Storefront with
For Sale
$450,000
516 S Tyler St, Covington, LA 70433
CN-zoned retail property with vehicle access and an existing drive-thru.
Property Size1,298 SF
Price / SF$346.69
Days on Market28
Property Features for 516 S Tyler St
General Information
Standard status
Active
Size
1,298 SF
Property subtype
Retail
Zoning
CN
Additional Details
Asking Price
$450,000
Drive-Thru
Yes
Amenities
Power
Water
Sewer
Drive-Thru
Building Details
Year Built
2008
Listing Agency:
Stirling Covington/Corporate
Listed By:
Bradley Cook · License #995712511
(225) 505-6009
Source:
Lacdb.resimplifi
Added: Aug 18
Changed: Sep 14
Last Checked: Sep 14 at 2:43PM
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 Stirling Covington/Corporate
Investment Insights
Based on property information with market context.
Located at 516 S Tyler St in Covington, this 1,298-square-foot storefront property was built in 2008 and includes an existing drive-thru. The building is positioned along S Tyler St with visibility from the roadway, consistent daytime traffic, and convenient access.
The property carries CN zoning and combines a compact retail footprint with an established drive-thru improvement. Its address places the site near Downtown Covington, providing a recognizable commercial setting for the existing storefront configuration.
The property carries CN zoning and combines a compact retail footprint with an established drive-thru improvement. Its address places the site near Downtown Covington, providing a recognizable commercial setting for the existing storefront configuration.
Key Highlights
- 1,298 SF storefront property
- Existing drive‑thru
- CN zoning
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
$13,016
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
2.89%
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%
$260,320
$260.3K
Cap Rate 7%
$185,943
$185.9K
Cap Rate 9%
$144,622
$144.6K
Market Conditions
NOI Build-Up for 1,298 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
$19.5K $15.00/SF
− Vacancy
−$876 −$0.68/SF
EGI
$18.6K $14.33/SF
− OpEx
−$5.6K −$4.30/SF
NOI
$13.0K $10.03/SF
Area
St. Tammany County, LA
Vacancy
4.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$260,320
Cap Rate 7%
$185,943
Cap Rate 9%
$144,622
Alternative Uses
Best Use
Retail
$185.9K
$162.7K – $216.9K
NOI $13,016 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$13.99M
$12.24M – $16.32M
NOI $979,481 @ 7.0% cap · market cap 217.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
35k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 33%
SONIC Drive In
Dining
20,446 visits/mo
0.2 miles
Dollar General
Shops & Services
11,675 visits/mo
0.3 miles
Pizza Hut
Dining
2,747 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Lazy Susan's — 506 E Rutland St, Covington, LA 70433
- C J's Florist — 228 W 21st Ave, Covington, LA 70433
- Bloom Room Covington — 100 S Tyler St #11a, Covington, LA 70433
Frequently Asked Questions
What type of property is this?
Storefront property - CN-zoned retail property with vehicle access and an existing drive-thru.
Where is this storefront property located?
The property is located at 516 S Tyler St Covington, LA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,298 SF storefront property; Existing drive‑thru; CN zoning
