Ground-Floor Office
New
For Sale
$200,000
3524 16TH Street, Metairie, LA 70002
Commercial, Metairie, LA
Property Size937 SF
Lot Size0.04 Acres
Price / SF$213.45
Days on Market2
Property Features for 3524 16TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R1A
Lot features
Condo, Regular
Subdivision
Fat City
Standard status
Active
APN
0820041984
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
LOTS 17 & 18 SQ 31 AU BORD DU LAC OFFICE CONDO UNIT 1 PLUS AN UNDIV 23.49% INT IN THE COMMON ELEMENTS 1046/680 SHREWSBURY
Legal Description
LOTS 17 & 18 SQ 31 AU BORD DU LAC OFFICE CONDO UNIT 1 PLUS AN UNDIV 23.49% INT IN THE COMMON ELEMENTS 1046/680 SHREWSBURY
Utilities
Water source
Public
Building Details
Year built
1984
Floors in Building
2
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
(504) 455-0100
Listed By:
Blanca Johnson
(504) 496-5100
Added: Aug 31
Last Checked: Sep 1 at 2:06PM
MLS# 2574173
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ground-floor office condominium contains approximately 937 SF with two private offices, a dedicated reception and waiting area, a private restroom, and a kitchen and break area. The unit was built in 1984 and is currently occupied by a tenant under a month-to-month lease. Approximately 14 shared surface parking spaces serve the property, and public water is available.
Located at 3524 16TH Street in Metairie, the property sits near Severn Avenue and Lakeside Shopping Center, with access to Veterans Memorial Boulevard, Causeway Boulevard, and I-10. The condominium is zoned R1A. Its compact layout and existing occupancy support consideration by an owner-user or investor, subject to applicable zoning, permitting, and condominium restrictions.
Located at 3524 16TH Street in Metairie, the property sits near Severn Avenue and Lakeside Shopping Center, with access to Veterans Memorial Boulevard, Causeway Boulevard, and I-10. The condominium is zoned R1A. Its compact layout and existing occupancy support consideration by an owner-user or investor, subject to applicable zoning, permitting, and condominium restrictions.
Key Highlights
- Approximately 937 SF ground‑floor office condominium
- Two private offices plus reception and waiting area
- Private restroom and kitchen/break area
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
$11,266
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
5.63%
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%
$225,320
$225.3K
Cap Rate 7%
$160,943
$160.9K
Cap Rate 9%
$125,178
$125.2K
Market Conditions
NOI Build-Up for 937 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
$18.8K $20.04/SF
− Vacancy
−$3.8K −$4.01/SF
EGI
$15.0K $16.03/SF
− OpEx
−$3.8K −$4.01/SF
NOI
$11.3K $12.02/SF
Area
Metairie, LA
Vacancy
20.00%
Lease Rate
$20.04 /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%
$225,320
Cap Rate 7%
$160,943
Cap Rate 9%
$125,178
Alternative Uses
Best Use
Office B
$160.9K
$140.8K – $187.8K
NOI $11,266 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.4K
$192.0K – $256.0K
NOI $15,360 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,622
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Efficient professional suite with private offices, reception area, kitchen, restroom, and shared on-site parking.
Where is this office units located?
The property is located at 3524 16TH Street Metairie, LA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Approximately 937 SF ground‑floor office condominium; Two private offices plus reception and waiting area; Private restroom and kitchen/break area
