Hammond Flex-Retail Property For
For Sale
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1517 W Thomas St, Hammond, LA 70401
15,260 SF flex-retail property with high visibility on Hwy 190.
Property Size15,260 SF
Price / SF$70.45
Days on Market827
Property Features for 1517 W Thomas St
General Information
Standard status
Active
Size
15,260 SF
Class
C
Total Parking Spaces
50
Property subtype
Retail, Office
Zoning
B-2
Building Details
Year Built
1972
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Stirling
(541) 322-8880
Listed By:
Daniel Cook · License #995713150
Source:
Crexi
Added: May 24, 2024
Changed: Aug 15
Last Checked: Aug 28 at 9:08AM
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 Stirling
Investment Insights
Based on property information with market context.
Located at 1517 West Thomas Street in Hammond, LA, this 15,260 square-foot flex-retail property benefits from its location along LA Hwy 190, a major retail thoroughfare. The property is a few miles from both Interstate 12 and Interstate 55, providing convenient access to major transportation routes. Its location is enhanced by its proximity to downtown Hammond and Southeastern Louisiana University. The building features a large sign along West Thomas Street (Hwy 190), increasing its visibility to traffic. The outgoing tenant, The Estate Center, operated for nearly 15 years as a consignment and furniture store, establishing the site as a recognizable landmark within the community. The building's current layout is partially subdivided into three units with multiple entrances and exit points and a rear roll-up door, offering the ability to split into multiple suites. This property offers ample space for various potential uses.
Key Highlights
- Excellent location on LA Hwy 190, a major retail thoroughfare.
- 15,260 square feet of flex‑retail space suitable for various uses.
- Convenient access to Interstate 12 and Interstate 55.
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
$93,318
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
8.68%
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%
$1,866,360
$1.9M
Cap Rate 7%
$1,333,114
$1.3M
Cap Rate 9%
$1,036,867
$1.0M
Market Conditions
NOI Build-Up for 15,260 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
$146.5K $9.60/SF
− Vacancy
−$2.9K −$0.19/SF
EGI
$143.6K $9.41/SF
− OpEx
−$50.2K −$3.29/SF
NOI
$93.3K $6.12/SF
Area
Tangipahoa County, LA
Vacancy
2.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,866,360
Cap Rate 7%
$1,333,114
Cap Rate 9%
$1,036,867
Alternative Uses
Best Use
Retail
$2.19M
$1.91M – $2.55M
NOI $153,020 @ 7.0% cap · market cap 14.23%
Second Best
Flex RnD
$1.33M
$1.17M – $1.56M
NOI $93,318 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$4.21M
$3.68M – $4.91M
NOI $294,466 @ 7.0% cap · market cap 27.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70401, LA
21,014
Population
10,321
Households
2
Avg Household Size
32
Median Age
35%
College-Educated
88%
High-School Grad
34.7 sq mi
ZIP Area
606
Density / Sq Mi
$50,995
Median Household Income
$31,405
Median Earnings
$977
Median Rent
$226,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 15,260 SF flex-retail property with high visibility on Hwy 190.
Where is this flex space located?
The property is located at 1517 W Thomas St Hammond, LA.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Excellent location on LA Hwy 190, a major retail thoroughfare.; 15,260 square feet of flex‑retail space suitable for various uses.; Convenient access to Interstate 12 and Interstate 55.
