3005 LAKE VILLA Drive, Metairie, LA 70002
COMMERCIAL - Metairie, LA
- Added:
- Apr 23, 2026
- Days on Market:
- 56
- Last Refresh:
- Jun 17 at 6:06 am
Property Features for 3005 LAKE VILLA Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- R3
- Parking features
- Driveway, Assigned, Off Street
- 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
Utilities
- Water source
- Public
Building Details
- Year built
- 1975
- Floors in Building
- 2
Listing agent Lori Scott License #S55873 (504) 862-0100
Listing office Keller Williams Realty New Orleans 8601 Leake Ave., New Orleans, LA (504) 862-0100
Listing date Apr 23, 2026
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.
HighLights
- 6‑plex built in 1975 with five 2BD/1BA units and one 1BD/1BA manager’s unit.
- Currently under rented at $6,125/month; pro forma rent listed at $7,400/month.
- Tenants pay electric; owner pays water.
- Coin‑operated washers and dryers on site generating $350/month income.
- All underground plumbing replaced a few years ago.
- Assigned off‑street parking/driveway: each unit has an assigned parking lane holding 2 cars each.
Overview
The property is located in Metairie, Louisiana, on a 0.155-acre site and zoned R3. Tenants are responsible for electricity, while the owner pays water. The building also has straightforward access to the interstate, Veterans Hwy, nearby bus stops, and everyday shopping and dining options such as restaurants and groceries.
For buyers or operators seeking a compact residential income asset, this configuration offers a clear unit mix for leasing and property management, with practical expense separation through tenant-paid electric and owner-paid water. On-site coin laundry and assigned parking lanes add functionality for residents, while the reported underground plumbing replacement is a relevant building-improvement detail for ongoing operations. The property is available for sale and may fit investors looking for a manageable 6-plex scale in the R3 zoning category.
Local 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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Metairie
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.1759222
- Latitude
- 30.001853
