11-Unit Office Investment
For Sale
$895,000
2305 N Hullen St, Metairie, LA 70001
An 11-unit office property offers combined suites and off-street parking in a business core district setting.
Property Size6,228 SF
Price / SF$143.71
Days on Market86
Property Features for 2305 N Hullen St
General Information
Standard status
Active
Size
6,228 SF
Zoning
BC-2
Additional Details
Office Units
11
Listing Agency:
Homesmart Realty South
(504) 610-6522
Listed By:
Maureen Matthews · License #000008926
(504) 610-6522
Source:
Exprealty
Added: May 15
Changed: Jul 10
Last Checked: Aug 8 at 9:15AM
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 Homesmart Realty South
Investment Insights
Based on property information with market context.
This for-sale commercial property includes 11 office units within a single investment building. Several of the units are currently combined, creating larger office configurations. The improvements are listed at approximately 6,228 square feet post Ida, and the lot is approximately 8,150 square feet.
The property is located in an area described as having high density and intensity development along principal thoroughfares. It is zoned BC-2, Business Core District. The surrounding mix is described as office, retail, and service uses.
For tenants and buyers, the multi-unit setup and combined suites can support a range of office occupancy needs, from smaller teams to larger groups that benefit from consolidated space. Off-street parking is provided on the property, and the BC-2 zoning supports continued commercial use within an established office and retail/service environment.
The property is located in an area described as having high density and intensity development along principal thoroughfares. It is zoned BC-2, Business Core District. The surrounding mix is described as office, retail, and service uses.
For tenants and buyers, the multi-unit setup and combined suites can support a range of office occupancy needs, from smaller teams to larger groups that benefit from consolidated space. Off-street parking is provided on the property, and the BC-2 zoning supports continued commercial use within an established office and retail/service environment.
Key Highlights
- 11‑unit office/investment property with several suites currently combined
- Zoned BC‑2, Business Core District
- Approximately 6,228 SF of improvements post Ida
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
$78,028
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
8.72%
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%
$1,560,560
$1.6M
Cap Rate 7%
$1,114,686
$1.1M
Cap Rate 9%
$866,978
$867.0K
Market Conditions
NOI Build-Up for 6,228 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
$117.3K $18.84/SF
− Vacancy
−$5.9K −$0.94/SF
EGI
$111.5K $17.90/SF
− OpEx
−$33.4K −$5.37/SF
NOI
$78.0K $12.53/SF
Area
Metairie, LA
Vacancy
5.00%
Lease Rate
$18.84 /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%
$1,560,560
Cap Rate 7%
$1,114,686
Cap Rate 9%
$866,978
Alternative Uses
Best Use
Retail
$1.11M
$975.4K – $1.30M
NOI $78,028 @ 7.0% cap · market cap 8.72%
Second Best
Office B
$1.07M
$936.1K – $1.25M
NOI $74,885 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,091 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
Location Intelligence
Trade Area within ½ mile
1,961
Businesses Nearby
Explore this area
Business Placement
Demographics for 70001, LA
40,068
Population
19,103
Households
2.1
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
6.5 sq mi
ZIP Area
6,164
Density / Sq Mi
$70,187
Median Household Income
$43,662
Median Earnings
$1,145
Median Rent
$313,300
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 - An 11-unit office property offers combined suites and off-street parking in a business core district setting.
Where is this office units located?
The property is located at 2305 N Hullen St Metairie, LA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 11‑unit office/investment property with several suites currently combined; Zoned BC‑2, Business Core District; Approximately 6,228 SF of improvements post Ida
