Historic Mixed-Use
For Sale
$525,000
726 E Boston St, Covington, LA 70433
Two adaptable buildings offer spa, retail, office, studio, and live-work applications in a walkable historic district.
Property Size1,804 SF
Price / SF$291.02
Days on Market12
Property Features for 726 E Boston St
General Information
Standard status
Active
Size
1,804 SF
Zoning
Residential & Commercial
Amenities
shared courtyard
Building Details
Buildings
2
Listing Agency:
K2 Realty LLC
(985) 789-9113
Listed By:
Kellie Osbon · License #912123251
(985) 789-9113
Source:
Exprealty
Added: Aug 11
Changed: Aug 20
Last Checked: Aug 22 at 11:36AM
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 K2 Realty LLC
Investment Insights
Based on property information with market context.
This 1,804-square-foot mixed-use property comprises two separate buildings with distinct commercial and residential-use potential. The approximately 1,200-square-foot rear building includes an open treatment area, private treatment room, shower bath, kitchenette, loft, lounge, and additional private rooms. The approximately 650-square-foot front building provides a reception or showroom area, half bath, upstairs loft, private room, and kitchenette. Vaulted ceilings, exposed painted brick, arched windows, natural light, and other architectural details contribute to the property's historic character.
Residential and Commercial zoning supports a range of applications, including spa, salon, boutique, gallery, office, creative studio, wellness practice, and live-work use. The property is located on Boston Street within Covington's National Historic District, near boutique shopping, restaurants, galleries, coffee shops, festivals, and public Ox Lot parking. Shared landscaped courtyard access adds an outdoor component for business or personal use.
Residential and Commercial zoning supports a range of applications, including spa, salon, boutique, gallery, office, creative studio, wellness practice, and live-work use. The property is located on Boston Street within Covington's National Historic District, near boutique shopping, restaurants, galleries, coffee shops, festivals, and public Ox Lot parking. Shared landscaped courtyard access adds an outdoor component for business or personal use.
Key Highlights
- 1,804‑square‑foot mixed‑use property with two separate buildings
- Approximately 1,200 sq. ft. rear building with treatment areas, loft, lounge, kitchenette, and private rooms
- Approximately 650 sq. ft. front building with showroom, loft, private room, and kitchenette
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
$20,470
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
3.90%
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%
$409,400
$409.4K
Cap Rate 7%
$292,429
$292.4K
Cap Rate 9%
$227,444
$227.4K
Market Conditions
NOI Build-Up for 1,804 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
$35.3K $19.56/SF
− Vacancy
−$8.0K −$4.43/SF
EGI
$27.3K $15.13/SF
− OpEx
−$6.8K −$3.78/SF
NOI
$20.5K $11.35/SF
Area
St. Tammany County, LA
Vacancy
22.65%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
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%
$409,400
Cap Rate 7%
$292,429
Cap Rate 9%
$227,444
Alternative Uses
Best Use
Office B
$292.4K
$255.9K – $341.2K
NOI $20,470 @ 7.0% cap · market cap 3.90%
Second Best
Mixed Use
$266.7K
$233.4K – $311.2K
NOI $18,671 @ 7.0% cap · market cap 3.56%
Theoretical Best
Multifamily LT 5
$19.45M
$17.02M – $22.69M
NOI $1,361,313 @ 7.0% cap · market cap 259.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,516
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 - Two adaptable buildings offer spa, retail, office, studio, and live-work applications in a walkable historic district.
Where is this mixed-use property located?
The property is located at 726 E Boston St Covington, LA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,804‑square‑foot mixed‑use property with two separate buildings; Approximately 1,200 sq. ft. rear building with treatment areas, loft, lounge, kitchenette, and private rooms; Approximately 650 sq. ft. front building with showroom, loft, private room, and kitchenette
