Duplex with Upstairs
For Sale
$672,000
510 NURSERY Avenue, Metairie, LA 70005
Multi-Family, Camelback, Metairie, LA
Property Size2,912 SF
Price / SF$230.77
Days on Market184
Property Features for 510 NURSERY Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Patio and Porch features
Porch
Exterior features
Fence, Porch
Fencing
Fenced
Subdivision
Metairie Ridge
Lot features
Oversized
Standard status
Active
APN
0820031450
Size
2,912 SF
Taxes and HOA fees
Tax Description
LOT 6A SQ 21 METAIRIE RIDGE NURSERY 10617848
Legal Description
LOT 6A SQ 21 METAIRIE RIDGE NURSERY 10617848
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
custom cabinets
granite countertops
stainless steel appliances
walk-in pantry
mudroom
fireplace
jacuzzi tub
spiral staircase
covered patio
detached storage building
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Vonnie Leard
(504) 669-8822
Added: Mar 13
Changed: Aug 19
Last Checked: Sep 12 at 1:06AM
MLS# 2547500
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 2,912-square-foot duplex combines an updated cottage-style residence with an upstairs apartment. The main home includes an open living and dining area, custom kitchen cabinetry, granite countertops, stainless steel appliances, a walk-in pantry, mudroom storage, multiple bedrooms, office space, and two full baths. An added den features 9-foot ceilings, detailed crown molding, a wood/gas fireplace, and built-in entertainment storage. The apartment includes a kitchen, bathroom, sitting room, and two to three bedrooms, with its own exterior access.
Set on an oversized lot in Metairie, the property includes a covered front porch, covered patio, fenced backyard, detached storage building, and secured side entrance. Central heating and central air serve the home, while public water supports the property. The shingle roof and driveway accommodating multiple vehicles add practical features for residential occupancy or supplemental rental use.
Set on an oversized lot in Metairie, the property includes a covered front porch, covered patio, fenced backyard, detached storage building, and secured side entrance. Central heating and central air serve the home, while public water supports the property. The shingle roof and driveway accommodating multiple vehicles add practical features for residential occupancy or supplemental rental use.
Key Highlights
- 2,912‑square‑foot duplex with updated cottage‑style main residence and upstairs apartment
- Upstairs apartment includes a kitchen, bathroom, sitting room, and two to three bedrooms
- Main residence features custom cabinetry, granite countertops, stainless steel appliances, pantry, and mudroom storage
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
$31,140
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
4.63%
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%
$622,800
$622.8K
Cap Rate 7%
$444,857
$444.9K
Cap Rate 9%
$346,000
$346.0K
Market Conditions
NOI Build-Up for 2,912 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
$47.2K $16.20/SF
− Vacancy
−$2.7K −$0.92/SF
EGI
$44.5K $15.28/SF
− OpEx
−$13.3K −$4.58/SF
NOI
$31.1K $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%
$622,800
Cap Rate 7%
$444,857
Cap Rate 9%
$346,000
Alternative Uses
Best Use
Multifamily LT 5
$444.9K
$389.3K – $519.0K
NOI $31,140 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$387.1K
$338.7K – $451.7K
NOI $27,099 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$681.9K
$596.7K – $795.6K
NOI $47,734 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,469
Businesses Nearby
Explore this area
Business Placement
Demographics for 70005, LA
25,431
Population
12,447
Households
2
Avg Household Size
45
Median Age
50%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
6,055
Density / Sq Mi
$86,048
Median Household Income
$53,258
Median Earnings
$1,160
Median Rent
$381,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Expanded cottage layout includes a separate apartment, fenced yard, covered porch, and driveway accommodating multiple vehicles.
Where is this duplex located?
The property is located at 510 NURSERY Avenue Metairie, LA.
What is the asking price?
The asking price for this property is $672,000.
What are key features of this property?
This property features: 2,912‑square‑foot duplex with updated cottage‑style main residence and upstairs apartment; Upstairs apartment includes a kitchen, bathroom, sitting room, and two to three bedrooms; Main residence features custom cabinetry, granite countertops, stainless steel appliances, pantry, and mudroom storage
