Character-Rich Mixed-Use
For Sale
$625,000
602 E MORRIS AVENUE, Hammond, LA 70403
Four-level building with office, restaurant, and residential components, plus a courtyard, parking, and detached apartments.
Property Size4,119 SF
Price / SF$151.74
Days on Market692
Property Features for 602 E MORRIS AVENUE
General Information
Standard status
Active
Size
4,119 SF
Property subtype
Office
Zoning
RESIDENTIAL/MULTI/LIGHT COMMERCIAL
Amenities
courtyard
kitchen
Building Details
Year Built
1930
Buildings
4
Stories
4
Tenancy
Multi
Listing Agency:
LPT Realty, LLC Hammond
(936) 718-6599
Listed By:
Brian Boatman · License #995705516
(936) 718-6599
Source:
Lacdb.resimplifi
Added: Oct 7, 2024
Changed: Aug 28
Last Checked: Aug 28 at 10:41AM
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 LPT Realty, LLC Hammond
Investment Insights
Based on property information with market context.
This mixed-use property includes a 4,119-square-foot main building constructed in 1930, arranged across four levels connected by short staircases. The layout contains 9+ large office spaces, three half baths, one full bath with an antique clawfoot tub, and a large kitchen equipped with commercial stove and ovens. Four exterior entryways and multiple levels allow the main building to function as distinct areas. A landscaped courtyard with a small pond adds outdoor space.
The detached building contains two apartments, on-site laundry, and included utilities. Additional improvements include a rear parking area accommodating 10+ vehicles, one covered carport space, and two large workshop or storage buildings. The property is zoned RESIDENTIAL/MULTI/LIGHT COMMERCIAL and is within walking distance of Downtown Hammond.
The detached building contains two apartments, on-site laundry, and included utilities. Additional improvements include a rear parking area accommodating 10+ vehicles, one covered carport space, and two large workshop or storage buildings. The property is zoned RESIDENTIAL/MULTI/LIGHT COMMERCIAL and is within walking distance of Downtown Hammond.
Key Highlights
- 4,119‑square‑foot main building constructed in 1930
- 9+ large office spaces across four levels
- Commercial kitchen with stove and ovens
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
$30,978
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
4.96%
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%
$619,560
$619.6K
Cap Rate 7%
$442,543
$442.5K
Cap Rate 9%
$344,200
$344.2K
Market Conditions
NOI Build-Up for 4,119 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
$48.4K $11.76/SF
− Vacancy
−$4.2K −$1.02/SF
EGI
$44.3K $10.74/SF
− OpEx
−$13.3K −$3.22/SF
NOI
$31.0K $7.52/SF
Area
Tangipahoa County, LA
Vacancy
8.64%
Lease Rate
$11.76 /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%
$619,560
Cap Rate 7%
$442,543
Cap Rate 9%
$344,200
Alternative Uses
Best Use
Office B
$887.1K
$776.2K – $1.03M
NOI $62,096 @ 7.0% cap · market cap 9.94%
Second Best
Multifamily LT 5
$442.5K
$387.2K – $516.3K
NOI $30,978 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.14M
$993.5K – $1.32M
NOI $79,483 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 70403, LA
29,737
Population
13,577
Households
2.2
Avg Household Size
37
Median Age
24%
College-Educated
84%
High-School Grad
42.3 sq mi
ZIP Area
703
Density / Sq Mi
$50,547
Median Household Income
$32,603
Median Earnings
$992
Median Rent
$207,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Four-level building with office, restaurant, and residential components, plus a courtyard, parking, and detached apartments.
Where is this mixed-use property located?
The property is located at 602 E MORRIS AVENUE Hammond, LA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 4,119‑square‑foot main building constructed in 1930; 9+ large office spaces across four levels; Commercial kitchen with stove and ovens
