Ground-Floor Office
For Sale
$200,000
1-3524 16th St, Metairie, LA 70002
Tenant-occupied office unit with private offices, reception space, a restroom, kitchen area, and shared surface parking.
Property Size937 SF
Price / SF$213.45
Days on Market11
Property Features for 1-3524 16th St
General Information
Standard status
Active
Size
937 SF
Total Parking Spaces
14
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Floor
Ground Floor
HOA Fee
$362
Building Details
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Blanca Johnson
(504) 496-5100
Source:
Exprealty
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 9 at 9:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This ground-floor office condominium contains approximately 937 SF with two private offices, a dedicated reception and waiting area, a private restroom, and a kitchen or break area. The unit is currently occupied under a month-to-month lease and includes access to approximately 14 shared surface parking spaces.
The property is located at 1-3524 16th St in Metairie, just off Severn Avenue and a few blocks from Lakeside Shopping Center. Veterans Memorial Boulevard, Causeway Boulevard, and I-10 are accessible from the property, supporting convenient travel for staff and visitors. Its condominium setting and compact office layout provide a defined commercial workspace with existing occupancy.
The property is located at 1-3524 16th St in Metairie, just off Severn Avenue and a few blocks from Lakeside Shopping Center. Veterans Memorial Boulevard, Causeway Boulevard, and I-10 are accessible from the property, supporting convenient travel for staff and visitors. Its condominium setting and compact office layout provide a defined commercial workspace with existing occupancy.
Key Highlights
- Approximately 937 SF ground‑floor office condominium
- Two private offices plus reception and waiting area
- Private restroom and kitchen/break area
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
$11,266
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
5.63%
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%
$225,320
$225.3K
Cap Rate 7%
$160,943
$160.9K
Cap Rate 9%
$125,178
$125.2K
Market Conditions
NOI Build-Up for 937 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
$18.8K $20.04/SF
− Vacancy
−$3.8K −$4.01/SF
EGI
$15.0K $16.03/SF
− OpEx
−$3.8K −$4.01/SF
NOI
$11.3K $12.02/SF
Area
Metairie, LA
Vacancy
20.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$225,320
Cap Rate 7%
$160,943
Cap Rate 9%
$125,178
Alternative Uses
Best Use
Office B
$160.9K
$140.8K – $187.8K
NOI $11,266 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.4K
$192.0K – $256.0K
NOI $15,360 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,082
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Tenant-occupied office unit with private offices, reception space, a restroom, kitchen area, and shared surface parking.
Where is this office units located?
The property is located at 1-3524 16th St Metairie, LA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Approximately 937 SF ground‑floor office condominium; Two private offices plus reception and waiting area; Private restroom and kitchen/break area
