Office Unit with Dual
For Sale
$425,000
513 /515 N Range Ave, Denham Springs, LA 70726
Residential occupancy under a month-to-month lease provides an existing use while office conversion remains possible.
Property Size1,375 SF
Price / SF$309.09
Days on Market23
Property Features for 513 /515 N Range Ave
General Information
Standard status
Active
Size
1,375 SF
Additional Details
Road Access
Yes
Listing Agency:
Covington & Associates Real Estate, LLC
(225) 413-3762
Listed By:
Kayla Lockhart · License #0000031924
Source:
Smithsquared
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 30 at 8:58PM
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 Covington & Associates Real Estate, LLC
Investment Insights
Based on property information with market context.
This office-unit property is currently configured as a home and occupied by a residential tenant under a month-to-month lease. The existing structure could be adapted for commercial office use, subject to applicable approvals and requirements.
Located at 513/515 N Range Ave in Denham Springs, Louisiana, the property has access from both N Range Ave and St. Louis Street. The listed property size is 1,375.
Located at 513/515 N Range Ave in Denham Springs, Louisiana, the property has access from both N Range Ave and St. Louis Street. The listed property size is 1,375.
Key Highlights
- Potential conversion from residential use to commercial office space
- Current residential tenant occupies the property on a month‑to‑month lease
- Access available from N Range Ave and St. Louis Street
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
$13,152
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
3.09%
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%
$263,040
$263.0K
Cap Rate 7%
$187,886
$187.9K
Cap Rate 9%
$146,133
$146.1K
Market Conditions
NOI Build-Up for 1,375 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
$18.0K $13.08/SF
− Vacancy
−$450 −$0.33/SF
EGI
$17.5K $12.75/SF
− OpEx
−$4.4K −$3.19/SF
NOI
$13.2K $9.56/SF
Area
Livingston County, LA
Vacancy
2.50%
Lease Rate
$13.08 /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%
$263,040
Cap Rate 7%
$187,886
Cap Rate 9%
$146,133
Alternative Uses
Best Use
Office B
$187.9K
$164.4K – $219.2K
NOI $13,152 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$329.3K
$288.1K – $384.2K
NOI $23,051 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 70726, LA
59,586
Population
24,925
Households
2.4
Avg Household Size
35
Median Age
24%
College-Educated
90%
High-School Grad
88.2 sq mi
ZIP Area
676
Density / Sq Mi
$77,129
Median Household Income
$41,240
Median Earnings
$1,180
Median Rent
$215,100
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 - Residential occupancy under a month-to-month lease provides an existing use while office conversion remains possible.
Where is this office units located?
The property is located at 513 /515 N Range Ave Denham Springs, LA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Potential conversion from residential use to commercial office space; Current residential tenant occupies the property on a month‑to‑month lease; Access available from N Range Ave and St. Louis Street
