Showroom-Warehouse Flex
For Sale
$375,000
829 ASBURY Drive 4, Mandeville, LA 70471
Commercial condominium with showroom presentation, rear warehouse area, and HC-2 Highway Commercial zoning.
Property Size2,143 SF
Price / SF$174.99
Days on Market483
Property Features for 829 ASBURY Drive 4
General Information
Standard status
Active
Size
2,143 SF
Property subtype
Commercial/Industrial
Zoning
HC-2
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1998
Listing Agency:
Dempsey Rogers, Inc.
(504) 782-4126
Listed By:
Heather Dempsey · License #000016879
(504) 782-4126
Source:
Exitrealty
Added: May 6, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:46PM
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 Dempsey Rogers, Inc.
Investment Insights
Based on property information with market context.
This commercial condominium is configured with a showroom at the front and warehouse space behind it. The interior layout can be adapted, while the property carries HC-2 Highway Commercial zoning in St. Tammany, a designation allowing multiple commercial uses. Constructed in 1998, the unit also features a “Pineapple Gallery” sign above the entrance.
The property occupies the last unit on the north side of the condominium development, at the end of Asbury Drive near the intersection with the Hwy 190 East Service Road. Its position is visible from the service road and N Causeway, with high traffic noted in the surrounding corridor. Accardo Landscaping Materials is adjacent, and other businesses in the development include Anne Dale Jewelers, K Fortier Studios, and RCH Financial Services.
The property occupies the last unit on the north side of the condominium development, at the end of Asbury Drive near the intersection with the Hwy 190 East Service Road. Its position is visible from the service road and N Causeway, with high traffic noted in the surrounding corridor. Accardo Landscaping Materials is adjacent, and other businesses in the development include Anne Dale Jewelers, K Fortier Studios, and RCH Financial Services.
Key Highlights
- Front showroom with warehouse area in the rear
- HC‑2 Highway Commercial zoning in St. Tammany
- Located at the end of Asbury Drive near Hwy 190 East Service Road
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
$21,489
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
5.73%
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%
$429,780
$429.8K
Cap Rate 7%
$306,986
$307.0K
Cap Rate 9%
$238,767
$238.8K
Market Conditions
NOI Build-Up for 2,143 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
$32.1K $15.00/SF
− Vacancy
−$1.4K −$0.68/SF
EGI
$30.7K $14.33/SF
− OpEx
−$9.2K −$4.30/SF
NOI
$21.5K $10.03/SF
Area
St. Tammany County, LA
Vacancy
4.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$429,780
Cap Rate 7%
$306,986
Cap Rate 9%
$238,767
Alternative Uses
Best Use
Retail
$307.0K
$268.6K – $358.2K
NOI $21,489 @ 7.0% cap · market cap 5.73%
Second Best
Flex RnD
$289.2K
$253.1K – $337.5K
NOI $20,247 @ 7.0% cap · market cap 5.40%
Theoretical Best
Multifamily LT 5
$23.10M
$20.21M – $26.95M
NOI $1,617,125 @ 7.0% cap · market cap 431.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- la Madeleine — 3434 U.S. Hwy 190, Mandeville, LA 70471
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium with showroom presentation, rear warehouse area, and HC-2 Highway Commercial zoning.
Where is this flex space located?
The property is located at 829 ASBURY Drive 4 Mandeville, LA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Front showroom with warehouse area in the rear; HC‑2 Highway Commercial zoning in St. Tammany; Located at the end of Asbury Drive near Hwy 190 East Service Road
