70516 La-21 Covington, LA 70433
- Retail properties
- 4,732 SF
- 1.31 lot acres
Current Use by Public Records
- Retail properties
Property Details for 70516 La-21
- Year built
- 2020
- Lot size
- 1.31 lot acres
- Property size
- 4,732 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Covington
- County
- St Tammany Parish
- State
- Louisiana
- Longitude
- -90.133
- Latitude
- 30.456
