Renovated Quadplex With Private
For Sale
$589,900
3004 Melville Dewey Dr, Metairie, LA 70002
Four residential units offer spacious layouts, dedicated laundry rooms, storage, and individual outdoor patio areas.
Property Size4,400 SF
Price / SF$134.07
Days on Market20
Property Features for 3004 Melville Dewey Dr
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Amenities
laundry rooms
built-in office nooks
patio
Building Details
Year Renovated
2006
Buildings
1
Listing Agency:
Monument Real Estate, LLC
(985) 969-3960
Listed By:
Thomas Anthony · License #995707427
(985) 969-3960
Source:
Exprealty
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 22 at 12:44PM
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 Monument Real Estate, LLC
Investment Insights
Based on property information with market context.
This 4,400-square-foot quadplex contains four well-configured residential units with spacious interiors and practical built-in features. Each unit includes a full laundry room, substantial cabinetry and storage, an office nook, and a private patio. The property was fully renovated in 2006, when a pitched metal roof was also installed.
Located at 3004 Melville Dewey Dr in Metairie, the building sits two blocks from Causeway Blvd, providing convenient access for commuting and nearby travel. The four-unit configuration, renovated improvements, and individual outdoor areas create a clearly defined multifamily asset.
Located at 3004 Melville Dewey Dr in Metairie, the building sits two blocks from Causeway Blvd, providing convenient access for commuting and nearby travel. The four-unit configuration, renovated improvements, and individual outdoor areas create a clearly defined multifamily asset.
Key Highlights
- Four‑unit quadplex totaling 4,400 square feet
- Fully renovated in 2006
- Pitched metal roof added during the 2006 renovation
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
$47,052
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
7.98%
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%
$941,040
$941.0K
Cap Rate 7%
$672,171
$672.2K
Cap Rate 9%
$522,800
$522.8K
Market Conditions
NOI Build-Up for 4,400 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
$71.3K $16.20/SF
− Vacancy
−$4.1K −$0.92/SF
EGI
$67.2K $15.28/SF
− OpEx
−$20.2K −$4.58/SF
NOI
$47.1K $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%
$941,040
Cap Rate 7%
$672,171
Cap Rate 9%
$522,800
Alternative Uses
Best Use
Multifamily LT 5
$672.2K
$588.2K – $784.2K
NOI $47,052 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$584.9K
$511.8K – $682.4K
NOI $40,946 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$1.03M
$901.6K – $1.20M
NOI $72,126 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 70002, LA
19,857
Population
9,585
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
6,205
Density / Sq Mi
$65,576
Median Household Income
$50,983
Median Earnings
$1,128
Median Rent
$379,400
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?
Quadplex - Four residential units offer spacious layouts, dedicated laundry rooms, storage, and individual outdoor patio areas.
Where is this quadplex located?
The property is located at 3004 Melville Dewey Dr Metairie, LA.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: Four‑unit quadplex totaling 4,400 square feet; Fully renovated in 2006; Pitched metal roof added during the 2006 renovation
