4-Unit Multifamily
New
For Sale
$549,900
3009 20TH Street, Metairie, LA 70002
Multi-Family, Traditional, Metairie, LA
Property Size3,600 SF
Lot Size0.15 Acres
Price / SF$152.75
Days on Market2
Property Features for 3009 20TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Subdivision
Harlem
Lot features
Regular
Standard status
Active
APN
0820017887
Size
3,600 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
LOT 7A SQ 38 HARLEM PKWY 10708918
Legal Description
LOT 7A SQ 38 HARLEM PKWY 10708918
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
solid cement back patio area
Building Details
Year built
1976
Floors in Building
2
Number of units
4
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Tina Coulon · License #995704977
(504) 908-2910
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 2572963
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 3,600-square-foot quadplex, built in 1976, contains four two-bedroom, one-bath units. Two apartments are leased on month-to-month terms at $1,100 per month, while the other two are vacant and ready for occupancy. The property includes central heating and central air, vinyl insulated windows, a shingle roof, and a cement rear patio area. Public water service is in place, and driveway parking provides two spaces per unit, or eight spaces total.
The property is located in Metairie, LA 70002, near Lakeside Shopping Center, dining, and local businesses. Its 0.1488-acre site supports a four-unit residential income configuration with a combination of existing tenancy and available units.
The property is located in Metairie, LA 70002, near Lakeside Shopping Center, dining, and local businesses. Its 0.1488-acre site supports a four-unit residential income configuration with a combination of existing tenancy and available units.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a 3,600‑square‑foot quadplex
- Two units leased month‑to‑month at $1,100/mo; two units vacant and move‑in ready
- Eight off‑street driveway parking spaces, with 2 spots per unit
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
$38,497
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
7.00%
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%
$769,940
$769.9K
Cap Rate 7%
$549,957
$550.0K
Cap Rate 9%
$427,744
$427.7K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$3.3K −$0.92/SF
EGI
$55.0K $15.28/SF
− OpEx
−$16.5K −$4.58/SF
NOI
$38.5K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$769,940
Cap Rate 7%
$549,957
Cap Rate 9%
$427,744
Alternative Uses
Best Use
Multifamily LT 5
$550.0K
$481.2K – $641.6K
NOI $38,497 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$478.6K
$418.8K – $558.4K
NOI $33,502 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$843.0K
$737.7K – $983.5K
NOI $59,012 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,474
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?
Quadplex - Four two-bedroom units offer a mix of occupied and move-in-ready space with dedicated off-street parking.
Where is this quadplex located?
The property is located at 3009 20TH Street Metairie, LA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a 3,600‑square‑foot quadplex; Two units leased month‑to‑month at $1,100/mo; two units vacant and move‑in ready; Eight off‑street driveway parking spaces, with 2 spots per unit
