Wooded Office
For Sale
$1,425,000
204 S TYLER Street, Covington, LA 70433
Five-building office investment with private restrooms, kitchenette areas, and on-site surface parking.
Property Size8,898 SF
Lot Size1.32 Acres
Price / SF$160.15
Days on Market9
Property Features for 204 S TYLER Street
General Information
Standard status
Active
Size
8,898 SF
Net Rentable
8,898 SF
Lot size
1.32 Acres
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
11
Amenities
private restroom
kitchenette/wet bar
Building Details
Building Size
8,898 SF
Year Built
1989
Buildings
5
Construction
Colonial Williamsburg style
Tenancy
Multi
Listing Agency:
RE/MAX Shoreline
(504) 452-4252
Listed By:
D Rye
(504) 452-4252
Source:
Talbot-realty
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 22 at 3:28AM
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 RE/MAX Shoreline
Investment Insights
Based on property information with market context.
This office investment comprises five Colonial Williamsburg-style buildings containing eleven suites on a wooded 1.32-acre site. The property offers 8,898 square feet of leasable space, with configurations ranging from individual offices to multi-room suites. Every suite includes a private restroom and kitchenette or wet bar, while separate water and electric meters serve each unit.
The buildings are positioned along S Tyler St (Hwy 21) and include on-site surface parking. The property is fully leased, and tenants cover utilities and janitorial service. Constructed in 1989 by Poole, the office park provides a multi-suite configuration with existing occupancy across the five-building campus.
The buildings are positioned along S Tyler St (Hwy 21) and include on-site surface parking. The property is fully leased, and tenants cover utilities and janitorial service. Constructed in 1989 by Poole, the office park provides a multi-suite configuration with existing occupancy across the five-building campus.
Key Highlights
- Five Colonial Williamsburg‑style office buildings with 11 suites
- 8,898 sq ft of leasable office space on 1.32 acres
- Fully leased office investment with tenants paying utilities and janitorial
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
$100,968
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
7.09%
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%
$2,019,360
$2.0M
Cap Rate 7%
$1,442,400
$1.4M
Cap Rate 9%
$1,121,867
$1.1M
Market Conditions
NOI Build-Up for 8,898 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
$174.0K $19.56/SF
− Vacancy
−$39.4K −$4.43/SF
EGI
$134.6K $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%
$2,019,360
Cap Rate 7%
$1,442,400
Cap Rate 9%
$1,121,867
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,968 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$95.92M
$83.93M – $111.91M
NOI $6,714,502 @ 7.0% cap · market cap 471.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,319
Businesses Nearby
Explore this area
Business Placement
Demographics for 70433, LA
41,423
Population
18,712
Households
2.2
Avg Household Size
42
Median Age
45%
College-Educated
93%
High-School Grad
48.7 sq mi
ZIP Area
851
Density / Sq Mi
$79,354
Median Household Income
$47,406
Median Earnings
$1,373
Median Rent
$316,200
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 - Five-building office investment with private restrooms, kitchenette areas, and on-site surface parking.
Where is this office building located?
The property is located at 204 S TYLER Street Covington, LA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Five Colonial Williamsburg‑style office buildings with 11 suites; 8,898 sq ft of leasable office space on 1.32 acres; Fully leased office investment with tenants paying utilities and janitorial
