4407 Highway 190 East Service RdCovington, LA 70433

Property Details for 4407 Highway 190 East Service Rd

Year built

2007

Lot size

1.00 AC

Property size (Sq ft)

8,446 SF

Property type

Healthcare properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a single-tenant, 8,446 square foot medical office building in Covington, Louisiana, situated on one acre of land. The property, constructed in 2007, is a Class B building with a single story and boasts 100% occupancy. Currently leased to a highly reputable ambulatory surgery center under a Net Lease (NNN) agreement, the tenant is responsible for all operating expenses, including taxes, insurance, and maintenance, providing a truly passive income stream. The lease commenced September 1, 2022, with a five-year term and a remaining lease term of approximately 2.8 years, including one five-year option. The current annual net operating income (NOI) is $207,929, representing an attractive 8.50% capitalization rate based on the asking price of $2,446,218 ($289.63 per square foot). The property benefits from its strategic location on Highway 190 East Service Road, providing easy access to major roadways, including Highway 190 and Interstate 12, ensuring high visibility and convenient access for patients and staff. The tenant, a top-rated ambulatory surgery center, enjoys a strong position within a thriving medical corridor, benefiting from a synergistic network of nearby healthcare facilities. The location within the New Orleans MSA, coupled with Covington's low vacancy rate and growing population, further enhances the investment's long-term potential. This is a rare opportunity to acquire a high-performing, specialized medical facility with a stable tenant and a compelling financial profile. The property's strong barriers to entry, due to stringent Louisiana licensing requirements, contribute to the long-term stability of the tenancy.

Location Insight

City

Covington

County

St. Tammany Parish

State

Louisiana

Latitude

30.4143

Longitude

-90.0829

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