Mixed-Use Property with Rear
For Sale
$1,195,000
3119 METAIRIE Road, Metairie, LA 70001
Front building is configured for salon use, with a rear structure requiring complete renovation.
Property Size2,800 SF
Price / SF$426.79
Days on Market492
Property Features for 3119 METAIRIE Road
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Commercial/Industrial
Property Condition
Severity
Major Repairs Needed
Evidence
needs total renovation
Building Details
Year Built
1950
Listing Agency:
Burk Brokerage, LLC
(504) 416-2244
Listed By:
GiGi Burk · License #000051897
(504) 416-2244
Source:
Exitrealty
Added: Apr 28, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:24PM
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 Burk Brokerage, LLC
Investment Insights
Based on property information with market context.
This mixed-use property includes a front building currently used as a hair salon, along with a separate rear structure featuring an upper-level apartment and lower-level storage. The rear structure requires total renovation. A vacant lot is included behind the improvements, and the property provides ample off-street parking.
Built in 1950, the property is located on Metairie Road in Metairie, Louisiana. The combination of existing commercial use, additional structure, rear land, and parking creates a varied physical layout for redevelopment or continued mixed-use consideration.
Built in 1950, the property is located on Metairie Road in Metairie, Louisiana. The combination of existing commercial use, additional structure, rear land, and parking creates a varied physical layout for redevelopment or continued mixed-use consideration.
Key Highlights
- Front building currently used as a hair salon
- Rear structure includes an upstairs apartment and lower‑level storage
- Rear structure requires total renovation
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
$35,080
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
2.94%
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%
$701,600
$701.6K
Cap Rate 7%
$501,143
$501.1K
Cap Rate 9%
$389,778
$389.8K
Market Conditions
NOI Build-Up for 2,800 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
$52.8K $18.84/SF
− Vacancy
−$2.6K −$0.94/SF
EGI
$50.1K $17.90/SF
− OpEx
−$15.0K −$5.37/SF
NOI
$35.1K $12.53/SF
Area
Metairie, LA
Vacancy
5.00%
Lease Rate
$18.84 /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%
$701,600
Cap Rate 7%
$501,143
Cap Rate 9%
$389,778
Alternative Uses
Best Use
Retail
$501.1K
$438.5K – $584.7K
NOI $35,080 @ 7.0% cap · market cap 2.94%
Second Best
Mixed Use
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$655.7K
$573.7K – $765.0K
NOI $45,898 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,216
Businesses Nearby
146k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 46%
Groceries 36%
Shops & Services 18%
Rouses Market
Groceries
52,204 visits/mo
0.4 miles
Chick-fil-A
Dining
31,554 visits/mo
0.4 miles
Dollar Tree
Shops & Services
26,172 visits/mo
0.2 miles
McDonald's
Dining
18,606 visits/mo
0.4 miles
Waffle House
Dining
9,321 visits/mo
0.5 miles
Demographics for 70001, LA
40,068
Population
19,103
Households
2.1
Avg Household Size
39
Median Age
37%
College-Educated
93%
High-School Grad
6.5 sq mi
ZIP Area
6,164
Density / Sq Mi
$70,187
Median Household Income
$43,662
Median Earnings
$1,145
Median Rent
$313,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Front building is configured for salon use, with a rear structure requiring complete renovation.
Where is this mixed-use property located?
The property is located at 3119 METAIRIE Road Metairie, LA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Front building currently used as a hair salon; Rear structure includes an upstairs apartment and lower‑level storage; Rear structure requires total renovation
