Flex Space with Truck
For Sale
$699,000
4405 Zenith St, Metairie, LA 70001
Combines office areas on two levels with warehouse plumbing, multiple truck doors, and a full kitchen and bath.
Property Size5,000 SF
Price / SF$139.80
Days on Market22
Property Features for 4405 Zenith St
General Information
Standard status
Active
Size
5,000 SF
Building Details
Year Built
1978
Listing Agency:
Paul Gilmore & Associates, Inc.
(504) 456-1234
Listed By:
Paul Gilmore · License #BROK.0000039246.A-CORP
Source:
Fiorellaavenue
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 29 at 7:09PM
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 Paul Gilmore & Associates, Inc.
Investment Insights
Based on property information with market context.
This 5,000 SF flex property, built in 1978, combines office and warehouse components in a two-level configuration. The upper floor contains four offices, a full bathroom, and a kitchen, while the lower level provides two additional offices. Separate entry doors serve the upper and lower areas. The warehouse includes plumbing, three truck doors, and ceiling clearance ranging from 20' to 22'. The front truck door measures approximately 14.5' x 12'.
Located at 4405 Zenith St in Metairie, the building is currently leased under a modified-gross structure through June 30, 2028. The office arrangement and separate entrances provide a clearly defined layout within the broader flex-space format.
Located at 4405 Zenith St in Metairie, the building is currently leased under a modified-gross structure through June 30, 2028. The office arrangement and separate entrances provide a clearly defined layout within the broader flex-space format.
Key Highlights
- 5,000 SF flex property built in 1978
- Four upper‑level offices and two lower‑level offices
- Three truck doors; front door approximately 14.5' x 12'
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
$60,083
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
8.60%
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%
$1,201,660
$1.2M
Cap Rate 7%
$858,329
$858.3K
Cap Rate 9%
$667,589
$667.6K
Market Conditions
NOI Build-Up for 5,000 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
$91.8K $18.36/SF
− Vacancy
−$6.0K −$1.19/SF
EGI
$85.8K $17.17/SF
− OpEx
−$25.7K −$5.15/SF
NOI
$60.1K $12.02/SF
Area
Metairie, LA
Vacancy
6.50%
Lease Rate
$18.36 /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%
$1,201,660
Cap Rate 7%
$858,329
Cap Rate 9%
$667,589
Alternative Uses
Best Use
Warehouse
$1.04M
$912.0K – $1.22M
NOI $72,958 @ 7.0% cap · market cap 10.44%
Second Best
Office B
$858.9K
$751.5K – $1.00M
NOI $60,120 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,961 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,012
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combines office areas on two levels with warehouse plumbing, multiple truck doors, and a full kitchen and bath.
Where is this flex space located?
The property is located at 4405 Zenith St Metairie, LA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 5,000 SF flex property built in 1978; Four upper‑level offices and two lower‑level offices; Three truck doors; front door approximately 14.5' x 12'
