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    Metairie Bar with Apartment Potential Title is generated by Realmo AI

    3408 28 St, Metairie, LA

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    Turn-key bar with income-producing apartment potential near Causeway.

    Type:RETAIL
    Lot size:
    0.13 Acres
    Added:
    Jan 14, 2025
    Days on Market:
    506
    Last Refresh:
    May 20 at 9:47 pm

    Property Features for 3408 28 St

    General Information

    Standard status
    Active
    Lot size
    0.13 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Aaron Kazanoff
    Aaron Kazanoff

    Listing agent Aaron Kazanoff License #995700882

    Listing office ben + burka

    Listing date Jan 14, 2025

    Source Moodyscre

    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 ben + burka

    HighLights

    • Turn‑key, fully equipped 2,400 SF bar space on the ground floor.
    • Two 2‑bedroom apartment units (in shell condition) on the second floor offer income potential or alternative use.
    • BC‑2 zoning allows for diverse uses including retail, restaurant, office, and multifamily, plus grandfathered bar/video poker use.
    • Ample off‑street parking.
    • New roof and durable cinderblock, concrete, and steel construction.
    • Located near the Causeway/I‑10 interchange in Metairie, close to businesses, restaurants, and shopping.

    Overview

    Located near the Causeway/I-10 interchange in Metairie, 3408 28th Street features approximately 2,400 SF of fully built-out, turn-key bar space on the ground floor. The second floor contains two 2-bedroom apartment units in shell condition. The property benefits from ample off-street parking, signage, and covered balconies. It comes fully equipped as a bar, with the potential for income-producing apartments or other uses on the 2nd floor. Constructed of cinderblock, concrete, and steel, the building has a new roof. The site is zoned BC-2, which allows for a variety of uses including retail, restaurant, office, and multifamily. The property is currently grandfathered in as a bar with video poker. The location is in close proximity to a number of local businesses, restaurants, and retailers, including the Comfort Inn at the Copeland Tower, Whole Foods Market, Outback Steakhouse, and all of the shopping and dining along Veterans Memorial Blvd and the Lakeside Shopping Center.
    Property Profile Location Intelligence

    Current Use by Public Records

    Caliber Appliance Service Home Appliance Store The Gas Station Bar Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Vogue Bar & Cafe — 2708 N Hullen St, Metairie, LA 70002
    • Round House Bar and Grill — 2261 N Causeway Blvd, Metairie, LA 70001
    • The Gas Station Bar — 3408 28th St, Metairie, LA 70002
    • Rawbar Inc — 2508 metairie lawn dr, metairie, la 70002
    • Hedges Bar & Grill — 4 Galleria Blvd, Metairie, LA 70001

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.1589
    Latitude
    29.9995

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    FAQs

    What type of property is this?
    Bar & Pub - Turn-key bar with income-producing apartment potential near Causeway.
    Where is this bar & pub located?
    The property is located at 3408 28 St Metairie, LA.
    What is the asking price?
    The asking price for this property is $565,000.
    What are key features of this property?
    This property features: Turn‑key, fully equipped 2,400 SF bar space on the ground floor.; Two 2‑bedroom apartment units (in shell condition) on the second floor offer income potential or alternative use.; BC‑2 zoning allows for diverse uses including retail, restaurant, office, and multifamily, plus grandfathered bar/video poker use.
    (512) 799-3069 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Aaron Kazanoff
    Aaron Kazanoff
    Real Estate License ID: 995700882
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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.

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