Professional Office
For Sale
$1,150,000
315 E Kirkland St, Covington, LA 70433
Professional office space with parking near downtown restaurants, galleries, and the courthouse.
Property Size4,376 SF
Price / SF$262.80
Days on Market152
Property Features for 315 E Kirkland St
General Information
Standard status
Active
Size
4,376 SF
Listing Agency:
Blanton Realty LLC
(504) 275-4805
Listed By:
Christopher Blanton · License #995702717
(504) 275-4805
Source:
Exprealty
Added: Mar 24
Changed: Aug 20
Last Checked: Aug 21 at 10:22AM
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 Blanton Realty LLC
Investment Insights
Based on property information with market context.
Located at 315 E Kirkland St in Covington, this 4,376-square-foot office property is configured for professional use and was previously occupied by a law firm. The building provides a dedicated setting for office operations with generous parking and a visible position in the downtown area.
The property sits within historic downtown Covington, offering convenient access to local restaurants, galleries, and the courthouse. Its walkable surroundings and central placement support an office environment connected to established civic and commercial destinations.
The property sits within historic downtown Covington, offering convenient access to local restaurants, galleries, and the courthouse. Its walkable surroundings and central placement support an office environment connected to established civic and commercial destinations.
Key Highlights
- 4,376‑square‑foot professional office property
- Previously used as a law firm
- Situated in historic downtown Covington
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
$49,656
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
4.32%
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%
$993,120
$993.1K
Cap Rate 7%
$709,371
$709.4K
Cap Rate 9%
$551,733
$551.7K
Market Conditions
NOI Build-Up for 4,376 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
$85.6K $19.56/SF
− Vacancy
−$19.4K −$4.43/SF
EGI
$66.2K $15.13/SF
− OpEx
−$16.6K −$3.78/SF
NOI
$49.7K $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%
$993,120
Cap Rate 7%
$709,371
Cap Rate 9%
$551,733
Alternative Uses
Best Use
Office B
$709.4K
$620.7K – $827.6K
NOI $49,656 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$47.17M
$41.28M – $55.04M
NOI $3,302,165 @ 7.0% cap · market cap 287.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,490
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Professional office space with parking near downtown restaurants, galleries, and the courthouse.
Where is this office building located?
The property is located at 315 E Kirkland St Covington, LA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 4,376‑square‑foot professional office property; Previously used as a law firm; Situated in historic downtown Covington
