Renovated Flex Office &
161 Richland Place Monroe, LA 71203
161 Richland Place, Monroe, LA, 71203
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For Sale
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A renovated 8,304 SF flex building with offices, open work areas, and covered loading plus fenced yard parking.
Property Size8,304 SF
Price / SF$174.61
Days on Market21
Property Features for 161 Richland Place
General Information
- Standard status
- Active
- Size
- 8,304 SF
- Property subtype
- Office, Mixed Use
Listing agency
NAI Faulk & Foster
Listed by
JW Perry · License #LA BROK.995683525-ACT
Source
Crexi
Added: Jul 1 Updated: Jul 21 at 7:01AM Checked: Jul 21 at 7:01AM
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 NAI Faulk & Foster
Investment Insights
Based on property information with market context.
This renovated 8,304 SF flex building was updated in 2024 from retail to office use and is designed to support multiple operating styles. The layout includes nine offices with glass doors and wooden accent walls, two executive offices with custom wood accents and private restrooms, and a lobby with a custom reception desk and accent walls. Additional features include a conference room, open work areas with 36 cubicles, and a break room and kitchen with custom cabinets. Practical support space includes a workout/storage area with a 10' x 10' roll-up door.
The property also includes a tractor-trailer well, a box truck well, and a covered loading area. Key card door access is provided, and the fenced yard/parking area totals 0.35 acres with a gravel base. The steel freestanding structure offers flexibility for future modifications.
Located just off Highway 165 North in Monroe, the site provides convenient regional access and is near businesses including Guaranty Bank Branch, Sonny Panzico's, Clawdaddy's, and Black Bayou Wildlife Reserve.
The property also includes a tractor-trailer well, a box truck well, and a covered loading area. Key card door access is provided, and the fenced yard/parking area totals 0.35 acres with a gravel base. The steel freestanding structure offers flexibility for future modifications.
Located just off Highway 165 North in Monroe, the site provides convenient regional access and is near businesses including Guaranty Bank Branch, Sonny Panzico's, Clawdaddy's, and Black Bayou Wildlife Reserve.
Key Highlights
- 8,304 SF building at 161 Richland Place, Monroe, LA, renovated in 2024 from retail to office use
- Office layout includes 9 offices with glass doors and 2 executive offices with private restrooms
- Open work areas with 36 cubicles plus lobby with custom reception desk and conference room
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.6k | $14.40 |
| − Vacancy | −$9.6k | −$1.15 |
| EGI | $110.0k | $13.25 |
| − OpEx | −$38.5k | −$4.64 |
| NOI | $71.5k | $8.61 |
8,304 SF · lease $14.40/SF/yr · vacancy 8.00% · expense 35.00%
Alternative Uses
Best Use
Office B
$3.57M
$3.13M – $4.17M
NOI $250,082 @ 7.0% cap · market cap 17.25%
Second Best
Flex RnD
$1.02M
$893.8K – $1.19M
NOI $71,507 @ 7.0% cap · market cap 4.93%
Theoretical Best
Multifamily LT 5
$89.45M
$78.26M – $104.35M
NOI $6,261,167 @ 7.0% cap · market cap 431.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Buddy's Tow Truck
Auto Repair Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - A renovated 8,304 SF flex building with offices, open work areas, and covered loading plus fenced yard parking.
Where is this flex space located?
The property is located at 161 Richland Place Monroe, LA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 8,304 SF building at 161 Richland Place, Monroe, LA, renovated in 2024 from retail to office use; Office layout includes 9 offices with glass doors and 2 executive offices with private restrooms; Open work areas with 36 cubicles plus lobby with custom reception desk and conference room
