Strip Center with
For Sale
$2,100,000
1415-1417 W MORRIS Avenue, Hammond, LA 70403
Well-maintained strip center with highway 190 frontage, net-lease units, bathrooms, and outbuildings.
Property Size11,700 SF
Days on Market97
Property Features for 1415-1417 W MORRIS Avenue
General Information
Standard status
Active
Size
11,700 SF
Total Parking Spaces
40
Additional Details
Highway Access
Yes
Building Details
Building Size
11,700 SF
Year Built
2001
Listing Agency:
Berkshire Hathaway HomeServices Preferred, REALTOR
(504) 433-6444
Listed By:
Blake Rose · License #995706121
(504) 945-5522
Source:
Talbot-realty
Added: May 4
Changed: Aug 7
Last Checked: Aug 7 at 12:45AM
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 Berkshire Hathaway HomeServices Preferred, REALTOR
Investment Insights
Based on property information with market context.
This offering is for a large, exceptionally well-maintained strip center configured with multiple retail bays, each featuring its own restroom. The property includes two outbuildings and is being presented as income-producing, with net lease tenants occupying the majority of the center. According to the seller, the “middle” two bays were recently vacated due to health-related reasons; they had been occupied by a single net tenant since 2001 until last month. The remaining units are described as having reliable tenants paying on time and in full, with rents reported to be at or below market.
The center is located facing Highway 190, which runs directly through the middle of downtown Hammond. The property benefits from on-site parking, with approximately 40 spaces in the lot. The seller also notes the site is in Flood Zone X.
For buyers and operators, the asset’s established tenant base and net lease structure may appeal to those seeking a retail strip that is maintained and supports separate restroom access for individual spaces. With the middle two bays currently available after a long-term occupancy, the property presents an opportunity to re-tenant a defined portion of the center along a primary commercial corridor in downtown Hammond.
The center is located facing Highway 190, which runs directly through the middle of downtown Hammond. The property benefits from on-site parking, with approximately 40 spaces in the lot. The seller also notes the site is in Flood Zone X.
For buyers and operators, the asset’s established tenant base and net lease structure may appeal to those seeking a retail strip that is maintained and supports separate restroom access for individual spaces. With the middle two bays currently available after a long-term occupancy, the property presents an opportunity to re-tenant a defined portion of the center along a primary commercial corridor in downtown Hammond.
Key Highlights
- Well‑maintained strip center built in 2001 with highway 190 frontage facing downtown Hammond
- Income‑producing setup with long‑term stable tenants; middle 2 bays recently vacant after one net tenant since 2001
- Net‑lease arrangement: each unit has bathrooms and tenants pay on time and in full
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
$117,322
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
5.59%
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%
$2,346,440
$2.3M
Cap Rate 7%
$1,676,029
$1.7M
Cap Rate 9%
$1,303,578
$1.3M
Market Conditions
NOI Build-Up for 11,700 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
$175.5K $15.00/SF
− Vacancy
−$7.9K −$0.68/SF
EGI
$167.6K $14.33/SF
− OpEx
−$50.3K −$4.30/SF
NOI
$117.3K $10.03/SF
Area
Tangipahoa 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%
$2,346,440
Cap Rate 7%
$1,676,029
Cap Rate 9%
$1,303,578
Alternative Uses
Best Use
Retail
$1.68M
$1.47M – $1.96M
NOI $117,322 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.82M – $3.76M
NOI $225,770 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 70403, LA
29,737
Population
13,577
Households
2.2
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
42.3 sq mi
ZIP Area
703
Density / Sq Mi
$50,547
Median Household Income
$32,603
Median Earnings
$992
Median Rent
$207,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Well-maintained strip center with highway 190 frontage, net-lease units, bathrooms, and outbuildings.
Where is this strip mall located?
The property is located at 1415-1417 W MORRIS Avenue Hammond, LA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Well‑maintained strip center built in 2001 with highway 190 frontage facing downtown Hammond; Income‑producing setup with long‑term stable tenants; middle 2 bays recently vacant after one net tenant since 2001; Net‑lease arrangement: each unit has bathrooms and tenants pay on time and in full
