6-Unit Apartment
For Sale
$699,000
3005 LAKE VILLA Drive, Metairie, LA 70002
Commercial Sale, 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
Commercial Sale
Property subtype
Other
Zoning
R3
Parking features
Off Street, Assigned
Directions
off Veterans between Sanford St and Rye St
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
Water source
Public
Amenities
coin operated washers and dryers
Building Details
Year built
1975
Floors in Building
2
Building materials
Brick, Frame
Listing Agency:
Keller Williams Realty NO
(504) 862-0100
Listed By:
Lori Scott · License #000011335
(504) 975-1690
Added: Apr 23
Changed: Oct 23
Last Checked: Oct 25 at 9:06AM
MLS# 2554072
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 units: five with two bedrooms and one bathroom, plus one with a bedroom and a bathroom. The one-bedroom apartment is used as the manager’s unit. Built in 1975, the building has brick and frame construction, and its underground plumbing has been replaced. The 0.155-acre site has public water and sewer service. Each apartment has an assigned parking lane that accommodates two cars.
The property offers access to an interstate, Veterans Highway, bus stops, restaurants, and grocery stores. Current and pro forma capitalization rates are 7.76% and 9.95%, respectively.
The property offers access to an interstate, Veterans Highway, bus stops, restaurants, and grocery stores. Current and pro forma capitalization rates are 7.76% and 9.95%, respectively.
Key Highlights
- Six apartments: five two‑bedroom, one‑bath units and one one‑bedroom, one‑bath unit
- 4,580 square feet on a 0.155‑acre site; built in 1975
- R3 zoning; public water and public sewer
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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Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,695
Businesses Nearby
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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 - R3-zoned multifamily property with assigned parking lanes and replaced underground plumbing.
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 two‑bedroom, one‑bath units and one one‑bedroom, one‑bath unit; 4,580 square feet on a 0.155‑acre site; built in 1975; R3 zoning; public water and public sewer
