Office Units with Long-Term
For Sale
$2,143,000
351 Holiday Blvd, Covington, LA 70433
Office units near Hwy 190 and I-12 occupied under a recently renewed lease.
Property Size15,682 SF
Price / SF$136.65
Days on Market778
Property Features for 351 Holiday Blvd
General Information
Standard status
Active
Size
15,682 SF
Additional Details
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
ABEK Real Estate
(985) 788-4993
Listed By:
Lawrence Haik · License #000036766
(985) 788-4993
Source:
Exprealty
Added: Jul 15, 2024
Changed: Aug 30
Last Checked: May 28 at 4:47AM
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 ABEK Real Estate
Investment Insights
Based on property information with market context.
This office property at 351 Holiday Blvd is occupied by an established tenant that has operated from the building for several years. The lease was recently renewed for another five-year term, with the next renewal scheduled for mid-2026. The tenant has historically renewed in five-year increments.
The property is located just off Hwy 190 and near I-12 in Covington, Louisiana, providing access to two identified regional transportation routes. The existing occupancy and documented renewal history provide a clear operating profile for the office asset.
The property is located just off Hwy 190 and near I-12 in Covington, Louisiana, providing access to two identified regional transportation routes. The existing occupancy and documented renewal history provide a clear operating profile for the office asset.
Key Highlights
- Tenant has occupied the building for several years
- Lease recently renewed for another five (5) years
- Next renewal is scheduled for mid 2026
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
$177,947
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
8.30%
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%
$3,558,940
$3.6M
Cap Rate 7%
$2,542,100
$2.5M
Cap Rate 9%
$1,977,189
$2.0M
Market Conditions
NOI Build-Up for 15,682 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
$306.7K $19.56/SF
− Vacancy
−$69.5K −$4.43/SF
EGI
$237.3K $15.13/SF
− OpEx
−$59.3K −$3.78/SF
NOI
$177.9K $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%
$3,558,940
Cap Rate 7%
$2,542,100
Cap Rate 9%
$1,977,189
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.97M
NOI $177,947 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$169.05M
$147.92M – $197.23M
NOI $11,833,763 @ 7.0% cap · market cap 552.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
610
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
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Frequently Asked Questions
What type of property is this?
Office units - Office units near Hwy 190 and I-12 occupied under a recently renewed lease.
Where is this office units located?
The property is located at 351 Holiday Blvd Covington, LA.
What is the asking price?
The asking price for this property is $2,143,000.
What are key features of this property?
This property features: Tenant has occupied the building for several years; Lease recently renewed for another five (5) years; Next renewal is scheduled for mid 2026
