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Three-Tenant Retail | New Orleans (Slidell) 280-300 Kensington Blvd 66,210 SF 100% Leased Retail Building Slidell, LA 70458 $6,998,000 ($105.69/SF) 8.50% Cap Rate
Investment Highlights
- 4+ Years WALT | Options to Extend | Rental Increases | 100% Occupied | National Tenants | Strong Sales | Value-Add
- Proximity to Community Anchors
- Strong Demographics In 5-Mile Trade Area
- Prime Retail Node | Adjacent To Top-Performing Rouses Market | Fremaux Town Center (5.6M+ Annual Visitors)
- Highly Accessible Shopping Center Location | I-10 (56,700+ VPD)
- New Orleans MSA
Executive Summary
• The property is 100% occupied with over 4 years of weighted average lease term (WALT) remaining, ensuring stable near-term income
• Both Sportsman’s Warehouse and Petco have three (3) additional 5-year renewal options with rent increases at the start of each option, supporting NOI growth and providing a hedge against inflation
• Sportsman’s Warehouse (NASDAQ: SPWH) and Petco (NASDAQ: WOOF) are national brands with multibillion-dollar revenues and strong credit profiles
• This Sportsman’s Warehouse is the only location in Louisiana (Strong Sales)
• French Market Furniture occupies a 15,000 SF warehouse space at a below-market gross lease rate of less than $4.50 PSF, with lease expiration in 2028, presenting an opportunity to increase rents and convert to a NNN structure
• Both Sportsman’s Warehouse and Petco have three (3) additional 5-year renewal options with rent increases at the start of each option, supporting NOI growth and providing a hedge against inflation
• Sportsman’s Warehouse (NASDAQ: SPWH) and Petco (NASDAQ: WOOF) are national brands with multibillion-dollar revenues and strong credit profiles
• This Sportsman’s Warehouse is the only location in Louisiana (Strong Sales)
• French Market Furniture occupies a 15,000 SF warehouse space at a below-market gross lease rate of less than $4.50 PSF, with lease expiration in 2028, presenting an opportunity to increase rents and convert to a NNN structure
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
66,210 SF
Building Class
C
Year Built
2014
Price
$6,998,000
Price Per SF
$105.69
Cap Rate
8.50%
NOI
$594,833
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
6 Exterior
Building FAR
0.25
Lot Size
6.14 AC
Zoning
C-4 - Highway Commercial
Parking
350 Spaces (5.29 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Dedicated Turn Lane
- Pylon Sign
Moderately walkable
60/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 85672 | Improvements Assessment | $379,300 |
| Land Assessment | $0 | Total Assessment | $379,300 |
Property Taxes
Parcel Number
85672
Land Assessment
$0
Improvements Assessment
$379,300
Total Assessment
$379,300
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Three-Tenant Retail | New Orleans (Slidell) | 280-300 Kensington Blvd
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