Investment Property Portfolio For Sale

Office for Sale
Sale Pending
Catylist Listing ID: 30145195
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 38,601 SF
Gross Building Area: See Agent
Sale Price: $5,500,000
Unit Price: $142.48 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Last Updated: 2/12/2018

Overview / Comments

Offered for sale are two office buildings, 4141 Veterans and 3330 Lake Villa, which together comprise 38,601 square feet of Class B office space in the Metairie submarket. 4141 Veterans is a three story building totaling 32,745 square feet. 3330 Lake Villa is two stories totaling 5,856 square feet. Both buildings are steel frame construction.

The Metairie office market is strong; occupancy rates are 92% for the Class A and B markets. The average Class B rent is $19.55 per foot. The subject properties have been at 100% occupancy for approximately 18 months. The average rental rate at 4141 Veterans is $18.08, and the average rate at 3330 Lake Villa is $15.58, which leaves room for an investor to increase rates to match market conditions.

The two buildings have parking lots adjacent to each other, with 170' of frontage on Veterans, 214' on Yale St, and 76' on Lake Villa. Total land size is 48,980 square feet. Given the demand for retail sites in this area on Veterans between Lakeside and Clearview malls, there is underlying potential at this site for redevelopment. The proximity to East Jefferson Hospital makes the site desirable for medical uses as well.

Attachments & Media

Additional Details

Nearest MSA: New Orleans-Metairie
County: Jefferson
Submarket/Township: Airport-Metairie-Kenner
Tax ID/APN: JP-45731
Zoning: C-1
Total Number of Buildings: 2
Number of Stories: 3
Typical SF / Floor: 10,000 SF
Year Renovated: 2017
Exterior Description: 4141 Veterans features copper colored vinyl siding, with all windows facing North and South for energy efficiency. 3330 Lake Villa's exterior is painted stucco.
Parking Type: Surface
Total Parking Spaces: 114

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 31,690 140,971 302,279
Median Age: 37.24 41.98 39.11
Households: 13,867 60,836 125,979

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