Versatile Warehouse with Office
For Sale
Contact for pricing
4405 Zenith St, Metairie, LA 70001
Warehouse with office space, multiple truck doors, and tenant in place.
Property Size5,000 SF
Price / SF$139.80
Days on Market696
Property Features for 4405 Zenith St
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Industrial
Zoning
BC2
Investment Type
Owner/User
Building Details
Year Built
1978
Buildings
1
Stories
2
Listing Agency:
Paul Gilmore & Associates
(504) 456-1234
Listed By:
Paul Gilmore · License #LA BROK.0000039246.A-CORP
Source:
Crexi
Added: Sep 26, 2024
Changed: Aug 13
Last Checked: Aug 20 at 2:20PM
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
Investment Insights
Based on property information with market context.
This 5,000 square foot commercial property features a warehouse component with office space. The layout includes four offices upstairs and two offices downstairs, each with separate entry doors. The upper level also contains a full bathroom and kitchen. The warehouse area is equipped with plumbing and three truck doors. The front truck door measures approximately 14.5 feet by 12 feet. The warehouse ceiling height ranges from 20 to 22 feet. The property is currently configured as a potential two-tenant building and is leased for $46,800 annually on a modified gross lease, expiring June 30, 2028, with a 3-year lease term.
Key Highlights
- Leased until June 30, 2028, generating $46,800 annually.
- Potential for a 2‑tenant building with separate entry doors for upstairs and downstairs offices.
- Warehouse with 20'-22' ceiling height and three truck doors.**
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?
Warehouse - Warehouse with office space, multiple truck doors, and tenant in place.
Where is this warehouse 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: Leased until June 30, 2028, generating $46,800 annually.; Potential for a 2‑tenant building with separate entry doors for upstairs and downstairs offices.; Warehouse with 20'-22' ceiling height and three truck doors.**
