6-Unit Apartment
For Sale
$735,000
3005 LAKE VILLA Drive, Metairie, LA 70002
Multi-Family, Traditional, Metairie, LA
Property Size4,580 SF
Lot Size0.16 Acres
Price / SF$160.48
Days on Market145
Property Features for 3005 LAKE VILLA Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Off Street, Assigned
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
Amenities
coin-operated laundry
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) 975-1690
Added: Apr 23
Changed: Sep 12
Last Checked: Sep 14 at 7:06PM
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 6-unit apartment property in Metairie includes five 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. The 4,580-square-foot building was constructed in 1975 and sits on 0.155 acres. Each residence has an assigned parking lane accommodating 2 cars. A common-area laundry room at the rear includes coin-operated washers and dryers. Central heating and central air conditioning serve the building, with public water and shingle/asphalt roofing. Underground plumbing has been replaced in recent years.
The property is located at 3005 LAKE VILLA Drive in Metairie, LA 70002, with access to Veterans Hwy, interstate connections, bus stops, restaurants, and grocery stores. Raising Cane's Chicken and MOOYAH Burgers are 1 1/2 blocks away on Veterans. The combination of multiple unit layouts, on-site laundry, and assigned parking supports continued multifamily use.
The property is located at 3005 LAKE VILLA Drive in Metairie, LA 70002, with access to Veterans Hwy, interstate connections, bus stops, restaurants, and grocery stores. Raising Cane's Chicken and MOOYAH Burgers are 1 1/2 blocks away on Veterans. The combination of multiple unit layouts, on-site laundry, and assigned parking supports continued multifamily use.
Key Highlights
- 6‑unit apartment building with five 2‑bedroom units and one 1‑bedroom unit
- 4,580 square feet on a 0.155‑acre lot; built in 1975
- Each unit has an assigned parking lane for 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Multifamily property with assigned parking, shared laundry facilities, and central heating and cooling.
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‑unit apartment building with five 2‑bedroom units and one 1‑bedroom unit; 4,580 square feet on a 0.155‑acre lot; built in 1975; Each unit has an assigned parking lane for 2 cars
