Address: 2211-2217 Engineers Rd. Belle Chasse, LA 70037
100% Leased Industrial Investment Opportunity. Located on Engineers road the site is improved with three, detached, ground level, multi-tenant, light industrial buildings containing a total of 99,000 SF/NRA. The facility includes ±12,400 SF (12%) of finished area. Eave Heights are approximately 14′ sides/16′ Center. There are 31 tenant spaces which range in size from 1,875 SF to 11,250 SF, with the majority being less than 2500 sq/ft. Occupancy is 100%. The improvements were originally built ±40 years ago and are in overall very good condition. The site is a rectangular shaped, ±236,000 SF or 5.42 acre usable (area inside toe of levee) site. The total site size is 9.32 acres and includes approximately 400′ of frontage on the northern backline of the Intercostal Waterway.
The unit mix consists of mostly smaller spaces with minimal office buildout, of which there is steady demand. Below market rents provided for tremendous operational and economic upside.
With a fully leased status, the property has a pro forma market rent projection of $542,000, the market rent determination rendered in a recently developed Stegall Benton & Associates real estate appraisal. Market rent potential may be even higher than this. The average rent per SF at $5.42 per SF given the suites sizes is potentially low. The property is priced well below the market value conclusion rendered in this 2023 appraisal. A copy of the appraisal can be released upon request.
Sale Price: $3,850,000 | $38.89 PSF
Cap Rate (proforma): 8.64%
Gross Building Area: 99,000 SF
Site Size: 5.42 acres
# of Units: 32 Units
For further details please contact Troy Hagstette 504-251-5719 or Parke McEnery 504-236-9542