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    Grocery-Anchored Retail Center For Sale Title is generated by Realmo AI

    929 3rd Ave, Lake Charles, LA 70601

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    For Sale
    $750,000

    65,636 SF multi-tenant retail center in Lake Charles, Louisiana.

    Type:Shopping Strip
    Property size:
    65,636 SF
    Lot size:
    5.14 Acres
    Price / SF:
    $11/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:05 am

    Property Features for 929 3rd Ave

    General Information

    Standard status
    Active
    Size
    65,636 SF
    Lot size
    5.14 Acres
    Property subtype
    Shopping Strip

    Building Details

    Year Built
    1963

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    Listing Contact
    Philip Levy
    Philip Levy

    Listing agent Philip Levy License #TX: 0522087

    Listing office Dallas Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Dallas Office

    HighLights

    • Grocery‑anchored retail center with Market Basket as anchor tenant for over 60 years.
    • Significant upside potential through leasing remaining vacancy and converting leases to triple‑net.
    • Located on a major thoroughfare (3rd Avenue near U.S. 90) with high traffic counts (11,229+ vehicles per day).
    • Located in a densely populated area with over 83,303 residents within a 5‑mile radius and an average household income of $70,163.
    • Mix of national and regional credit tenants including Simply 10, Dollar Tree, and Hibbett Sports.
    • Recent improvements including a new roof (installed in 2015 with a 15‑year warranty), partial parking lot repaving/repairs, and exterior painting (completed in 2023).

    Overview

    This 65,636-square-foot, multi-tenant retail center is located in Lake Charles, Louisiana. Known as East Town Shopping Center, the property is anchored by Market Basket, a tenant for over 60 years. The center is currently 71 percent occupied with a mix of triple net and gross leases, offering potential for increased income through leasing the remaining vacant space and converting all leases to triple-net structures. The tenant mix includes national and regional credit tenants such as Simply 10, Dollar Tree, and Hibbett Sports. Situated on 5.144 acres, the property features ample paved parking. A new roof was reportedly installed in 2015 with a 15-year warranty, and recent improvements in 2023 include partial parking lot repaving and repairs, along with exterior painting. The shopping center is located on 3rd Avenue, near the signalized intersection with U.S. 90 (Broad Street), a major east-west thoroughfare with traffic counts exceeding 11,229 vehicles per day. The property is near multiple warehouse businesses and several schools, including Calcasieu Parish School Board High, Calcasieu Parish Board Early Childhood, Pearl Watson Elementary School, Lake Charles-Boston Academy of Learning, and Hamilton Elementary School. The surrounding area is densely populated with more than 83,303 residents within a five-mile radius, with an average household income of $70,163.
    Location Intelligence

    Current Use by Public Records

    Coinstar Bank Market Basket Grocery & Convenience Store Primo Water Refill Big Box & Wholesale Store Eastown Shopping Center Business Service Center

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Charles
    County
    Calcasieu
    State
    Louisiana
    Longitude
    -93.195673
    Latitude
    30.225852

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    FAQs

    What type of property is this?
    Shopping center - 65,636 SF multi-tenant retail center in Lake Charles, Louisiana.
    Where is this shopping center located?
    The property is located at 929 3rd Ave Lake Charles, LA.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Grocery‑anchored retail center with Market Basket as anchor tenant for over 60 years.; Significant upside potential through leasing remaining vacancy and converting leases to triple‑net.; Located on a major thoroughfare (3rd Avenue near U.S. 90) with high traffic counts (11,229+ vehicles per day).
    (972) 755-5225
    We can help!
    Listing Contact
    Philip Levy
    Philip Levy
    Real Estate License ID: TX: 0522087
    Learn More
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    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.

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