Offered for sale are two office buildings, 4141 Veterans and 3330 Lake Villa, which together comprise 38,601 square feet of Class B office space in the Metairie submarket. 4141 Veterans is a three story building totaling 32,745 square feet. 3330 Lake Villa is two stories totaling 5,856 square feet. Both buildings are steel frame construction.

The Metairie office market is strong; occupancy rates are 92% for the Class A and B markets. The average Class B rent is $19.55 per foot. The subject properties have been at 100% occupancy for approximately 18 months. The average rental rate at 4141 Veterans is $18.08, and the average rate at 3330 Lake Villa is $15.58, which leaves room for an investor to increase rates to match market conditions.

The two buildings have parking lots adjacent to each other, with 170' of frontage on Veterans, 214' on Yale St, and 76' on Lake Villa. Total land size is 48,980 square feet. Given the demand for retail sites in this area on Veterans between Lakeside and Clearview malls, there is underlying potential at this site for redevelopment. The proximity to East Jefferson Hospital makes the site desirable for medical uses as well.

Location Description:

Located on Veterans between Causeway and Clearview, near to East Jefferson Hospital. The property is ideally located for office, retail, and medical uses.

Highlights:

>> Veterans frontage

>> Location has long term redevelopment potential

>> Stable occupancy - very little tenant turnover

>> Current rents are slightly under market. New owner can bump rents as tenants renew

>> Close to EJGH; appeals to medical users

>> Recently completed work to elevator and complete replacement of chiller system

>> On site, professional management since 2008

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** This property also has spaces available for lease.

All cash to seller