Two-Story Professional Office
For Sale
$1,150,000
2309 N Hullen St, Metairie, LA 70001
BC2-zoned commercial office property with private offices, reception areas, conference space, storage, and rear off-street parking.
Property Size4,600 SF
Price / SF$250
Days on Market51
Property Features for 2309 N Hullen St
General Information
Standard status
Active
Size
4,600 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1988
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty New Orleans
(504) 300-5179
Listed By:
Brittany Picolo · License #995687117
Source:
Fiorellaavenue
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 25 at 4:34AM
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.
Built in 1988, this 4,600-square-foot office property is arranged across two levels with multiple private offices, reception and waiting areas, conference space, open work areas, storage rooms, and flexible-use rooms. The first floor includes a kitchenette, restroom, executive-style offices, and adaptable workspace, while the upper level provides additional offices and storage. Updated flooring, modern paint, crown molding, and large windows contribute to a finished professional interior.
The property is located at 2309 N Hullen St in Metairie, with rear access and multiple off-street parking spaces. Veterans Memorial Boulevard, Causeway Boulevard, and Interstate 10 are all identified as nearby access points. Existing occupancy may be negotiated, with tenants potentially remaining or vacating based on the buyer’s preference.
The property is located at 2309 N Hullen St in Metairie, with rear access and multiple off-street parking spaces. Veterans Memorial Boulevard, Causeway Boulevard, and Interstate 10 are all identified as nearby access points. Existing occupancy may be negotiated, with tenants potentially remaining or vacating based on the buyer’s preference.
Key Highlights
- 4,600‑square‑foot office building on two levels
- BC2 zoning
- Multiple private offices, reception areas, conference space, and open work areas
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
5.32%
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 5.32%
Second Best
Office B
$790.1K
$691.4K – $921.8K
NOI $55,310 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.08M
$942.6K – $1.26M
NOI $75,405 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - BC2-zoned commercial office property with private offices, reception areas, conference space, storage, and rear off-street parking.
Where is this office building located?
The property is located at 2309 N Hullen St Metairie, LA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 4,600‑square‑foot office building on two levels; BC2 zoning; Multiple private offices, reception areas, conference space, and open work areas
