Duplex with Standby
New
For Sale
$360,000
2604-2606 Longwood Dr, Metairie, LA 70003
Two vacant residences feature open living areas, fenced outdoor space and covered carport parking.
Property Size2,400 SF
Price / SF$150
Days on Market4
Property Features for 2604-2606 Longwood Dr
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1992
Listing Agency:
Pelican State Realty
Listed By:
Jack Harris · License #995695540
(985) 212-2963
Source:
Dominionplace
Added: Sep 24
Last Checked: Sep 26 at 11:38AM
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 Pelican State Realty
Investment Insights
Based on property information with market context.
Built in 1992, this 2,400-square-foot duplex contains two vacant residences, each with three bedrooms, two bathrooms and an open living area. The interiors have no carpet, and the property includes a whole-home standby generator, a fenced yard and covered carport parking. The structure is elevated; no flood-performance guarantee is stated.
Lafreniere Park is nearby, with shopping and dining options in Metairie a short drive away.
Lafreniere Park is nearby, with shopping and dining options in Metairie a short drive away.
Key Highlights
- 2,400‑square‑foot duplex built in 1992
- Two vacant units, each with 3 bedrooms and 2 bathrooms
- Open living areas and carpet‑free interiors in both residences
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
$25,665
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
7.13%
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%
$513,300
$513.3K
Cap Rate 7%
$366,643
$366.6K
Cap Rate 9%
$285,167
$285.2K
Market Conditions
NOI Build-Up for 2,400 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
$38.9K $16.20/SF
− Vacancy
−$2.2K −$0.92/SF
EGI
$36.7K $15.28/SF
− OpEx
−$11.0K −$4.58/SF
NOI
$25.7K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$513,300
Cap Rate 7%
$366,643
Cap Rate 9%
$285,167
Alternative Uses
Best Use
Multifamily LT 5
$366.6K
$320.8K – $427.8K
NOI $25,665 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$319.1K
$279.2K – $372.2K
NOI $22,334 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$562.0K
$491.8K – $655.7K
NOI $39,341 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
706
Businesses Nearby
Explore this area
Business Placement
Demographics for 70003, LA
40,068
Population
17,479
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
7.0 sq mi
ZIP Area
5,724
Density / Sq Mi
$76,151
Median Household Income
$45,102
Median Earnings
$1,191
Median Rent
$255,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant residences feature open living areas, fenced outdoor space and covered carport parking.
Where is this duplex located?
The property is located at 2604-2606 Longwood Dr Metairie, LA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 2,400‑square‑foot duplex built in 1992; Two vacant units, each with 3 bedrooms and 2 bathrooms; Open living areas and carpet‑free interiors in both residences
