Renovated Flex Office &
For Sale
$1,450,000
161 Richland Place, Monroe, LA 71203
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 Market114
Property Features for 161 Richland Place
General Information
Standard status
Active
Size
8,304 SF
Class
A
Property subtype
Office - General Office
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
1
Building Details
Building Size
8,304 SF
Year Renovated
2024
Listing Agency:
NAI Faulk & Foster
Listed By:
JW Perry · License #0995683525
(318) 381-0301
Source:
Commercialcafe
Added: Jul 3
Changed: Oct 14
Last Checked: Oct 23 at 3:35AM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,507
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,430,140
$1.4M
Cap Rate 7%
$1,021,529
$1.0M
Cap Rate 9%
$794,522
$794.5K
Market Conditions
NOI Build-Up for 8,304 SF
Gross rent
$119.6K $14.40/SF
− Vacancy
−$9.6K −$1.15/SF
EGI
$110.0K $13.25/SF
− OpEx
−$38.5K −$4.64/SF
NOI
$71.5K $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%
$1,430,140
Cap Rate 7%
$1,021,529
Cap Rate 9%
$794,522
Alternative Uses
Best Use
Flex RnD
$1.02M
$893.8K – $1.19M
NOI $71,507 @ 7.0% cap · market cap 4.93%
Second Best
Warehouse
$699.2K
$611.8K – $815.7K
NOI $48,944 @ 7.0% cap · market cap 3.38%
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 authorities.
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Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Well-served
Demand for This Use
Explore this area
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
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
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
