Listing Agency: Keller Williams Realty Bayou Partners

Listed By: Michelle Parsons · License #18238 Show Phone

Source: Lacdb.resimplifi

Added: Feb 17, 2023 Changed: Oct 4 Last Checked: Oct 14 at 7:41PM

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Investment Insights

Based on property information with market context.

This commercial property features a restaurant area of 3990 square feet, complemented by an upstairs office and storage area spanning 733 square feet. The layout includes two bar areas, a buffet area, and seating areas. Additional exterior space is provided by a 118-square-foot storage area and a 240-square-foot screened area. Interior flooring consists of carpet and marble. The sale includes a walk-in freezer, walk-in cooler, hood vent, and two 2-compartment sinks. It is important to note that the building sustained major roof damage and interior water damage from Hurricane Ida, and the listed price reflects an 'AS IS' condition. The sale is subject to approval by the Houma-Terrebonne Airport Commission, as the building is situated on leased land. This property presents an investment opportunity.

Key Highlights

• Two bar areas and buffet area for flexible service options
• Restaurant area offering 3990 sq ft of space
• Upstairs office and storage area: 733 sq ft

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,370

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$607,400 $607.4K

Cap Rate 7%

$433,857 $433.9K

Cap Rate 9%

$337,444 $337.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,723 SF

Gross rent

$44.8K $9.48/SF

− Vacancy

−$1.4K −$0.29/SF

EGI

$43.4K $9.19/SF

− OpEx

−$13.0K −$2.76/SF

NOI

$30.4K $6.43/SF

Area

Terrebonne County, LA

Vacancy

3.10%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$607,400

Cap Rate 7%

$433,857

Cap Rate 9%

$337,444

Alternative Uses

Best Use

Office B

$1.06M

$925.3K – $1.23M (±1% cap)

NOI $74,026 @ 7.0% cap · market cap 18.55%

Second Best

Specialty Retail

$1.04M

$913.4K – $1.22M (±1% cap)

NOI $73,070 @ 7.0% cap · market cap 18.31%

Theoretical Best

Office A

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,135 @ 7.0% cap · market cap 22.84%

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

Property Analytics

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Current Use

Double Hill Bar ... Bar & Pub

Suggested Use

Top Pick Restaurant Auto Repair Shop Hair Salon Spa & Massage Center Big Box & Wholesale Store Nail Salon

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

Location Intelligence

Trade Area within ½ mile

115

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 70363, LA

25,319

Population

10,449

Households

2.4

Avg Household Size

36

Median Age

8%

College-Educated

75%

High-School Grad

78.4 sq mi

ZIP Area

323

Density / Sq Mi

$44,828

Median Household Income

$33,176

Median Earnings

$1,054

Median Rent

$143,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Restaurant with bar, buffet, office, and storage areas.

Where is this conventional restaurant located?

The property is located at 9892 E Main St Houma, LA.

What is the asking price?

The asking price for this property is $399,000.

What are key features of this property?

This property features: Two bar areas and buffet area for flexible service options; Restaurant area offering 3990 sq ft of space; Upstairs office and storage area: 733 sq ft