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Shopping Strip

Heritage Plaza

172 Heritage Pkwy, Broussard, LA 70518

Listing Price: $2,075,000

Cap Rate
8.17%
Gross SF
13,308
Rentable SF
13,308
Price/Gross SF
$155.92
Lot Size
2.36 acres
Year Built
2004

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale Heritage Plaza, located at 172 Heritage Pkwy in Broussard, Louisiana. This straight in line retail center is 13,308 square feet situated on a 2.36-acre plot of land, which is located just off Highway 90, which sees over 37,000 vehicles per day. Heritage Plaza provides investors the opportunity to acquire a 100 percent financially occupied center with additional land behind the center that could be used for an additional development on the property. Other ways for an investor to increase the yield of the shopping center is to self-manage the property, implement leases to include management fee reimbursements, lease the Master Lease suite at market rents, and implement a triple net lease for the one tenant on a gross lease. Currently, the center provides an investor a day one CAP rate of 8.17 percent, and a 13.33 percent total return after debt service and principal reduction. Heritage Plaza provides an investor a rare opportunity to increase the CAP rate in year two to 9.01 percent and the total return to 16.69 percent after leasing the Master Lease suite at market rents and raising rents on two tenants up for renewal. If an investor were to self-manage, the day one CAP rate would be 8.60 percent. Heritage Plaza is located right outside of Le Triomphe Golf & Country Club which is an exclusive private golf and country club that hosts one of the two PGA Tour events in the state of Louisiana. The average household income within a one mile radius of the property is over $107,000 with an estimated population of over 41,000 within a 5 mile radius.

Investment Highlights

  • 8.17 Percent Year 1 CAP Rate | 9.01 Percent Year 2 Pro-Forma CAP Rate
  • Straight in Line Center Off Highway 90 (37,000+ Vehicles Per Day)
  • 100% Financially Occupied
  • Located on 2.36-Acre Plot of Land with Room for Development

Exclusively Listed By

Shopping Strip

Heritage Plaza

Listing Price: $2,075,000

Cap Rate
8.17%
Gross SF
13,308
Rentable SF
13,308
Price/Gross SF
$155.92
Lot Size
2.36 acres
Year Built
2004

Investment Highlights

  • 8.17 Percent Year 1 CAP Rate | 9.01 Percent Year 2 Pro-Forma CAP Rate
  • Straight in Line Center Off Highway 90 (37,000+ Vehicles Per Day)
  • 100% Financially Occupied
  • Located on 2.36-Acre Plot of Land with Room for Development

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale Heritage Plaza, located at 172 Heritage Pkwy in Broussard, Louisiana. This straight in line retail center is 13,308 square feet situated on a 2.36-acre plot of land, which is located just off Highway 90, which sees over 37,000 vehicles per day. Heritage Plaza provides investors the opportunity to acquire a 100 percent financially occupied center with additional land behind the center that could be used for an additional development on the property. Other ways for an investor to increase the yield of the shopping center is to self-manage the property, implement leases to include management fee reimbursements, lease the Master Lease suite at market rents, and implement a triple net lease for the one tenant on a gross lease. Currently, the center provides an investor a day one CAP rate of 8.17 percent, and a 13.33 percent total return after debt service and principal reduction. Heritage Plaza provides an investor a rare opportunity to increase the CAP rate in year two to 9.01 percent and the total return to 16.69 percent after leasing the Master Lease suite at market rents and raising rents on two tenants up for renewal. If an investor were to self-manage, the day one CAP rate would be 8.60 percent. Heritage Plaza is located right outside of Le Triomphe Golf & Country Club which is an exclusive private golf and country club that hosts one of the two PGA Tour events in the state of Louisiana. The average household income within a one mile radius of the property is over $107,000 with an estimated population of over 41,000 within a 5 mile radius.

Exclusively Listed By

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