Fenced Parcel with Metal
For Sale
$137,000
328 Progresso Rd, Patterson, LA 70392
A fenced 2-parcel property with a 915 SF metal building on a concrete slab, plus a covered 20x30 patio.
Property Size915 SF
Lot Size1.00 Acre
Price / SF$149.73
Days on Market67
Property Features for 328 Progresso Rd
General Information
Standard status
Active
Size
915 SF
Lot size
1.00 Acre
Property subtype
Land
Additional Details
Fenced Yard
Yes
Amenities
full kitchen
full bathroom
laundry
covered patio
large awning
30-amp hook-up
limestone driveway
fenced yard
gated entrance
Building Details
Construction
metal building
Listing Agency:
Real Broker, LLC
(985) 519-1845
Listed By:
Lori Broussard · License #0995696601
(985) 519-1845
Source:
Exprealty
Added: Jun 4
Changed: Aug 8
Last Checked: Jul 8 at 5:20AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
The property is a fenced 2-parcel offering that combines open outdoor space with an on-site metal building. The 915-square-foot metal building sits on a concrete slab and includes a full kitchen, a full bathroom, and laundry facilities, making it suitable for a variety of uses. A covered patio measuring 20 by 30 feet provides additional sheltered outdoor space, with a large awning that can support parking for vehicles, RVs, or boats.
A limestone driveway leads to a gated entrance. The property includes a 30-amp hook-up for electrical needs, and the grounds are fully fenced for privacy and security.
Offered for sale at 328 Progresso Rd in Patterson, LA, this setup provides a self-contained yard with an enclosed improvement and outdoor entertaining/parking space.
A limestone driveway leads to a gated entrance. The property includes a 30-amp hook-up for electrical needs, and the grounds are fully fenced for privacy and security.
Offered for sale at 328 Progresso Rd in Patterson, LA, this setup provides a self-contained yard with an enclosed improvement and outdoor entertaining/parking space.
Key Highlights
- 1‑acre, 2‑parcel property with fenced perimeter and gated entrance for privacy and security
- 915 SF metal building on a concrete slab with full kitchen, full bathroom, and laundry
- Covered patio measuring 20 x 30 feet for outdoor entertaining and year‑round use
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
$5,509
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
4.02%
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%
$110,180
$110.2K
Cap Rate 7%
$78,700
$78.7K
Cap Rate 9%
$61,211
$61.2K
Market Conditions
NOI Build-Up for 915 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
$6.8K $7.44/SF
− Vacancy
−$327 −$0.36/SF
EGI
$6.5K $7.08/SF
− OpEx
−$972 −$1.06/SF
NOI
$5.5K $6.02/SF
Area
St. Mary County, LA
Vacancy
4.80%
Lease Rate
$7.44 /SF/Yr
Expense Ratio
15.00%
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%
$110,180
Cap Rate 7%
$78,700
Cap Rate 9%
$61,211
Alternative Uses
Best Use
Warehouse
$78.7K
$68.9K – $91.8K
NOI $5,509 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$156.1K
$136.6K – $182.1K
NOI $10,928 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 70392, LA
8,406
Population
3,396
Households
2.5
Avg Household Size
38
Median Age
9%
College-Educated
80%
High-School Grad
36.8 sq mi
ZIP Area
228
Density / Sq Mi
$49,538
Median Household Income
$38,918
Median Earnings
$760
Median Rent
$141,600
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Residential land & home lot - A fenced 2-parcel property with a 915 SF metal building on a concrete slab, plus a covered 20x30 patio.
Where is this residential land & home lot located?
The property is located at 328 Progresso Rd Patterson, LA.
What is the asking price?
The asking price for this property is $137,000.
What are key features of this property?
This property features: 1‑acre, 2‑parcel property with fenced perimeter and gated entrance for privacy and security; 915 SF metal building on a concrete slab with full kitchen, full bathroom, and laundry; Covered patio measuring 20 x 30 feet for outdoor entertaining and year‑round use
