Building Details

Year Built 2024

Listing Agency: KPG Realty, LLC

Listed By: Brent Cordell · License #995690890 Show Phone

Source: Lacdb.resimplifi

Added: Jan 21 Changed: Oct 10 Last Checked: Oct 16 at 5:50AM

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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.

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 / Yr

$23,808

Cap Rate

7.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$476,160 $476.2K

Cap Rate 7%

$340,114 $340.1K

Cap Rate 9%

$264,533 $264.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,520 SF

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 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 (±1% cap)

NOI $23,808 @ 7.0% cap · market cap 7.33%

Second Best

Warehouse

$266.9K

$233.5K – $311.3K (±1% cap)

NOI $18,680 @ 7.0% cap · market cap 5.75%

Theoretical Best

Multifamily LT 5

$27.17M

$23.77M – $31.69M (±1% cap)

NOI $1,901,612 @ 7.0% cap · market cap 585.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Building Supply Electrical Service Law Firm (Bike/Boat/Book/etc) Store Plumbing Service Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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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