Renovated Office Building with Loading
161 RICHLAND PLACE DRIVE, Monroe, LA 71203
For Sale
New
$1,160,000
COMMERCIAL/INDUSTRIAL, Monroe, LA
Property Size8,283 SF
Lot Size1.23 Acres
Price / SF$140.05
Days on Market5
Property Features for 161 RICHLAND PLACE DRIVE
General Information
Property type
Property subtype
Rooms
Interior features
Exterior features
Lot features
Subdivision
Standard status
APN
Lot size
Additional Details
Property Use
Condition
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Cooling system
Amenities
reception area
conference room
breakroom
kitchen
covered loading/service areas
two overhead doors
two truck wells
chain-link fencing
Building Details
Building materials
Roof type
Buildings
Listing Agency:
Faulk & Foster Real Estate Services
(318) 807-4666
Listed By:
JW Perry · License #0995683525
(318) 381-0301
Added: Nov 3
Last Checked: Nov 7 at 2:06AM
MLS# 221512
Copyright © 2026 Northeast Louisiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
At 161 Richland Place Drive, this office property brings together executive and private offices, 36 cubicles, reception, a conference room, breakroom, and kitchen. The approximately 8,283-square-foot building was extensively renovated after its 2024 acquisition and includes an executive office with a restroom, plus nine private offices. Brick veneer and metal construction, a metal roof, central heating, and central air with electric cooling are noted among its building features.
The 1.23-acre site has approximately 160 feet of frontage on Richland Place and convenient access to nearby US Highway 165. Service infrastructure includes two overhead doors, two truck wells, covered loading and service areas, paved parking, and approximately 280 linear feet of chain-link fencing. Commercial zoning is identified, with uses subject to applicable regulations and approvals.
The 1.23-acre site has approximately 160 feet of frontage on Richland Place and convenient access to nearby US Highway 165. Service infrastructure includes two overhead doors, two truck wells, covered loading and service areas, paved parking, and approximately 280 linear feet of chain-link fencing. Commercial zoning is identified, with uses subject to applicable regulations and approvals.
Key Highlights
- Approximately 8,283 SF of renovated office space on a 1.23‑acre site
- One executive office with restroom and 9 private offices
- 36 cubicles, reception, conference room, breakroom, and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,327
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,426,540
$1.4M
Cap Rate 7%
$1,018,957
$1.0M
Cap Rate 9%
$792,522
$792.5K
Market Conditions
NOI Build-Up for 8,283 SF
Gross rent
$119.3K $14.40/SF
− Vacancy
−$9.5K −$1.15/SF
EGI
$109.7K $13.25/SF
− OpEx
−$38.4K −$4.64/SF
NOI
$71.3K $8.61/SF
Area
Ouachita County, LA
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,426,540
Cap Rate 7%
$1,018,957
Cap Rate 9%
$792,522
Alternative Uses
Best Use
Office B
$3.56M
$3.12M – $4.16M
NOI $249,449 @ 7.0% cap · market cap 21.50%
Second Best
Flex RnD
$1.02M
$891.6K – $1.19M
NOI $71,327 @ 7.0% cap · market cap 6.15%
Theoretical Best
Multifamily LT 5
$89.22M
$78.07M – $104.09M
NOI $6,245,333 @ 7.0% cap · market cap 538.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
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Business Placement
Demographics for 71203, LA
37,438
Population
17,178
Households
2.2
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
118.5 sq mi
ZIP Area
316
Density / Sq Mi
$46,822
Median Household Income
$35,630
Median Earnings
$987
Median Rent
$181,200
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Monroe, LA
Properties on Market for Office buildings in Monroe
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - A flexible workplace combines private offices, shared workstations, and on-site service areas.
Where is this office building located?
The property is located at 161 RICHLAND PLACE DRIVE Monroe, LA.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Approximately 8,283 SF of renovated office space on a 1.23‑acre site; One executive office with restroom and 9 private offices; 36 cubicles, reception, conference room, breakroom, and kitchen
