22-Unit Apartment
For Sale
$2,400,000
3107 ORRIS Lane, Metairie, LA 70002
Multifamily property with varied unit sizes, washer and dryer hookups, and a separate rear laundry building.
Property Size17,600 SF
Days on Market67
Property Features for 3107 ORRIS Lane
General Information
Standard status
Active
Size
17,600 SF
Property subtype
Apartment
Units
Unit Mix
10 x 2BR/1BA, 12 x 1BR/1BA
Multifamily Units
22
Amenities
washer and dryer hookups
laundry building
Building Details
Building Size
17,600 SF
Year Built
1980
Listing Agency:
NOLA Living Realty
Listed By:
Eric Hernandez · License #995689934
(504) 259-7945
Source:
Burkbrokerage
Added: Jul 10
Changed: Sep 10
Last Checked: Sep 14 at 10:29AM
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 NOLA Living Realty
Investment Insights
Based on property information with market context.
This apartment property contains 22 units in a mix of 10 two-bedroom, one-bath apartments and 12 one-bedroom, one-bath apartments. The two-bedroom residences include washer and dryer hookups, while a separate laundry building is positioned at the rear of the property. Constructed in 1950, the building is zoned R2.
The property is located at 3107 Orris Ln in Metairie, Louisiana, within ZIP Code 70002. Its unit mix and on-site laundry facilities provide a defined multifamily configuration for residential income use.
The property is located at 3107 Orris Ln in Metairie, Louisiana, within ZIP Code 70002. Its unit mix and on-site laundry facilities provide a defined multifamily configuration for residential income use.
Key Highlights
- 22 units comprising 10 two‑bedroom/one‑bath and 12 one‑bedroom/one‑bath apartments
- Two‑bedroom units include washer and dryer hookups
- Separate laundry building at the rear of the property
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
$163,786
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
6.82%
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%
$3,275,720
$3.3M
Cap Rate 7%
$2,339,800
$2.3M
Cap Rate 9%
$1,819,844
$1.8M
Market Conditions
NOI Build-Up for 17,600 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
$316.8K $18.00/SF
− Vacancy
−$19.0K −$1.08/SF
EGI
$297.8K $16.92/SF
− OpEx
−$134.0K −$7.61/SF
NOI
$163.8K $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%
$3,275,720
Cap Rate 7%
$2,339,800
Cap Rate 9%
$1,819,844
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.05M – $2.73M
NOI $163,786 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.12M
$3.61M – $4.81M
NOI $288,504 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
3,000
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with varied unit sizes, washer and dryer hookups, and a separate rear laundry building.
Where is this apartment building located?
The property is located at 3107 ORRIS Lane Metairie, LA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 22 units comprising 10 two‑bedroom/one‑bath and 12 one‑bedroom/one‑bath apartments; Two‑bedroom units include washer and dryer hookups; Separate laundry building at the rear of the property
