1079 Us-90Morgan City, LA 70380

Property Details for 1079 Us-90

Year built

2014

Lot size

0.99 AC

Property size (Sq ft)

9,540 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 9,540-square-foot shopping center in Morgan City, LA, presents a compelling investment opportunity. Boasting a 7.75% cap rate and a strong NOI of $159,095, the property is 100% occupied by six tenants, including national brands like CATO and GameStop, under NNN leases. Built in 2014, the single-building center sits on a 0.99-acre lot on US Highway 90, a major thoroughfare with approximately 32,285 vehicles passing daily. Its prime location benefits from high traffic volume, shadow-anchoring by a Walmart Supercenter generating 1.9 million annual visits, and proximity to numerous other national and regional retailers, hotels, and schools. The property features a metal roof, LED lighting upgrades completed in 2023, and additional income streams from a billboard lease, donation bin, and kiosk. The average household income within a ten-mile radius is $61,346. This stabilized investment offers long-term tenants (28 and 19-year leases respectively) and a diverse local economy including the oil and gas industry. The asking price is $2,053,000, translating to $215.20 per square foot. The property's three units are spread across the 9,540 net rentable square feet. This is a rare opportunity to acquire a high-performing retail center in a thriving Louisiana market.

Location Insight

City

Morgan City

County

St. Mary Parish

State

Louisiana

Latitude

29.6826

Longitude

-91.2655

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