6-Unit Apartment
For Sale
$699,000
3005 LAKE VILLA Drive, Metairie, LA 70002
Multifamily, Metairie, LA
Property Size4,580 SF
Lot Size0.16 Acres
Price / SF$152.62
Days on Market186
Property Features for 3005 LAKE VILLA Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 6, Bedroom 3, Bedroom 9, Bedroom 10, Bedroom 4, Bedroom 11, Bedroom 7, Bathroom 4, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bathroom 5, Bedroom 8
Parking features
Parking Lot, Off Street, Assigned
Subdivision
Lake Villas
Directions
Take Veterans, located between Vets, I-10 Serv Rd, Cleary and Clearview
Standard status
Active
APN
0820030953
Size
4,580 SF
Lot size
0.16 Acres
Additional Details
Tenant in Place
Yes
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
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
coin-operated laundry
assigned parking
Building Details
Year built
1975
Number of units
6
Building materials
Brick, Frame
Architectural style
Other
Listing Agency:
Keller Williams Realty NO
(504) 862-0100
Listed By:
Lori Scott · License #000011335
(504) 975-1690
Added: Apr 23
Changed: Oct 24
Last Checked: Oct 25 at 9:06AM
MLS# 2554628
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,580-square-foot apartment property contains six residences: five with two bedrooms and one bathroom, plus a one-bedroom, one-bathroom unit currently used by the manager. The building dates to 1975 and has brick and frame construction, central heating and air conditioning, and on-site coin-operated laundry. Underground plumbing has been replaced. Public water and sewer serve the property, which occupies a 0.155-acre lot.
Each unit has an assigned parking lane with space for two cars. The property is in Metairie, with access to an interstate, Veterans Highway, bus stops, restaurants, and grocery stores. Raising Cane’s Chicken and MOOYAH Burgers are 1 1/2 blocks away on Veterans Highway.
Each unit has an assigned parking lane with space for two cars. The property is in Metairie, with access to an interstate, Veterans Highway, bus stops, restaurants, and grocery stores. Raising Cane’s Chicken and MOOYAH Burgers are 1 1/2 blocks away on Veterans Highway.
Key Highlights
- Six apartments: five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 4,580 square feet on a 0.155‑acre lot
- Each residence has an assigned parking lane with capacity for 2 cars
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,621
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
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
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 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 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$938.5K – $1.25M
NOI $75,077 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The property includes shared coin-operated laundry and assigned parking for each residence.
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 $699,000.
What are key features of this property?
This property features: Six apartments: five 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 4,580 square feet on a 0.155‑acre lot; Each residence has an assigned parking lane with capacity for 2 cars
