100 Covington St, Madisonville, LA 70447

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Building Details:

100 Covington St is located in Madisonville, LA.

Location: 100 Covington St (Hwy 21) Madisonville, LA - The property is located on a major thoroughfare in a growing area of Saint Tammany Parish

Lease/Income: The United States Postal Service has occupied the property since 1988 and was built to suit the USPS. The current lease expires September 30, 2018 with a current rental amount of $ 33,560.00 annually with a Net Operating Income of $27,500.00 +/- per year after expenses. The USPS has no additional options to renew the lease and current rent is below market. (Current expenses available upon request.)

Improvements: 3,500 +/- square feet, wood frame construction on slab with brick exterior.

Site: 1.53 acres or 66,646 +/- sq. ft. with a large portion of the site being paved for parking and ingress and egress (survey available).

Zoning: A - Residential Town of Madisonville (legal nonconforming use).

Location/Future Use: The property could be redeveloped for a multitude of adaptive uses given a zoning modification and moderate redevelopment of the building.

Sale Price: $367,500.00 (Do not disturb tenant and tours will not be scheduled without an acceptable LOI or Purchase Agreement.)

Contact: Ben Derbes (owner/agent)