Renovated Office
For Sale
$652,000
2245 11th St, Mandeville, LA 70471
Flexible commercial layout with reconfigurable adjoining suites, security systems, and updated exterior improvements.
Property Size3,787 SF
Price / SF$172.17
Days on Market52
Property Features for 2245 11th St
General Information
Standard status
Active
Size
3,787 SF
Total Parking Spaces
13
Property subtype
Office
Zoning
HC-2
Additional Details
Office Units
3
Amenities
video surveillance
alarm system
13 Parking Spaces
Building Details
Year Renovated
2016
Buildings
1
Listing Agency:
KPG Realty, LLC
(985) 373-6417
Listed By:
Brent Cordell · License #0995700835
(985) 373-6417
Source:
Lacdb.resimplifi
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 26 at 12:18PM
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.
This office property contains three units totaling 3,786 square feet, with each unit measuring 1,262 square feet. Units A and B currently function together but can be separated into individual suites. Both were renovated in 2016, while their AC systems were replaced in 2022 and 2024, respectively. Unit C was previously used as an orthodontist office, adding a healthcare-oriented configuration to the existing layout.
The building includes interior and exterior video surveillance along with an alarm system. Recent exterior painting and parking lot restriping provide updated site presentation and defined parking circulation. The property was built in 1995 and carries HC-2 zoning, supporting its identification as an office-oriented commercial asset.
The building includes interior and exterior video surveillance along with an alarm system. Recent exterior painting and parking lot restriping provide updated site presentation and defined parking circulation. The property was built in 1995 and carries HC-2 zoning, supporting its identification as an office-oriented commercial asset.
Key Highlights
- Three 1,262‑square‑foot office units totaling 3,786 square feet
- Units A and B are combined but can be converted back into separate suites
- Units A and B renovated in 2016
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
$47,652
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
7.31%
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%
$953,040
$953.0K
Cap Rate 7%
$680,743
$680.7K
Cap Rate 9%
$529,467
$529.5K
Market Conditions
NOI Build-Up for 3,787 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
$83.2K $21.96/SF
− Vacancy
−$3.7K −$0.99/SF
EGI
$79.4K $20.97/SF
− OpEx
−$31.8K −$8.39/SF
NOI
$47.7K $12.58/SF
Area
St. Tammany County, LA
Vacancy
4.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$953,040
Cap Rate 7%
$680,743
Cap Rate 9%
$529,467
Alternative Uses
Best Use
Healthcare Medical
$680.7K
$595.7K – $794.2K
NOI $47,652 @ 7.0% cap · market cap 7.31%
Second Best
Office B
$613.9K
$537.2K – $716.2K
NOI $42,972 @ 7.0% cap · market cap 6.59%
Theoretical Best
Multifamily LT 5
$40.82M
$35.72M – $47.63M
NOI $2,857,701 @ 7.0% cap · market cap 438.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 70471, LA
23,334
Population
10,341
Households
2.3
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
28.9 sq mi
ZIP Area
807
Density / Sq Mi
$96,510
Median Household Income
$52,523
Median Earnings
$1,282
Median Rent
$370,100
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 units - Flexible commercial layout with reconfigurable adjoining suites, security systems, and updated exterior improvements.
Where is this office units located?
The property is located at 2245 11th St Mandeville, LA.
What is the asking price?
The asking price for this property is $652,000.
What are key features of this property?
This property features: Three 1,262‑square‑foot office units totaling 3,786 square feet; Units A and B are combined but can be converted back into separate suites; Units A and B renovated in 2016
