Flex Space with Showroom and
For Sale
$350,000
829 Asbury Dr. Ste 4, Mandeville, LA 70471
HC-2 Highway Commercial zoning supports varied commercial uses, subject to restrictions within the development.
Property Size2,200 SF
Price / SF$159.09
Days on Market195
Property Features for 829 Asbury Dr. Ste 4
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Street Retail
Zoning
HC-2
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
2,200 SF
Year Built
2008
Properties For Sale
at 829 Asbury Dr. Ste 4 Contact us- Size
- 2,200 SF
- Lease Type
- NNN
Suite 4
Listing Agency:
Property One, Inc.
(985) 674-3515
Listed By:
Mike D'Amico · License #000072272
(985) 674-3515
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 11:06PM
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 Property One, Inc.
Investment Insights
Based on property information with market context.
This commercial condominium contains approximately 2,200 SF arranged with a customer-facing showroom at the front and warehouse space toward the rear. The interior configuration can be adapted to suit different commercial operations. Built in 2008, the unit occupies the last bay on the north side of the development and is identified by Pineapple Gallery signage above the entrance.
The property is positioned at the end of Asbury Drive near the US 190 frontage road, with visibility from the service road and North Causeway. It is adjacent to Accardo Landscaping Materials and near Anne Dale Jewelers, K. Fortier Studios, and RCH Financial Services. HC-2 Highway Commercial zoning in St. Tammany Parish allows a broad range of commercial uses. Restaurants, food service, and service or repair businesses are prohibited, and uses substantially similar to existing businesses in the development are not permitted. The property is offered for sale or lease.
The property is positioned at the end of Asbury Drive near the US 190 frontage road, with visibility from the service road and North Causeway. It is adjacent to Accardo Landscaping Materials and near Anne Dale Jewelers, K. Fortier Studios, and RCH Financial Services. HC-2 Highway Commercial zoning in St. Tammany Parish allows a broad range of commercial uses. Restaurants, food service, and service or repair businesses are prohibited, and uses substantially similar to existing businesses in the development are not permitted. The property is offered for sale or lease.
Key Highlights
- Approximately 2,200 SF of commercial condo space
- Front showroom paired with rear warehouse area
- Last bay on the north side of the development
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
$22,061
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
6.30%
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%
$441,220
$441.2K
Cap Rate 7%
$315,157
$315.2K
Cap Rate 9%
$245,122
$245.1K
Market Conditions
NOI Build-Up for 2,200 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
$33.0K $15.00/SF
− Vacancy
−$1.5K −$0.68/SF
EGI
$31.5K $14.33/SF
− OpEx
−$9.5K −$4.30/SF
NOI
$22.1K $10.03/SF
Area
St. Tammany County, LA
Vacancy
4.50%
Lease Rate
$15.00 /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%
$441,220
Cap Rate 7%
$315,157
Cap Rate 9%
$245,122
Alternative Uses
Best Use
Retail
$315.2K
$275.8K – $367.7K
NOI $22,061 @ 7.0% cap · market cap 6.30%
Second Best
Flex RnD
$296.9K
$259.8K – $346.4K
NOI $20,785 @ 7.0% cap · market cap 5.94%
Theoretical Best
Multifamily LT 5
$23.72M
$20.75M – $27.67M
NOI $1,660,138 @ 7.0% cap · market cap 474.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70471, LA
23,334
Population
10,341
Households
2.3
Avg Household Size
43
Median Age
52%
College-Educated
96%
High-School Grad
28.9 sq mi
ZIP Area
807
Density / Sq Mi
$96,510
Median Household Income
$52,523
Median Earnings
$1,282
Median Rent
$370,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- la Madeleine — 3434 U.S. Hwy 190, Mandeville, LA 70471
Frequently Asked Questions
What type of property is this?
Flex space - HC-2 Highway Commercial zoning supports varied commercial uses, subject to restrictions within the development.
Where is this flex space located?
The property is located at 829 Asbury Dr. Ste 4 Mandeville, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 2,200 SF of commercial condo space; Front showroom paired with rear warehouse area; Last bay on the north side of the development
