Conditioned Flex
For Sale
$950,000
17588 Hard Hat Dr, Covington, LA 70435
I2-zoned property combines warehouse area, office accommodation, and excess land for expansion or outside storage.
Property Size7,500 SF
Price / SF$126.67
Days on Market336
Property Features for 17588 Hard Hat Dr
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Industrial
Zoning
I2
Listing Agency:
Organ Properties
(985) 246-9715
Listed By:
Matthew Organ
(985) 246-9715
Source:
Lacdb.resimplifi
Added: Oct 1, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:53PM
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 Organ Properties
Investment Insights
Based on property information with market context.
This flex space includes a 7,500-square-foot building with 1,800 square feet dedicated to office use. The facility is fully air-conditioned and features 16-foot eaves, supporting a range of warehouse and operational requirements. Additional property is available for expansion or outside storage, providing flexibility beyond the existing building footprint.
The property is located at 17588 Hard Hat Dr in Covington, Louisiana, and carries I2 zoning. The seller will consider a sale-leaseback arrangement for 6 to 8 months after closing while a new facility is constructed across the street on seller-owned property.
The property is located at 17588 Hard Hat Dr in Covington, Louisiana, and carries I2 zoning. The seller will consider a sale-leaseback arrangement for 6 to 8 months after closing while a new facility is constructed across the street on seller-owned property.
Key Highlights
- 7,500 SF flex building with 1,800 SF of office space
- Fully air‑conditioned facility
- 16' eaves
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
$70,858
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
7.46%
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%
$1,417,160
$1.4M
Cap Rate 7%
$1,012,257
$1.0M
Cap Rate 9%
$787,311
$787.3K
Market Conditions
NOI Build-Up for 7,500 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
$112.5K $15.00/SF
− Vacancy
−$3.5K −$0.47/SF
EGI
$109.0K $14.54/SF
− OpEx
−$38.2K −$5.09/SF
NOI
$70.9K $9.45/SF
Area
St. Tammany County, LA
Vacancy
3.10%
Lease Rate
$15.00 /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%
$1,417,160
Cap Rate 7%
$1,012,257
Cap Rate 9%
$787,311
Alternative Uses
Best Use
Flex RnD
$1.01M
$885.7K – $1.18M
NOI $70,858 @ 7.0% cap · market cap 7.46%
Second Best
Industrial
$654.1K
$572.3K – $763.1K
NOI $45,785 @ 7.0% cap · market cap 4.82%
Theoretical Best
Multifamily LT 5
$80.85M
$70.74M – $94.33M
NOI $5,659,560 @ 7.0% cap · market cap 595.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70435, LA
20,828
Population
8,970
Households
2.3
Avg Household Size
42
Median Age
34%
College-Educated
90%
High-School Grad
104.1 sq mi
ZIP Area
200
Density / Sq Mi
$81,318
Median Household Income
$45,685
Median Earnings
$1,231
Median Rent
$271,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - I2-zoned property combines warehouse area, office accommodation, and excess land for expansion or outside storage.
Where is this flex space located?
The property is located at 17588 Hard Hat Dr Covington, LA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7,500 SF flex building with 1,800 SF of office space; Fully air‑conditioned facility; 16' eaves
