Address: 300-350 Hord Street, Elmwood, LA 70123
Leased Industrial Investment Opportunity. Located Hord Street in the heart of the Elmwood Business Park the site is improved with three, attached, ground level, multi-tenant, light industrial buildings containing a total of 41,645 SF/NRA. Eave Heights are approximately 14′ sides/16′ Center. There are 16 total tenant spaces which range in size from 1,000 SF to 7,400 SF, with the majority being less than 2500 sq/ft. Occupancy is currently 85%, with approximately 6,200 sq/ft of space recently turned over and ready for renovation. The improvements were originally built ±40 years ago and are in overall good condition. The site is a rectangular shaped, ±75,359 SF or 1.73 acres.
The unit mix consists of mostly smaller spaces with minimal office buildout, of which there is steady demand. Below market rents provided for tremendous operational and economic upside.
The property has a pro forma market rent projection of $289,200, the market rent determination rendered in a recently developed real estate appraisal. Market rent potential may be even higher than this. The property is priced below the market value conclusion rendered in this 2024 appraisal. A copy of the appraisal can be released upon request.
Sale Price: $1,995,000
Cap Rate: 9.2%
# of Units: 16 Units
Total Building SF: 41,579 SF
Total Land Size: 1.73 Acres
Occupancy: 85%
