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    PELLEGRIN Drive lot 1 Covington, LA 70435

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    Claim this Listing
    For Sale
    $568,000

    LAND - Covington, LA

    Lot size:
    16.00 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    18
    Last Refresh:
    May 8 at 5:06 am

    Property Features for PELLEGRIN Drive lot 1

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    L1
    Standard status
    Active
    APN
    D
    Lot size
    16.00 Acres

    Taxes and HOA fees

    Tax Description
    Parcel D Sec 21 T6S R11E

    Utilities

    Water source
    Well

    We can help!

    Listing Contact
    Gregg Tepper
    Gregg Tepper

    Listing agent Gregg Tepper License #995700267

    Listing office Keller Williams Realty Services 1522 W. Causeway Approach, Mandeville, LA

    Listing date Apr 21, 2026

    MLS# 2554079 Listing URL

    Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 16 acres of land, offering privacy and space close to town.
    • Subdividable into two 8‑acre parcels, allowing for flexible development options.
    • Each 8‑acre parcel can accommodate a main home plus a 2,400 sqft guest home.
    • Not in a flood zone, eliminating the need for flood insurance.
    • Outside the parish's critical drainage area.
    • Well water source.

    Overview

    Covington Land: Privacy and Space

    This 16-acre property in Covington, Louisiana, presents a rare opportunity for creating a family compound or a private estate. The land can be subdivided into two 8-acre parcels, each accommodating a main home and a 2,400 sqft guest home. With a maximum of 5 homes total, the property offers ultimate privacy. Located minutes from Airport Rd and Lee Rd, the site combines seclusion with convenient access to town. The property is not in a flood zone, eliminating the need for flood insurance, and it is situated outside the parish's critical drainage area. The land is high and dry. This property offers privacy, space, and an unbeatable location. Opportunities to acquire land of this size and quality so close to town are becoming increasingly scarce.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Covington
    County
    St. Tammany
    State
    Louisiana
    Longitude
    -90.095062
    Latitude
    30.508538

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    FAQs

    What type of property is this?
    Land - 16 acres of land for family compound or custom estate.
    Where is this land located?
    The property is located at PELLEGRIN Drive lot 1 Covington, LA.
    What is the asking price?
    The asking price for this property is $568,000.
    What are key features of this property?
    This property features: 16 acres of land, offering privacy and space close to town.; Subdividable into two 8‑acre parcels, allowing for flexible development options.; Each 8‑acre parcel can accommodate a main home plus a 2,400 sqft guest home.
    (985) 727-7000
    We can help!
    Listing Contact
    Gregg Tepper
    Gregg Tepper
    Real Estate License ID: 995700267
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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