, formerly a Wellness and Counseling Center, offers a versatile space suitable for medical, counseling, or general office use. The building is situated on a 30,000 square foot lot and comprises approximately 2,597 square feet. The property's multiple entrances and individual restrooms provide flexibility for subdivision or sub-leasing. The layout includes four private offices, two waiting areas, a built-in receptionist nook, a kitchenette, three restrooms, and a large open space suitable for a conference room, group sessions, or additional office build-out. The property is located minutes from Downtown Covington, offering a tranquil and private setting. Pylon signage and proximity to major thoroughfares ensure visibility and ease of access. Medical users can easily convert private offices into exam rooms due to restroom plumbing access nearby.
Key Highlights
- Versatile ±2,597 SF freestanding building suitable for medical, counseling, or general office use.
- Multiple entrances and individual restrooms allow for easy subdivision or sub‑leasing.
- Located minutes from Downtown Covington, offering both a tranquil, private setting and convenient access.
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
$29,469
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
8.93%
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%
$589,380
$589.4K
Cap Rate 7%
$420,986
$421.0K
Cap Rate 9%
$327,433
$327.4K
Market Conditions
NOI Build-Up for 2,597 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
$50.8K $19.56/SF
− Vacancy
−$11.5K −$4.43/SF
EGI
$39.3K $15.13/SF
− OpEx
−$9.8K −$3.78/SF
NOI
$29.5K $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%
$589,380
Cap Rate 7%
$420,986
Cap Rate 9%
$327,433
Alternative Uses
Best Use
Healthcare Medical
$466.8K
$408.5K – $544.6K
NOI $32,678 @ 7.0% cap · market cap 9.90%
Second Best
Office B
$421.0K
$368.4K – $491.2K
NOI $29,469 @ 7.0% cap · market cap 8.93%
Theoretical Best
Multifamily LT 5
$28.00M
$24.50M – $32.66M
NOI $1,959,717 @ 7.0% cap · market cap 593.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
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?
Medical Office Space - Freestanding office building suitable for medical, counseling, or general use.
Where is this medical office space located?
The property is located at 20115 Hwy 36 Covington, LA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Versatile ±2,597 SF freestanding building suitable for medical, counseling, or general office use.; Multiple entrances and individual restrooms allow for easy subdivision or sub‑leasing.; Located minutes from Downtown Covington, offering both a tranquil, private setting and convenient access.
