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 Market100
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: Oct 11
Last Checked: Oct 16 at 4:50PM
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
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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 / Yr
$163,786
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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
