Historic Office Building on
For Sale
$2,500,000
2001 LAKESHORE Drive, Mandeville, LA 70448
Historic office building in Mandeville's iconic lakefront corridor.
Property Size5,191 SF
Lot Size0.82 Acres
Price / SF$280.90
Days on Market100
Property Features for 2001 LAKESHORE Drive
General Information
Standard status
Active
Size
5,191 SF
Lot size
0.82 Acres
Building Details
Building Size
5,191 SF
Year Built
1786
Listing Agency:
KPG Realty, LLC
(985) 373-6417
Listed By:
Brent Cordell · License #995690890
(985) 373-6417
Source:
Talbot-realty
Added: May 18
Changed: Aug 25
Last Checked: Aug 25 at 4:46AM
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 KPG Realty, LLC
Investment Insights
Based on property information with market context.
Located in the Mandeville Historic District, The Justine at 2001 Lakeshore Drive is situated along the lakefront in Old Mandeville, Louisiana. This property offers a combination of historic significance, architectural charm, and modern office functionality. Originally constructed in 1786 along Bayou Teche near New Iberia, with additions completed throughout the 1800s, the building has undergone multiple historic relocations and preservation efforts before arriving at its current location in 2003. The property sits on approximately 0.82 acres and contains approximately 5,200 square feet of usable office space and approximately 8,900 square feet under beam. The site has approximately 160 feet of frontage along Girod Street and approximately 225 feet of frontage along Lakeshore Drive. The building features six large private offices, a spacious conference room, a kitchenette, men's and women's multi-stall restrooms, and a large open bullpen workspace on the second floor. The Justine showcases original wood flooring and benefits from modern improvements, including a new roof installed in 2023. Positioned at the corner of Girod Street and Lakeshore Drive within the commercial corridor of Old Mandeville, the property offers direct lakefront presence and ample on-site parking. The property is located in Flood Zone VE with a base flood elevation of 12'.
Key Highlights
- Prime lakefront location in the heart of Old Mandeville with exceptional visibility and accessibility.
- Historically significant property, originally constructed in 1786, offering a unique blend of architectural charm and modern functionality.
- Spacious office space with approximately 5,200 sq ft of usable area and 8,900 sq ft under beam, including six private offices, a conference room, and a large open workspace.
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
$100,990
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
4.04%
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%
$2,019,800
$2.0M
Cap Rate 7%
$1,442,714
$1.4M
Cap Rate 9%
$1,122,111
$1.1M
Market Conditions
NOI Build-Up for 8,900 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
$174.1K $19.56/SF
− Vacancy
−$39.4K −$4.43/SF
EGI
$134.7K $15.13/SF
− OpEx
−$33.7K −$3.78/SF
NOI
$101.0K $11.35/SF
Area
St. Tammany County, LA
Vacancy
22.65%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
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%
$2,019,800
Cap Rate 7%
$1,442,714
Cap Rate 9%
$1,122,111
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,990 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$95.94M
$83.95M – $111.93M
NOI $6,716,011 @ 7.0% cap · market cap 268.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Explore this area
Business Placement
Demographics for 70448, LA
25,670
Population
10,372
Households
2.5
Avg Household Size
41
Median Age
45%
College-Educated
93%
High-School Grad
21.9 sq mi
ZIP Area
1,172
Density / Sq Mi
$88,929
Median Household Income
$50,824
Median Earnings
$1,415
Median Rent
$324,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic office building in Mandeville's iconic lakefront corridor.
Where is this office building located?
The property is located at 2001 LAKESHORE Drive Mandeville, LA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Prime lakefront location in the heart of Old Mandeville with exceptional visibility and accessibility.; Historically significant property, originally constructed in 1786, offering a unique blend of architectural charm and modern functionality.; Spacious office space with approximately **5,200 sq ft of usable area** and 8,900 sq ft under beam, including six private offices, a conference room, and a large open workspace.
