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3 Tenant Pad/Fronts Ross, Rouses, Hobby Lobby 900 E Admiral Doyle Dr 7,572 SF 100% Leased 4-Star Retail Building New Iberia, LA 70560 $4,807,549 CAD ($634.91 CAD/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- 3 National/Regional Tenants - Verizon, Mattress Firm, & Zeus Mediterranean / 100% Leased
- New long term NNN leases with rental increases
- Strong retail shopping center synergy | Centrally located property within the east Iberia trade area.
- High profile pad building located within strong, anchored shopping center (Ross Dress for Less/Rouses Market/Hobby Lobby)
- New 2023 Construction with warranties
- Located in the dominant retail corridor with frontage along south Lewis and E. Admiral Doyle dr. with direct access to Hwy 90
EXECUTIVE SUMMARY
LOUISIANA BROKER OF RECORD: STEVE R. REISIG, CCIM - License No. 14916A
Faris Lee Investments is pleased to offer for sale the fee simple interest (Land & Building) to a 100% leased, freestanding, 3-tenant NNN outparcel pad building in New Iberia, Louisiana. All three tenants signed brand-new long-term leases in 2023, with options to extend the term. Additionally, Mattress Firm’s lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All 3 leases are NNN, making the tenants responsible for their pro rata share of expenses (taxes, insurance, and CAM) associated with the property, and providing the landlord with minimal responsibilities.
Mattress Firm and Cellular Sales (DBA Verizon) both feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – Mattress Firm has over 2,300 locations, Cellular Sales has over 700 locations, and Zeus Mediterranean Kitchen has 17 locations.
The subject property is strategically located in New Iberia, Louisiana, with a population of over 27,000. The Shops are an outparcel to a regional shopping center with strong anchors Hobby Lobby, Rouses Market, and Ross Dress for Less. Tenants within the immediate trade area include Walmart, TJ Maxx, PetSmart, and Five Below. South Lewis provides over 23,000 vehicles per day, Admiral Doyle Drive provides over 21,000 vehicles per day and more than 74,000 people live within a ten-mile radius.
Faris Lee Investments is pleased to offer for sale the fee simple interest (Land & Building) to a 100% leased, freestanding, 3-tenant NNN outparcel pad building in New Iberia, Louisiana. All three tenants signed brand-new long-term leases in 2023, with options to extend the term. Additionally, Mattress Firm’s lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All 3 leases are NNN, making the tenants responsible for their pro rata share of expenses (taxes, insurance, and CAM) associated with the property, and providing the landlord with minimal responsibilities.
Mattress Firm and Cellular Sales (DBA Verizon) both feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – Mattress Firm has over 2,300 locations, Cellular Sales has over 700 locations, and Zeus Mediterranean Kitchen has 17 locations.
The subject property is strategically located in New Iberia, Louisiana, with a population of over 27,000. The Shops are an outparcel to a regional shopping center with strong anchors Hobby Lobby, Rouses Market, and Ross Dress for Less. Tenants within the immediate trade area include Walmart, TJ Maxx, PetSmart, and Five Below. South Lewis provides over 23,000 vehicles per day, Admiral Doyle Drive provides over 21,000 vehicles per day and more than 74,000 people live within a ten-mile radius.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
7,572 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2023
Price
$4,807,549 CAD
Price Per SF
$634.91 CAD
Cap Rate
7.50%
NOI
$360,531 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.15
Lot Size
1.15 AC
Zoning
C-4 - Highway Commercial
Parking
67 Spaces (8.85 Spaces per 1,000 SF Leased)
Frontage
229’ on East Admiral Doyle Drive
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0503908972E | Improvements Assessment | $165,323 CAD |
| Land Assessment | $25,450 CAD | Total Assessment | $190,773 CAD |
PROPERTY TAXES
Parcel Number
0503908972E
Land Assessment
$25,450 CAD
Improvements Assessment
$165,323 CAD
Total Assessment
$190,773 CAD
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3 Tenant Pad/Fronts Ross, Rouses, Hobby Lobby | 900 E Admiral Doyle Dr
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