70516 La-21 Covington, LA 70433
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High-yield NNN lease, Covington, LA.
Property size:
4,732 SFProperty Features for 70516 La-21
General Information
- Property type
- Automotive properties
- Square Feet
- 4,732 SF
- Lot Size
- 57,064 SF
Building Details
- Year Built
- 2020
- Buildings
- 1
- Stories
- 1
- Units
- 1
Listing Agency: Colliers Listing Agent: Eric Carlton
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional investment opportunity presents a single-tenant, net-leased retail property occupied by Express Oil Change, a subsidiary of Mavis Tire, offering a strong corporate guarantee. The 4,732 square foot building, constructed in 2020, sits on a 1.31-acre lot at 70516 LA-21, Covington, LA 70433, a prime location along a major North/South corridor, conveniently situated near Interstate 12 and prominent retailers such as Winn-Dixie, CVS, Walgreens, Target, Ross Dress for Less, Kohl's, and Mercedes-Benz of Covington. The property boasts a 15-year lease commencing December 28, 2020, and expiring December 31, 2035, with 4-5 year renewal options including 7.50% rent increases per option. Rent bumps are scheduled for January 1, 2026 ($154,268) and January 1, 2031 ($165,838). The current asking price is $2,335,000, representing a 6.15% cap rate and a price per square foot of $493.45. The property's Net Operating Income (NOI) is $143,005. This is a passive income investment with zero landlord responsibilities, benefiting from a new construction building and a strong tenant in a high-traffic area. The property's APN is 106-000-4154. This represents a rare opportunity to acquire a corporate-guaranteed, high-performing asset in a thriving Louisiana market.
Property Profile
Location Intelligence
Current Use by Public Records
Auto shops
Map
- City
- Covington
- County
- St Tammany Parish
- State
- Louisiana
- Longitude
- -90.1330522
- Latitude
- 30.4560215
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FAQs
What type of property is this?
Automotive property - High-yield NNN lease, Covington, LA.
Where is this automotive property located?
The property is located at 70516 La-21 Covington, LA.
What is the asking price?
The asking price for this property is $2,335,000.
What are key features of this property?
This property features: 15-year NNN corporate lease with Express Oil & Tire Engineers (part of Mavis Discount Tire).; High-profile retail location near Sam's Club, Target, and Winn-Dixie, within the River Chase Power Center.; Express Oil is part of one of the largest automotive service platforms in the U.S., with 1100+ locations.
