Six-Unit Apartment
For Sale
$735,000
3005 LAKE VILLA Drive, Metairie, LA 70002
MULTI_FAMILY - Metairie, LA
Property Size4,580 SF
Lot Size0.16 Acres
Price / SF$160.48
Days on Market129
Property Features for 3005 LAKE VILLA Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street, Assigned
Subdivision
Lake Villas
Lot features
Oversized, Regular
Standard status
Active
APN
0820030953
Size
4,580 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LOT 9 SQ 36 SEC D LAKE VILLA SUB
Legal Description
LOT 9 SQ 36 SEC D LAKE VILLA SUB
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
coin operated washers and dryers
assigned parking
Building Details
Year built
1975
Floors in Building
2
Number of units
6
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Lori Scott · License #S55873
(504) 862-0100
Added: Apr 23
Changed: Aug 11
Last Checked: Aug 29 at 1:06AM
MLS# 2554628
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 six-unit apartment building offers five two-bedroom, one-bath units and one one-bedroom, one-bath unit that is currently used as the manager’s unit. The property is approximately 4,580 SF on a 0.155-acre lot and was built in 1975. Heating and cooling are provided by central systems.
Laundry facilities are coin operated, with washers and dryers located in a common area at the rear of the building. Each unit has an assigned parking lane with space that holds two cars each, and parking is provided off street. Tenants pay electricity while the owner pays water. Underground plumbing has been replaced a few years back.
The building is serviced by public water and has an asphalt shingle roof. The location in Metairie provides easy access to the interstate, Veterans Hwy, bus stops, restaurants, and groceries. Buyer and buyer’s agent should complete their own due diligence, including flood-zone verification.
Laundry facilities are coin operated, with washers and dryers located in a common area at the rear of the building. Each unit has an assigned parking lane with space that holds two cars each, and parking is provided off street. Tenants pay electricity while the owner pays water. Underground plumbing has been replaced a few years back.
The building is serviced by public water and has an asphalt shingle roof. The location in Metairie provides easy access to the interstate, Veterans Hwy, bus stops, restaurants, and groceries. Buyer and buyer’s agent should complete their own due diligence, including flood-zone verification.
Key Highlights
- 6 units: five 2 bed, 1 bath and one 1 bed, 1 bath
- 0.155‑acre lot with 4,580 SF building
- Built in 1975 with central heat and central air
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
$42,621
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
5.80%
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%
$852,420
$852.4K
Cap Rate 7%
$608,871
$608.9K
Cap Rate 9%
$473,567
$473.6K
Market Conditions
NOI Build-Up for 4,580 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
$82.4K $18.00/SF
− Vacancy
−$4.9K −$1.08/SF
EGI
$77.5K $16.92/SF
− OpEx
−$34.9K −$7.61/SF
NOI
$42.6K $9.31/SF
Area
Metairie, LA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$852,420
Cap Rate 7%
$608,871
Cap Rate 9%
$473,567
Alternative Uses
Best Use
Apartment 5plus
$608.9K
$532.8K – $710.4K
NOI $42,621 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$938.5K – $1.25M
NOI $75,077 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,695
Businesses Nearby
Explore this area
Business Placement
Demographics for 70002, LA
19,857
Population
9,585
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
6,205
Density / Sq Mi
$65,576
Median Household Income
$50,983
Median Earnings
$1,128
Median Rent
$379,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Central HVAC and off-street assigned parking support a six-unit rental building with updated underground plumbing.
Where is this apartment building located?
The property is located at 3005 LAKE VILLA Drive Metairie, LA.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 6 units: five 2 bed, 1 bath and one 1 bed, 1 bath; 0.155‑acre lot with 4,580 SF building; Built in 1975 with central heat and central air
