Remodeled Flex Space with Fenced
For Sale
$650,000
3923 INDEPENDENCE Drive, Alexandria, LA 71303
Remodeled office and warehouse space includes a fenced yard on a corner lot.
Property Size5,100 SF
Lot Size0.25 Acres
Price / SF$127.45
Days on Market201
Property Features for 3923 INDEPENDENCE Drive
General Information
Standard status
Active
Size
5,100 SF
Lot size
0.25 Acres
Property subtype
General Commercial
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Warehouse Space
4,000 SF
Amenities
3
comm
Corner Lot.
Rectangular
.505
Corner, Rectangular.
Building Details
Year Built
1980
Listing Agency:
RITCHIE REAL ESTATE
(318) 308-2044
Listed By:
David Moses · License #0000072781B
(318) 308-2044
Source:
Xome
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 30 at 2:19AM
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 RITCHIE REAL ESTATE
Investment Insights
Based on property information with market context.
This remodeled flex property combines updated office improvements with a substantial warehouse component. The office area provides a reception space, two large offices, a full bathroom, and a break room equipped with appliances. The 4,000± SF warehouse is arranged in an open configuration and has two large roll-up doors. Total property size is 5,100 SF.
The building occupies a 0.25-acre corner lot at the intersection of Heyman Lane and Independence Drive in Alexandria. A fully fenced yard adds secured exterior space for equipment or storage. The property was built in 1980 and includes the adjacent lot as a separate acquisition option.
The building occupies a 0.25-acre corner lot at the intersection of Heyman Lane and Independence Drive in Alexandria. A fully fenced yard adds secured exterior space for equipment or storage. The property was built in 1980 and includes the adjacent lot as a separate acquisition option.
Key Highlights
- 5,100 SF total property size
- 4,000± SF open warehouse with two large roll‑up doors
- Updated office area with reception, two offices, bathroom, and appliance‑equipped break room
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
$38,301
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
5.89%
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%
$766,020
$766.0K
Cap Rate 7%
$547,157
$547.2K
Cap Rate 9%
$425,567
$425.6K
Market Conditions
NOI Build-Up for 5,100 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
$48.3K $9.48/SF
− Vacancy
−$3.3K −$0.64/SF
EGI
$45.1K $8.84/SF
− OpEx
−$6.8K −$1.33/SF
NOI
$38.3K $7.51/SF
Area
Rapides County, LA
Vacancy
6.80%
Lease Rate
$9.48 /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%
$766,020
Cap Rate 7%
$547,157
Cap Rate 9%
$425,567
Alternative Uses
Best Use
Office B
$1.02M
$895.1K – $1.19M
NOI $71,604 @ 7.0% cap · market cap 11.02%
Second Best
Warehouse
$547.2K
$478.8K – $638.4K
NOI $38,301 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,410 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 71303, LA
22,797
Population
10,388
Households
2.2
Avg Household Size
38
Median Age
32%
College-Educated
87%
High-School Grad
63.4 sq mi
ZIP Area
360
Density / Sq Mi
$66,761
Median Household Income
$40,687
Median Earnings
$1,115
Median Rent
$232,900
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?
Flex space - Remodeled office and warehouse space includes a fenced yard on a corner lot.
Where is this flex space located?
The property is located at 3923 INDEPENDENCE Drive Alexandria, LA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,100 SF total property size; 4,000± SF open warehouse with two large roll‑up doors; Updated office area with reception, two offices, bathroom, and appliance‑equipped break room
