Two-Story Office
For Sale
$999,997
2309 N Hullen Street, Metairie, LA 70001
Flexible office layout with private rooms, reception areas, conference space, and rear-access parking.
Property Size4,600 SF
Days on Market83
Property Features for 2309 N Hullen Street
General Information
Standard status
Active
Size
4,600 SF
Property subtype
Commercial
Zoning
BC2
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Building Size
4,600 SF
Year Built
1988
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty New Orleans
(504) 300-5179
Listed By:
Brittany Picolo · License #995687117
(504) 300-5179
Source:
Nolalivingrealty
Added: Jun 1
Changed: Aug 22
Last Checked: Aug 22 at 2:15PM
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 New Orleans
Investment Insights
Based on property information with market context.
This two-story office building at 2309 N Hullen Street provides a range of private offices, reception areas, conference space, storage rooms, and open work areas. The first level includes a reception area, offices, kitchenette, restroom, and adaptable workspace, while the upper level adds offices, storage, and flexible-use rooms. Updated flooring, contemporary paint, crown molding, and large windows contribute to a clean professional interior.
The property is located in Metairie near Veterans Memorial Boulevard, Causeway Boulevard, and Interstate 10, with access to off-street parking from the rear. BC2 zoning is in place, and the building was constructed in 1988. Occupancy arrangements may be negotiated, with existing tenants potentially remaining or vacating based on the buyer’s preference.
The property is located in Metairie near Veterans Memorial Boulevard, Causeway Boulevard, and Interstate 10, with access to off-street parking from the rear. BC2 zoning is in place, and the building was constructed in 1988. Occupancy arrangements may be negotiated, with existing tenants potentially remaining or vacating based on the buyer’s preference.
Key Highlights
- Two‑story office building constructed in 1988
- 2309 N Hullen Street, Metairie, LA 70001
- BC2 zoning
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
$61,206
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
6.12%
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%
$1,224,120
$1.2M
Cap Rate 7%
$874,371
$874.4K
Cap Rate 9%
$680,067
$680.1K
Market Conditions
NOI Build-Up for 4,600 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
$115.9K $25.20/SF
− Vacancy
−$13.9K −$3.02/SF
EGI
$102.0K $22.18/SF
− OpEx
−$40.8K −$8.87/SF
NOI
$61.2K $13.31/SF
Area
Metairie, LA
Vacancy
12.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,224,120
Cap Rate 7%
$874,371
Cap Rate 9%
$680,067
Alternative Uses
Best Use
Healthcare Medical
$874.4K
$765.1K – $1.02M
NOI $61,206 @ 7.0% cap · market cap 6.12%
Second Best
Office B
$790.1K
$691.4K – $921.8K
NOI $55,310 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.08M
$942.6K – $1.26M
NOI $75,405 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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 building - Flexible office layout with private rooms, reception areas, conference space, and rear-access parking.
Where is this office building located?
The property is located at 2309 N Hullen Street Metairie, LA.
What is the asking price?
The asking price for this property is $999,997.
What are key features of this property?
This property features: Two‑story office building constructed in 1988; 2309 N Hullen Street, Metairie, LA 70001; BC2 zoning
