Four-Unit Quadplex with
For Sale
$549,900
3009 20th St, Metairie, LA 70002
Two units are leased month-to-month, and two are vacant and move-in ready.
Property Size3,600 SF
Price / SF$152.75
Days on Market13
Property Features for 3009 20th St
General Information
Standard status
Active
Size
3,600 SF
Total Parking Spaces
8
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
2
Amenities
patio area
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Tina Coulon · License #995704977
(504) 908-2910
Source:
Exprealty
Added: Aug 21
Changed: Aug 29
Last Checked: Sep 1 at 8:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This four-unit quadplex at 3009 20th St in Metairie contains four 2-bedroom, 1-bath units within 3,600 square feet. Two apartments are leased on month-to-month terms, while the remaining two are vacant and move-in ready. Vinyl insulated windows are installed throughout, and a cement rear patio provides shared outdoor space. Off-street parking accommodates two vehicles per unit, with eight spaces in total.
The property is near Lakeside Shopping Center, dining options, and local businesses. Its combination of existing occupancy, available units, and practical exterior features supports both investment and owner-occupant consideration.
The property is near Lakeside Shopping Center, dining options, and local businesses. Its combination of existing occupancy, available units, and practical exterior features supports both investment and owner-occupant consideration.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a 3,600‑square‑foot quadplex
- Two units leased at $1,100/mo on month‑to‑month leases
- Two vacant units described as move‑in ready
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
$38,497
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
7.00%
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%
$769,940
$769.9K
Cap Rate 7%
$549,957
$550.0K
Cap Rate 9%
$427,744
$427.7K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$3.3K −$0.92/SF
EGI
$55.0K $15.28/SF
− OpEx
−$16.5K −$4.58/SF
NOI
$38.5K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$769,940
Cap Rate 7%
$549,957
Cap Rate 9%
$427,744
Alternative Uses
Best Use
Multifamily LT 5
$550.0K
$481.2K – $641.6K
NOI $38,497 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$478.6K
$418.8K – $558.4K
NOI $33,502 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$843.0K
$737.7K – $983.5K
NOI $59,012 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,474
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?
Quadplex - Two units are leased month-to-month, and two are vacant and move-in ready.
Where is this quadplex located?
The property is located at 3009 20th St Metairie, LA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a 3,600‑square‑foot quadplex; Two units leased at $1,100/mo on month‑to‑month leases; Two vacant units described as move‑in ready
