For Sale
$2,335,000

70516 La-21Covington, LA 70433

High-yield NNN lease, Covington, LA.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a single-tenant, net-leased retail property occupied by Express Oil Change, a subsidiary of Mavis Tire, offering a strong corporate guarantee. The 4,732 square foot building, constructed in 2020, sits on a 1.31-acre lot at 70516 LA-21, Covington, LA 70433, a prime location along a major North/South corridor, conveniently situated near Interstate 12 and prominent retailers such as Winn-Dixie, CVS, Walgreens, Target, Ross Dress for Less, Kohl's, and Mercedes-Benz of Covington. The property boasts a 15-year lease commencing December 28, 2020, and expiring December 31, 2035, with 4-5 year renewal options including 7.50% rent increases per option. Rent bumps are scheduled for January 1, 2026 ($154,268) and January 1, 2031 ($165,838). The current asking price is $2,335,000, representing a 6.15% cap rate and a price per square foot of $493.45. The property's Net Operating Income (NOI) is $143,005. This is a passive income investment with zero landlord responsibilities, benefiting from a new construction building and a strong tenant in a high-traffic area. The property's APN is 106-000-4154. This represents a rare opportunity to acquire a corporate-guaranteed, high-performing asset in a thriving Louisiana market.

Highlights

  • 15-year NNN corporate lease with Express Oil & Tire Engineers (part of Mavis Discount Tire).
  • High-profile retail location near Sam's Club, Target, and Winn-Dixie, within the River Chase Power Center.
  • Express Oil is part of one of the largest automotive service platforms in the U.S., with 1100+ locations.
  • Located in a New Orleans MSA suburb with high household income ($129,737) and strong tourism.
  • Zero landlord responsibilities, new 2020 construction, and rare 2.5% annual rent increases. Off Interstate 12.
  • Backed by Mavis Tire Corp, a subsidiary of Golden Gate Capital with over $19 billion in assets, providing a strong corporate lease guarantee.

Property Details for 70516 La-21

Property type
Retail properties, Auto shops
Square Feet
4,732 SF
Year Built
2020
Buildings
1
Stories
1
Lot Size (sq. ft)
57,064 SF
Units
1

Location Insight

City
Covington
County
St Tammany Parish
State
Louisiana
Latitude
30.4560215
Longitude
-90.1330522
70516 La-21, Covington, Louisiana

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70516 La-21
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