5616 Salmen St, New Orleans, LA 70123

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Building Details:

5616 Salmen St is located in New Orleans, LA.

Legal
Description: Lots 19, 20-A and 21-A, Elmwood Business Park, Phases H, J & K, Jefferson Parish, LA

Lot Size: 31,620 square feet (186’ front on Salmen Street by 170’ depths)

Building An approximately 18,600 square foot industrial building currently divided into 3 tenant spaces; Description: construction is steel frame with concrete tilt-up walls and insulated metal roof. Tenant spaces further described below under “Leases”.

Zoning: M-2, Industrial District (limited to M-1 uses under Elmwood restrictive covenants)

Loading: Grade level loading for Suites A and B/C. Grade level and dock loading (via truck well) for Suite D. Four (4) 12’x14’ overhead doors

Leases: Suite A: 5,314 sq. ft. suite leased to American Hermetics of LA, Inc. through 9/30/16 @ $1,950/month, net (no renewal options).

Suite B/C: 5,440 sq. ft. suite leased to Sherwin Williams Co. through 4/30/16 @ $2,556.33/month, gross with expense stops (i.e. Lessee pays increases in operating expenses over base year lease expenses for same); one (1) 5-year option to renew @ $2,822.93/month, gross, but tenant will likely vacate by 4/30/16; no further options to renew.

Suite D: 7,845 sq. ft. suite leased to Total Delivery & Logistics, LLC through 12/31/17 @ $3,250/month, gross with expense stops (i.e. Lessee pays increases in operating expenses over base year lease expenses for same). No further options to renew.

Building
Expenses: Real Estate Taxes (2015): $13,327.51
Flood Insurance: $2,960.00
Building Insurance: $9,987.00
Real Estate Commissions: 6% of rents

Additional: Suite B/C (5,440 sq. ft. warehouse suite includes 856 sq. ft. office) available for lease 5/1/16 @ $2,650/month, net. Jefferson Parish Assessor has agreed to reduce assessments which will reduce property tax bill for 2016.

Sale Price: $795,000, all cash to Seller