New Warehouse
For Sale
$325,000
71363 Thelma Ln, Covington, LA 70433
Commercial suite with an office, kitchenette, bathroom, and dedicated roll-up door for flexible business operations.
Property Size2,520 SF
Price / SF$128.97
Days on Market223
Property Features for 71363 Thelma Ln
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Office
Zoning
HC-2
Additional Details
Highway Access
Yes
Building Details
Year Built
2024
Listing Agency:
KPG Realty, LLC
(985) 373-6417
Listed By:
Brent Cordell · License #995690890
(985) 373-6417
Source:
Lacdb.resimplifi
Added: Jan 21
Changed: Aug 29
Last Checked: Aug 31 at 1:10PM
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.
Constructed in 2024, this warehouse property offers a 2,520-square-foot suite within a five-suite commercial building. The layout includes a small office, kitchenette, and bathroom, with a 14-foot by 14-foot roll-up door serving each suite. The property is designed for commercial users needing a combination of warehouse and finished support space.
Located off Hwy 190 in Covington, the property carries HC2 zoning. Individual suite configurations include 2,520 SF and 5,040 SF options, subject to availability.
Located off Hwy 190 in Covington, the property carries HC2 zoning. Individual suite configurations include 2,520 SF and 5,040 SF options, subject to availability.
Key Highlights
- 2,520 SF warehouse suite in a five‑suite commercial building
- Built in 2024
- Each suite includes a 14' x 14' roll‑up door
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
$23,808
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
7.33%
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%
$476,160
$476.2K
Cap Rate 7%
$340,114
$340.1K
Cap Rate 9%
$264,533
$264.5K
Market Conditions
NOI Build-Up for 2,520 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
$37.8K $15.00/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$36.6K $14.54/SF
− OpEx
−$12.8K −$5.09/SF
NOI
$23.8K $9.45/SF
Area
St. Tammany County, LA
Vacancy
3.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$476,160
Cap Rate 7%
$340,114
Cap Rate 9%
$264,533
Alternative Uses
Best Use
Flex RnD
$340.1K
$297.6K – $396.8K
NOI $23,808 @ 7.0% cap · market cap 7.33%
Second Best
Warehouse
$266.9K
$233.5K – $311.3K
NOI $18,680 @ 7.0% cap · market cap 5.75%
Theoretical Best
Multifamily LT 5
$27.17M
$23.77M – $31.69M
NOI $1,901,612 @ 7.0% cap · market cap 585.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Liberty Self Storage — 70521 LA-21, Covington, LA 70433
Frequently Asked Questions
What type of property is this?
Warehouse - Commercial suite with an office, kitchenette, bathroom, and dedicated roll-up door for flexible business operations.
Where is this warehouse located?
The property is located at 71363 Thelma Ln Covington, LA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,520 SF warehouse suite in a five‑suite commercial building; Built in 2024; Each suite includes a 14' x 14' roll‑up door
