Listing Agency: Coldwell Banker Commercial TEC Realtors

Listed By: Ron Patron · License #0995701890 Show Phone

Source: Lacdb.resimplifi

Added: Jan 16, 2025 Changed: Oct 13 Last Checked: Oct 19 at 3:25AM

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Investment Insights

Based on property information with market context.

Office units at 406 Covington St offer flexible space with customizable floor plans designed to accommodate businesses of varying sizes. Expansive windows bring natural light into the interior, while ample parking adds convenience for occupants and visitors.

The property is positioned near major transportation routes and within a surrounding business community in Madisonville, Louisiana. Its traditional arcadian design provides a distinctive setting for office users seeking adaptable space with functional amenities.

Key Highlights

• Office units at 406 Covington St, Madisonville, LA 70447
• Property size listed as 2441
• Customizable floor plans accommodate businesses of varying sizes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,699

Suggested Prices Based on Cap Rates

Cap Rate 5%

$553,980 $554.0K

Cap Rate 7%

$395,700 $395.7K

Cap Rate 9%

$307,767 $307.8K

What to ask about pricing

Market Conditions

NOI Build-Up for 2,441 SF

Gross rent

$47.7K $19.56/SF

− Vacancy

−$10.8K −$4.43/SF

EGI

$36.9K $15.13/SF

− OpEx

−$9.2K −$3.78/SF

NOI

$27.7K $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 Rate 5%

$553,980

Cap Rate 7%

$395,700

Cap Rate 9%

$307,767

Alternative Uses

Best Use

Healthcare Medical

$438.8K

$383.9K – $511.9K (±1% cap)

NOI $30,715 @ 7.0% cap · market cap 133,543.48%

Second Best

Office B

$395.7K

$346.2K – $461.7K (±1% cap)

NOI $27,699 @ 7.0% cap · market cap 120,430.43%

Theoretical Best

Multifamily LT 5

$26.31M

$23.02M – $30.70M (±1% cap)

NOI $1,841,998 @ 7.0% cap · market cap 8,008,686.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Parking Lot & Garage Furniture & Home Goods Nail Salon Cafe & Coffee Shop Barber Shop Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

261

Businesses Nearby

Explore this area Business Placement

Demographics for 70447, LA

17,120

Population

6,020

Households

2.8

Avg Household Size

36

Median Age

55%

College-Educated

98%

High-School Grad

31.0 sq mi

ZIP Area

552

Density / Sq Mi

$123,841

Median Household Income

$53,770

Median Earnings

$2,182

Median Rent

$390,600

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Customizable floor plans, expansive windows, and ample parking support a practical office setting.

Where is this office unit located?

The property is located at 406 Covington St Madisonville, LA.

What are key features of this property?

This property features: Office units at 406 Covington St, Madisonville, LA 70447; Property size listed as 2441; Customizable floor plans accommodate businesses of varying sizes