8-Unit Townhouse-Style Apartment
For Sale
$999,000
Pending
3849 Ridgelake Drive, Metairie, LA 70002
Two-story residences offer private laundry, dedicated parking, and direct access to lakefront paths and major roadways.
Property Size8,094 SF
Days on Market162
Property Features for 3849 Ridgelake Drive
General Information
Standard status
Pending
Size
8,094 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Units
Unit Mix
8 x 2BR/1.5BA
Multifamily Units
8
Parking per Unit
1
Amenities
washer and dryer
Central Air
Central
2
8
16
Asphalt
Slab: Traditional
Brick
Building Details
Year Built
1980
Construction
townhouse-style
Listing Agency:
Compass
Listed By:
Dexter Blanchard · License #995713053
(504) 256-3030
Source:
Compass
Added: Mar 25
Changed: Sep 1
Last Checked: Aug 31 at 10:11PM
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 Compass
Investment Insights
Based on property information with market context.
This 8-unit apartment complex contains townhouse-style residences with a two-level layout. Each unit includes 2 bedrooms, 1 full bath, and 1 half bath, with the living room, kitchen, and breakfast area on the first floor and both bedrooms upstairs. Individual washers and dryers, central air, and one dedicated parking space per residence are included. The building was constructed in 1980 and measures 8,094 square feet.
Located at 3849 Ridgelake Drive in Metairie, the property is just off Causeway Boulevard and one block from Lake Pontchartrain. Lakefront walking and biking paths are nearby, along with access to major roadways and area amenities. The exterior includes brick construction, asphalt surfaces, and a traditional slab foundation.
Located at 3849 Ridgelake Drive in Metairie, the property is just off Causeway Boulevard and one block from Lake Pontchartrain. Lakefront walking and biking paths are nearby, along with access to major roadways and area amenities. The exterior includes brick construction, asphalt surfaces, and a traditional slab foundation.
Key Highlights
- 8,094‑square‑foot apartment complex with 8 townhouse‑style units
- Each residence includes 2 bedrooms, 1 full bath, and 1 half bath
- Individual washer and dryer provided in every unit
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
$75,323
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
7.54%
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%
$1,506,460
$1.5M
Cap Rate 7%
$1,076,043
$1.1M
Cap Rate 9%
$836,922
$836.9K
Market Conditions
NOI Build-Up for 8,094 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
$145.7K $18.00/SF
− Vacancy
−$8.7K −$1.08/SF
EGI
$137.0K $16.92/SF
− OpEx
−$61.6K −$7.61/SF
NOI
$75.3K $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%
$1,506,460
Cap Rate 7%
$1,076,043
Cap Rate 9%
$836,922
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$941.5K – $1.26M
NOI $75,323 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,679 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,868
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residences offer private laundry, dedicated parking, and direct access to lakefront paths and major roadways.
Where is this apartment building located?
The property is located at 3849 Ridgelake Drive Metairie, LA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 8,094‑square‑foot apartment complex with 8 townhouse‑style units; Each residence includes 2 bedrooms, 1 full bath, and 1 half bath; Individual washer and dryer provided in every unit
