Six-Unit Apartment
For Sale
$735,000
3005 Lake Villa Dr, Metairie, LA 70002
Unit mix includes five two-bedroom residences and one one-bedroom manager’s unit, with on-site laundry and assigned parking.
Property Size4,580 SF
Price / SF$160.48
Days on Market44
Property Features for 3005 Lake Villa Dr
General Information
Standard status
Active
Size
4,580 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
6
Amenities
coin operated washers and dryers
Building Details
Year Built
1975
Buildings
1
Listing Agency:
Keller Williams Realty New Orleans
Listed By:
Lori Scott · License #S55873
(504) 975-1690
Source:
Dominionplace
Added: Jul 21
Changed: Aug 31
Last Checked: Sep 1 at 9:28PM
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 4,580 SF apartment property, built in 1975, contains six units: five two-bedroom, one-bath residences and one one-bedroom, one-bath manager’s unit. Each residence has an assigned parking lane accommodating 2 cars. Coin-operated washers and dryers are located in a common-area laundry room at the rear of the building. Underground plumbing has been replaced in recent years, and tenants pay electric service while ownership pays water.
The property is located at 3005 Lake Villa Dr in Metairie, with access to the interstate, Veterans Hwy, bus stops, restaurants, and grocery stores. Raising Cane’s Chicken and MOOYAH Burgers on Veterans are 1 1/2 blocks away. The combination of a defined unit mix, on-site laundry, dedicated parking, and nearby daily services provides a practical multifamily configuration.
The property is located at 3005 Lake Villa Dr in Metairie, with access to the interstate, Veterans Hwy, bus stops, restaurants, and grocery stores. Raising Cane’s Chicken and MOOYAH Burgers on Veterans are 1 1/2 blocks away. The combination of a defined unit mix, on-site laundry, dedicated parking, and nearby daily services provides a practical multifamily configuration.
Key Highlights
- Six‑unit apartment property with five 2‑bedroom units and one 1‑bedroom manager’s unit
- 4,580 SF building constructed in 1975
- Each unit has an assigned parking lane holding 2 cars
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
$42,621
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
5.80%
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%
$852,420
$852.4K
Cap Rate 7%
$608,871
$608.9K
Cap Rate 9%
$473,567
$473.6K
Market Conditions
NOI Build-Up for 4,580 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
$82.4K $18.00/SF
− Vacancy
−$4.9K −$1.08/SF
EGI
$77.5K $16.92/SF
− OpEx
−$34.9K −$7.61/SF
NOI
$42.6K $9.31/SF
Area
Metairie, LA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$852,420
Cap Rate 7%
$608,871
Cap Rate 9%
$473,567
Alternative Uses
Best Use
Apartment 5plus
$608.9K
$532.8K – $710.4K
NOI $42,621 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$938.5K – $1.25M
NOI $75,077 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,695
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?
Apartment building - Unit mix includes five two-bedroom residences and one one-bedroom manager’s unit, with on-site laundry and assigned parking.
Where is this apartment building located?
The property is located at 3005 Lake Villa Dr Metairie, LA.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Six‑unit apartment property with five 2‑bedroom units and one 1‑bedroom manager’s unit; 4,580 SF building constructed in 1975; Each unit has an assigned parking lane holding 2 cars
