Medical Office Condominium with Expansion
For Sale
Contact for pricing
206 Highland Park Plaza, Covington, LA 70433
Well-maintained condo offers finished exam-ready space plus additional shell area for flexible practice buildouts.
Property Size2,000 SF
Price / SF$125
Days on Market54
Property Features for 206 Highland Park Plaza
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Office
Zoning
HC-2
Building Details
Year Built
1976
Listing Agency:
United Real Estate Partner
(504) 452-7631
Listed By:
Tom Bookhardt · License #995716142
Source:
Crexi
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 10 at 10:03AM
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 United Real Estate Partner
Investment Insights
Based on property information with market context.
This for-sale medical office condominium was previously operated as a dental practice and includes a mix of finished and unfinished space. Approximately 1,250 square feet is improved with a reception and waiting area, four treatment/exam rooms, a laboratory, a private office, and two restrooms. The remaining approximately 750 square feet is in shell condition, providing room to expand treatment capacity, add administrative space, or customize the layout for a specific practice need. The unit also includes an undivided 6.717918% ownership interest in the common elements of the condominium association.
The property is located within a well-maintained one-story medical office condominium complex. Shared paved and striped parking is provided for patients and staff, with convenient access from Highland Park Plaza off of Highway 21 in Covington.
This space is a practical fit for owner-users and healthcare professionals looking for an established, functional office layout that can support medical, dental, or specialty healthcare services. The combination of ready-to-use treatment areas and an additional shell portion can help accommodate growth, a changing service mix, or the addition of further exam or administrative rooms without relocating to a new site.
The property is located within a well-maintained one-story medical office condominium complex. Shared paved and striped parking is provided for patients and staff, with convenient access from Highland Park Plaza off of Highway 21 in Covington.
This space is a practical fit for owner-users and healthcare professionals looking for an established, functional office layout that can support medical, dental, or specialty healthcare services. The combination of ready-to-use treatment areas and an additional shell portion can help accommodate growth, a changing service mix, or the addition of further exam or administrative rooms without relocating to a new site.
Key Highlights
- 2,000 total SF medical office condo in a one‑story medical office condominium complex
- Finished space includes reception/waiting, four treatment/exam rooms, laboratory, private office, and two restrooms
- Additional 750 SF remains in shell condition for expansion, added rooms, or customization
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
$22,694
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
9.08%
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%
$453,880
$453.9K
Cap Rate 7%
$324,200
$324.2K
Cap Rate 9%
$252,156
$252.2K
Market Conditions
NOI Build-Up for 2,000 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
$39.1K $19.56/SF
− Vacancy
−$8.9K −$4.43/SF
EGI
$30.3K $15.13/SF
− OpEx
−$7.6K −$3.78/SF
NOI
$22.7K $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%
$453,880
Cap Rate 7%
$324,200
Cap Rate 9%
$252,156
Alternative Uses
Best Use
Healthcare Medical
$359.5K
$314.6K – $419.4K
NOI $25,166 @ 7.0% cap · market cap 10.07%
Second Best
Office B
$324.2K
$283.7K – $378.2K
NOI $22,694 @ 7.0% cap · market cap 9.08%
Theoretical Best
Multifamily LT 5
$21.56M
$18.87M – $25.15M
NOI $1,509,216 @ 7.0% cap · market cap 603.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Well-maintained condo offers finished exam-ready space plus additional shell area for flexible practice buildouts.
Where is this medical office space located?
The property is located at 206 Highland Park Plaza Covington, LA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,000 total SF medical office condo in a one‑story medical office condominium complex; Finished space includes reception/waiting, four treatment/exam rooms, laboratory, private office, and two restrooms; Additional 750 SF remains in shell condition for expansion, added rooms, or customization
