Multi-Building Office
For Sale
$775,000
204 W 21st Ave, Covington, LA 70433
Two structures provide three separate leasing opportunities on one lot.
Property Size2,821 SF
Price / SF$274.73
Days on Market55
Property Features for 204 W 21st Ave
General Information
Standard status
Active
Size
2,821 SF
Additional Details
Office Units
3
Building Details
Buildings
2
Tenancy
Multi
Listing Agency:
High Road Properties, Inc.
Listed By:
Beverly Hobbs Shea · License #000010655
(504) 669-8826
Source:
Dominionplace
Added: Aug 14
Changed: Sep 28
Last Checked: Oct 5 at 8:05PM
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 High Road Properties, Inc.
Investment Insights
Based on property information with market context.
This office property comprises two buildings on a single lot, with three separate leasing opportunities. The 204 W 21st Ave building contains two suites, estimated at 725 SF and 802 SF, and both suites are currently occupied. The second building, at 111 N Madison Ave, is estimated at 1,364 ft and is currently vacant. Its layout includes approximately three separate rooms, a bathroom, and an open area, with off-street parking. The property is located in downtown Covington and includes addresses at 204 W 21st Ave and 111 N Madison Ave.
Key Highlights
- Two buildings on one lot with three separate leasing opportunities
- 204 W 21st Ave includes two suites estimated at 725 SF and 802 SF
- Both suites at 204 W 21st Ave are currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,011
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$640,220
$640.2K
Cap Rate 7%
$457,300
$457.3K
Cap Rate 9%
$355,678
$355.7K
Market Conditions
NOI Build-Up for 2,821 SF
Gross rent
$55.2K $19.56/SF
− Vacancy
−$12.5K −$4.43/SF
EGI
$42.7K $15.13/SF
− OpEx
−$10.7K −$3.78/SF
NOI
$32.0K $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 Rate 5%
$640,220
Cap Rate 7%
$457,300
Cap Rate 9%
$355,678
Alternative Uses
Best Use
Office B
$457.3K
$400.1K – $533.5K
NOI $32,011 @ 7.0% cap · market cap 4.13%
Second Best
Retail
$404.1K
$353.6K – $471.5K
NOI $28,288 @ 7.0% cap · market cap 3.65%
Theoretical Best
Multifamily LT 5
$30.41M
$26.61M – $35.48M
NOI $2,128,749 @ 7.0% cap · market cap 274.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,664
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Two structures provide three separate leasing opportunities on one lot.
Where is this office units located?
The property is located at 204 W 21st Ave Covington, LA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two buildings on one lot with three separate leasing opportunities; 204 W 21st Ave includes two suites estimated at 725 SF and 802 SF; Both suites at 204 W 21st Ave are currently occupied
