Prime Metairie Retail
For Sale
$13,300,000
3131 Veterans Memorial Blvd, Metairie, LA 70002
Two-story retail property in premier Metairie retail corridor.
Property Size31,000 SF
Days on Market283
Property Features for 3131 Veterans Memorial Blvd
General Information
Standard status
Active
Size
31,000 SF
Property subtype
Retail
Building Details
Building Size
31,000 SF
Listing Agency:
(985) 703-1140
Listed By:
Brady Becker
(985) 703-1140
Source:
Elifinrealty
Added: Nov 21, 2025
Changed: Aug 26
Last Checked: Aug 30 at 4:15PM
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 Brady Becker
Investment Insights
Based on property information with market context.
Located at the corner of Veterans and Causeway, 3131 Veterans (The Forum) is a two-story retail property in Metairie, Louisiana. The property benefits from high traffic counts and provides access to nearby thoroughfares and retail centers, including Lakeside Mall. Constructed in 2000 and renovated in 2012 for use as a multi-tenant retail center, the building has a gross area of approximately 31,000 square feet and a gross leasable area of approximately 29,000 square feet on a 1.59-acre site. The property is zoned BC-2 with a CPZ overlay. Current ground floor tenants include Nothing Bundt Cakes, Massage Envy, and a forthcoming local bank. Approximately 6,000 square feet of ground floor space is currently vacant, divided into a 4,000-square-foot suite and a 2,000-square-foot suite. The second floor features two vacant, turnkey spaces: a ~6,000-square-foot event/venue space and a ~6,300-square-foot second-generation restaurant space, formerly Mellow Mushroom. Two elevators and a large interior stairwell provide access between floors. The property includes ample parking and prominent monument signage fronting Veterans, as well as secondary signage on N Causeway. The property is ideal for an end user because of its visibility and accessibility.
Key Highlights
- Premier location at the corner of Veterans and Causeway ("Main & Main") with high traffic counts.
- Significant vacancy with turnkey spaces available on both ground and second floors, including a second‑generation restaurant and event venue.
- Gross building area of approximately 31,000 square feet on a 1.59‑acre site with ample parking.
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
$455,328
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
3.42%
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%
$9,106,560
$9.1M
Cap Rate 7%
$6,504,686
$6.5M
Cap Rate 9%
$5,059,200
$5.1M
Market Conditions
NOI Build-Up for 31,000 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
$632.4K $20.40/SF
− Vacancy
−$25.3K −$0.82/SF
EGI
$607.1K $19.58/SF
− OpEx
−$151.8K −$4.90/SF
NOI
$455.3K $14.69/SF
Area
Metairie, LA
Vacancy
4.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$9,106,560
Cap Rate 7%
$6,504,686
Cap Rate 9%
$5,059,200
Alternative Uses
Best Use
Specialty Retail
$6.50M
$5.69M – $7.59M
NOI $455,328 @ 7.0% cap · market cap 3.42%
Second Best
Retail
$5.55M
$4.85M – $6.47M
NOI $388,387 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$7.26M
$6.35M – $8.47M
NOI $508,161 @ 7.0% cap · market cap 3.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,410
Businesses Nearby
22k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Apparel 11%
Shops & Services 6%
Wendy's
Dining
18,407 visits/mo
0.4 miles
Jos. A. Bank Clothiers Inc.
Apparel
2,344 visits/mo
0.4 miles
Safeguard Self Storage
Shops & Services
1,281 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- EK Plaza V — 2300 N Causeway Blvd, Metairie, LA 70001
- Edenborn Plaza — 2617 Edenborn Ave, Metairie, LA 70002
- Coinstar Kiosk | Bitcoin ATM — Rouses Market, 2900 Veterans Blvd, Metairie, LA 70002
- Sunglass Hut at Macy's — 3301 Veterans Memorial Blvd, Metairie, LA 70002
- Lakeside Mall New Orleans — 3301 Veterans Memorial Blvd, Metairie, LA 70002
Frequently Asked Questions
What type of property is this?
Shopping center - Two-story retail property in premier Metairie retail corridor.
Where is this shopping center located?
The property is located at 3131 Veterans Memorial Blvd Metairie, LA.
What is the asking price?
The asking price for this property is $13,300,000.
What are key features of this property?
This property features: Premier location at the corner of Veterans and Causeway ("Main & Main") with high traffic counts.; Significant vacancy with **turnkey spaces available** on both ground and second floors, including a second‑generation restaurant and event venue.; Gross building area of approximately 31,000 square feet on a 1.59‑acre site with ample parking.
