Four-Suite Mixed-Use
For Sale
$425,000
700 Covington Center, Covington, LA 70433
Commercial suites and residential apartments create a flexible mixed-use configuration with both leased and vacant spaces.
Property Size3,524 SF
Price / SF$120.60
Days on Market42
Property Features for 700 Covington Center
General Information
Standard status
Active
Size
3,524 SF
Units
Multifamily Units
2
Office Units
1
Building Details
Year Built
1981
Listing Agency:
KPG Realty, LLC
(985) 373-6417
Listed By:
Brent Cordell · License #995690890
Source:
Dominionplace
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 6:48PM
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 KPG Realty, LLC
Investment Insights
Based on property information with market context.
Located at 700 Covington Center in Covington, Louisiana, this 3,524-square-foot mixed-use property contains four separate suites across commercial and residential components. The building was constructed in 1981 and includes two downstairs commercial suites along with two upstairs residential apartments.
Suite A is leased to a hair salon, while Suite B is a vacant office suite described as move-in ready for professional office or service use. Upstairs, Suite C is an occupied apartment and Suite D is vacant for a new tenant or owner use. The combination of commercial and apartment space provides distinct suite configurations within one property.
Suite A is leased to a hair salon, while Suite B is a vacant office suite described as move-in ready for professional office or service use. Upstairs, Suite C is an occupied apartment and Suite D is vacant for a new tenant or owner use. The combination of commercial and apartment space provides distinct suite configurations within one property.
Key Highlights
- 3,524‑square‑foot mixed‑use property built in 1981
- Four separate suites: two commercial and two residential apartments
- Suite A leased to a hair salon
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
$36,473
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
8.58%
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%
$729,460
$729.5K
Cap Rate 7%
$521,043
$521.0K
Cap Rate 9%
$405,256
$405.3K
Market Conditions
NOI Build-Up for 3,524 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
$63.4K $18.00/SF
− Vacancy
−$5.1K −$1.44/SF
EGI
$58.4K $16.56/SF
− OpEx
−$21.9K −$6.21/SF
NOI
$36.5K $10.35/SF
Area
St. Tammany County, LA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$729,460
Cap Rate 7%
$521,043
Cap Rate 9%
$405,256
Alternative Uses
Best Use
Apartment 5plus
$33.00M
$28.87M – $38.50M
NOI $2,309,751 @ 7.0% cap · market cap 543.47%
Second Best
Office B
$571.3K
$499.9K – $666.5K
NOI $39,988 @ 7.0% cap · market cap 9.41%
Theoretical Best
Multifamily LT 5
$37.99M
$33.24M – $44.32M
NOI $2,659,239 @ 7.0% cap · market cap 625.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,490
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?
Mixed-use property - Commercial suites and residential apartments create a flexible mixed-use configuration with both leased and vacant spaces.
Where is this mixed-use property located?
The property is located at 700 Covington Center Covington, 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: 3,524‑square‑foot mixed‑use property built in 1981; Four separate suites: two commercial and two residential apartments; Suite A leased to a hair salon
