70046 4th St, Covington, LA 70433
- $2,260,000
- 16,118
- SqFt
- List Price
- $2,260,000
- MLS#
- 2548681
- Status
- ACTIVE
- Type
- Commercial
- Stories
- 1
- Acres
- 1.63
- Living Area
- 16,118
- Parish
- St Tammany
- Subdivision
- Tammany Hills
Property Description
Offered at $2,260,000, this 11-property single-family rental portfolio is a stabilized income investment in Covington, Louisiana, one of the most sought-after residential markets on the Northshore of Lake Pontchartrain. All 11 homes are 3 bedroom, 2 bathroom properties ranging from 1,330 to 1,554 square feet and were built between 2003 and 2016. All 11 properties are located within the same neighborhood, offering an investor operational efficiency PLUS a proven rental track record. Over the last two years, the portfolio generated an NOI of approximately $150,000 to $160,000. It is priced at a 7% cap rate based on the 2025 NOI with gross rents totaling $230,000+. Tenants are long-term and stable, keeping vacancy and turnover costs low and providing reliable cash flow from acquisition. Individual property values are estimated between $210,000 and $240,000. Located in St. Tammany Parish, the portfolio sits within one of Louisiana's strongest demographic and economic submarkets, a market with a 2024 population over 278,000, median household income of nearly $80,000, and consistent annual growth across population, households, and income. Covington serves as the parish's corporate hub, home to Fortune 500 companies and anchored by major healthcare employers including St. Tammany Parish Hospital and Ochsner Medical Center. With top-rated public and private schools, low crime, and easy access to New Orleans via the Causeway, the Northshore consistently attracts quality, long-term residents, making it a highly reliable rental market for this portfolio's continued performance.
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Additional Information
- Sewer
- Public Sewer
- Water
- Public
Mortgage Calculator
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