Renovated Metairie Commercial/Office
For Sale
$490,000
2882 Cleary Ave, Metairie, LA 70002
Recently renovated commercial/office building in a high-traffic Metairie location.
Property Size1,820 SF
Price / SF$269.23
Days on Market275
Property Features for 2882 Cleary Ave
General Information
Standard status
Active
Size
1,820 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,820 SF
Listing Agency:
(504) 236-7816
Listed By:
Reed Wiley, CCIM · License ##BROK.995704349-ASA
(504) 236-7816
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 23
Last Checked: Aug 23 at 4:11AM
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 Reed Wiley, CCIM
Investment Insights
Based on property information with market context.
Located at 2882 Cleary Ave in Metairie, LA, this 1,820 square foot commercial/office property offers an investment opportunity. The building features two units and is zoned GENERAL COMMERCIAL DISTRICT C-2, allowing for a multitude of uses including office and retail. Situated on a 2,724 square foot lot, the stand-alone building provides off-street parking. The property is positioned at the base of the heavily trafficked Cleary Avenue overpass. Renovations were completed as of 2018. The property has 3-phase power. The GENERAL COMMERCIAL DISTRICT C-2 zoning is composed of land and structures used for retailing goods and furnishing major services, serving a greater population with a wider range of services. The zoning is intended to serve an economic function and is generally located along major thoroughfares.
Key Highlights
- Prime location in the thriving Metairie business district at the base of the heavily trafficked Cleary Avenue overpass.
- Zoned GENERAL COMMERCIAL DISTRICT C‑2, allowing for a multitude of uses including office and retail.
- Recently renovated office improvements of ±1,820 SF.
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
$21,884
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
4.47%
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%
$437,680
$437.7K
Cap Rate 7%
$312,629
$312.6K
Cap Rate 9%
$243,156
$243.2K
Market Conditions
NOI Build-Up for 1,820 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
$36.5K $20.04/SF
− Vacancy
−$7.3K −$4.01/SF
EGI
$29.2K $16.03/SF
− OpEx
−$7.3K −$4.01/SF
NOI
$21.9K $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%
$437,680
Cap Rate 7%
$312,629
Cap Rate 9%
$243,156
Alternative Uses
Best Use
Office B
$312.6K
$273.6K – $364.7K
NOI $21,884 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.2K
$372.9K – $497.2K
NOI $29,834 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,721
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Recently renovated commercial/office building in a high-traffic Metairie location.
Where is this office building located?
The property is located at 2882 Cleary Ave Metairie, LA.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Prime location in the thriving Metairie business district at the base of the heavily trafficked Cleary Avenue overpass.; Zoned GENERAL COMMERCIAL DISTRICT C‑2, allowing for a multitude of uses including office and retail.; Recently renovated office improvements of ±1,820 SF.
