Multi-Unit Office
For Sale
$895,000
2305 N HULLEN Street, Metairie, LA 70001
COMMERCIAL - Metairie, LA
Property Size6,228 SF
Lot Size0.19 Acres
Price / SF$143.71
Days on Market104
Property Features for 2305 N HULLEN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BC2
Parking features
Off Street
Subdivision
Athania Place Annex
Lot features
Regular
Standard status
Active
APN
820031275
Size
6,228 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Lots 229 & 230 Athania Pl Annex
Legal Description
Lots 229 & 230 Athania Pl Annex
Utilities
Water source
Public
Building Details
Year built
1983
Floors in Building
2
Listing Agency:
Homesmart Realty South · HomeSmart International
(504) 908-7653
Listed By:
Maureen Matthews · License #000008926
(504) 610-6522
Added: Apr 27
Changed: Aug 4
Last Checked: Aug 8 at 5:06PM
MLS# 2558291
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is an 11-unit office investment property with several units currently combined. The improvements are approximately 6,228 square feet, with updates described as post-Ida. The site includes a lot of approximately 8,150 square feet and provides supplemental off-street parking.
The property is located at 2305 N Hullen Street in Metairie, Louisiana. It is zoned BC2 (Business Core District) and positioned in an area characterized by high density and intensity development along principal thoroughfares, with office, retail, and service uses in the surrounding areas.
The property is located at 2305 N Hullen Street in Metairie, Louisiana. It is zoned BC2 (Business Core District) and positioned in an area characterized by high density and intensity development along principal thoroughfares, with office, retail, and service uses in the surrounding areas.
Key Highlights
- 11‑unit office/investment property built in 1983
- Approximately 6,228 SF of improvements post Ida
- Zoned BC‑2, Business Core District
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$74,885
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,497,700
$1.5M
Cap Rate 7%
$1,069,786
$1.1M
Cap Rate 9%
$832,056
$832.1K
Market Conditions
NOI Build-Up for 6,228 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$124.8K $20.04/SF
− Vacancy
−$25.0K −$4.01/SF
EGI
$99.8K $16.03/SF
− OpEx
−$25.0K −$4.01/SF
NOI
$74.9K $12.02/SF
Area
Metairie, LA
Vacancy
20.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,497,700
Cap Rate 7%
$1,069,786
Cap Rate 9%
$832,056
Alternative Uses
Best Use
Office B
$1.07M
$936.1K – $1.25M
NOI $74,885 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,091 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,961
Businesses Nearby
Explore this area
Business Placement
Demographics for 70001, LA
40,068
Population
19,103
Households
2.1
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
6.5 sq mi
ZIP Area
6,164
Density / Sq Mi
$70,187
Median Household Income
$43,662
Median Earnings
$1,145
Median Rent
$313,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - 11-unit office investment property with post–Ida improvements and supplemental off-street parking.
Where is this office units located?
The property is located at 2305 N HULLEN Street Metairie, LA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 11‑unit office/investment property built in 1983; Approximately 6,228 SF of improvements post Ida; Zoned BC‑2, Business Core District
