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    504 Nursery Ave Metairie, LA 70005

    Sponsored
    For Sale
    $649,000

    Traditional, 3 Plex - Metairie, LA

    Property size:
    1,993 SF
    Lot size:
    0.20 Acres
    Days on Market:
    6
    Last Refresh:
    Feb 2 at 6:06 pm

    Property Features for 504 Nursery Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Parking features
    Garage
    Patio and Porch features
    Porch
    EntryLevel
    1
    Exterior features
    Fence, Porch
    Fencing
    Fenced
    Size
    1,993 SF
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Window Unit(s)

    Building Details

    Floors in Building
    1
    Number of units
    3
    Building materials
    Brick
    Roof type
    Shingle
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Judy Walker

    Keller Williams Realty 455-0100 (504) 669-8822

    Listing agent Judy Walker (504) 455-0100

    Listing date Jan 28, 2026

    MLS# 2540151 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Metairie Triplex with Oversized Garage

    This triplex is located in the heart of Old Metairie, Louisiana, near the Canal Street jogging path and Metairie Road shopping and dining. The property features a 2BR/2BA unit with an office, a 2BR/1BA unit, and a 1BR/1BA unit. The 2BR/2BA unit includes a spacious kitchen with quartz countertops, stainless steel appliances, a wine cooler, luxury vinyl plank flooring, and updated bathrooms. The 2BR/1BA unit offers natural hardwood flooring and an open floor plan. The 1BR/1BA unit has been fully renovated with new cabinetry, quartz countertops, tile flooring, and stainless-steel appliances. Each unit has its own private laundry. The detached garage measures 20’ x 30’ and provides space for parking, storage, or workshop use. The main house roof was replaced in 2020, and the detached garage roof was replaced in 2022. The property is situated on a 0.198-acre lot. The property is suitable for both owner-occupants and investors and has a total area of 1993 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.1281405
    Latitude
    29.994935

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    FAQs

    What type of property is this?
    Triplex - Triplex in Old Metairie near Canal St jogging path.
    Where is this triplex located?
    The property is located at 504 Nursery Ave Metairie, LA.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: - Rare triplex in the desirable Old Metairie location, near Canal St jogging path, Metairie Road shopping, and dining.; - Oversized 20’ x 30’ detached double garage for parking, storage, or workshop.; - Three separate units: a 2BR/2BA with office, a 2BR/1BA, and a fully renovated 1BR/1BA, each with private laundry.
    (504) 455-0100
    Request Owner's contact information
    504 Nursery Ave Metairie, LA 70005
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    Metairie, LA 70005
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    504 Nursery Ave Metairie, LA 70005
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    We can help!
    Listing Contact
    Judy Walker
    (504) 455-0100
    Learn more
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