531 PAPWORTH Avenue, Metairie, LA 70005
- Added:
- Jun 20, 2026
- Days on Market:
- 8
- Last Refresh:
- Jun 27 at 5:06 pm
Property Features for 531 PAPWORTH Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Driveway
- Exterior features
- Fence
- Fencing
- Fenced
- Standard status
- Active
- APN
- 0820036646
- Size
- 2,832 SF
Taxes and HOA fees
- Tax Description
- LOT T SQ 19 METAIRIE RIDGE 108 21820 10901946
Utilities
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1981
- Floors in Building
- 2
- Number of units
- 2
- Roof type
- Shingle
- Architectural style
- Other
Listing agent Joy Patin License #995689789 (504) 289-4377
Listing office Prime Real Estate Partners, LLC 1221 Beverly Garden Drive, Metairie, LA (504) 400-4969
Listing date Jun 20, 2026
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.
HighLights
- Double townhome in Old Metairie with two separate units and private backyards
- Each side offers 1,416 SF with 3 bedrooms and 1.5 bathrooms
- Laundry room on each side
- Central heating and central A/C
- Completely updated on the 531 side with LVP/laminate flooring, quartz countertops, stainless appliances, and a gas range
- 533 side includes kitchen and bathroom renovations; fenced yard and driveway parking
Overview
Located at 531 Papworth Avenue in Metairie, this property is positioned for convenient access within the greater New Orleans area, making it practical for tenants and everyday living.
From a tenant-fit standpoint, the layout supports straightforward occupancy with distinct living spaces, private outdoor areas, and in-unit laundry on both sides. For buyers considering an owner-live-and-rent approach, the two units provide a built-in rental component while still maintaining a separate home on one side. The combination of updates on one side and kitchen and bath renovations on the other may help reduce near-term refresh needs for a new owner.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.9k | $16.20 |
| − Vacancy | −$2.6k | −$0.92 |
| EGI | $43.3k | $15.28 |
| − OpEx | −$13.0k | −$4.58 |
| NOI | $30.3k | $10.69 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Metairie
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.126712
- Latitude
- 29.995754
