Six-Unit Apartment
For Sale
$735,000
3005 LAKE VILLA Drive, Metairie, LA 70002
MULTI_FAMILY - Metairie, LA
Property Size4,580 SF
Lot Size0.16 Acres
Price / SF$160.48
Days on Market99
Property Features for 3005 LAKE VILLA Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Assigned, Off Street
Subdivision
Lake Villas
Lot features
Oversized, Regular
Standard status
Active
APN
0820030953
Size
4,580 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LOT 9 SQ 36 SEC D LAKE VILLA SUB
Legal Description
LOT 9 SQ 36 SEC D LAKE VILLA SUB
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1975
Floors in Building
2
Number of units
6
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty New Orleans
(504) 862-0100
Listed By:
Lori Scott · License #S55873
(504) 862-0100
Added: Apr 23
Changed: Jul 16
Last Checked: Jul 30 at 4:06PM
MLS# 2554628
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale multifamily property consists of six apartment units: five 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The 1-bedroom unit is currently occupied as the manager’s unit. Tenants are responsible for electric, while the owner pays water. Coin-operated washers and dryers are located on-site in a common area to the rear of the building. Each unit has an assigned parking lane that holds up to two cars. The seller states that all underground plumbing has been replaced a few years ago.
The property is located at 3005 LAKE VILLA Drive in Metairie, in Jefferson Parish. Public remarks note easy access to the interstate and Veterans Hwy, along with nearby bus stops, restaurants, and grocery options.
For tenants or operators, the building offers a straightforward mix of 2-bedroom and 1-bedroom floorplans, along with shared on-site laundry facilities and designated parking for residents. The stated utility split between tenant electric and owner water may help streamline budgeting and operating expectations. Buyers should perform their own due diligence, including flood-zone verification, as noted in the remarks.
The property is located at 3005 LAKE VILLA Drive in Metairie, in Jefferson Parish. Public remarks note easy access to the interstate and Veterans Hwy, along with nearby bus stops, restaurants, and grocery options.
For tenants or operators, the building offers a straightforward mix of 2-bedroom and 1-bedroom floorplans, along with shared on-site laundry facilities and designated parking for residents. The stated utility split between tenant electric and owner water may help streamline budgeting and operating expectations. Buyers should perform their own due diligence, including flood-zone verification, as noted in the remarks.
Key Highlights
- 6‑plex in Metairie built in 1975 with 5 units (2 bed/1 bath) and 1 unit (1 bed/1 bath) that serves as the manager’s unit
- Currently rented at $6,125/month; rent pro forma of $7,400/month (tenants pay electric, owner pays water)
- Coin‑operated washer and dryer in a common rear area; current laundry income is $350/month
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.4k | $18.00 |
| − Vacancy | −$4.9k | −$1.08 |
| EGI | $77.5k | $16.92 |
| − OpEx | −$34.9k | −$7.61 |
| NOI | $42.6k | $9.31 |
4,580 SF · lease $18.00/SF/yr · vacancy 6.00% · expense 45.00%
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 - Six residential units with on-site coin laundry and assigned parking, offered for sale in Metairie, Louisiana.
Where is this apartment building located?
The property is located at 3005 LAKE VILLA Drive 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: 6‑plex in Metairie built in 1975 with 5 units (2 bed/1 bath) and 1 unit (1 bed/1 bath) that serves as the manager’s unit; Currently rented at $6,125/month; rent pro forma of $7,400/month (tenants pay electric, owner pays water); Coin‑operated washer and dryer in a common rear area; current laundry income is $350/month
