Tenant-Occupied Multifamily
For Sale
$175,000
Pending
4508 10 S Park Dr, Metairie, LA 70003
The property has long-term tenants and documented exterior cracking with water intrusion concerns.
Property Size1,500 SF
Days on Market15
Property Features for 4508 10 S Park Dr
General Information
Standard status
Pending
Size
1,500 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
Major stress cracks
Building Details
Year Built
1960
Listing Agency:
Clavier Realty Group LLC
(985) 869-3010
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Aug 20
Changed: Sep 2
Last Checked: Sep 2 at 4:53PM
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 Clavier Realty Group LLC
Investment Insights
Based on property information with market context.
This 1,500-square-foot multifamily property was built in 1960 and currently has long-term tenants in place. The building has significant physical-condition issues that should be considered during evaluation, including major stress cracks in the exterior brick that extend into interior walls in many rooms. Water enters the middle bedroom on the 4508 side during heavy rain.
Property access is limited to a drive-by review, and tenants should not be disturbed. The home will not qualify for FHA or VA financing. No sign is posted at the property.
Property access is limited to a drive-by review, and tenants should not be disturbed. The home will not qualify for FHA or VA financing. No sign is posted at the property.
Key Highlights
- 1,500‑square‑foot multifamily property built in 1960
- Long‑term tenants currently in place
- Major exterior brick stress cracks extend into interior walls in many rooms
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
$13,959
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
7.98%
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%
$279,180
$279.2K
Cap Rate 7%
$199,414
$199.4K
Cap Rate 9%
$155,100
$155.1K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$1.6K −$1.08/SF
EGI
$25.4K $16.92/SF
− OpEx
−$11.4K −$7.61/SF
NOI
$14.0K $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%
$279,180
Cap Rate 7%
$199,414
Cap Rate 9%
$155,100
Alternative Uses
Best Use
Apartment 5plus
$199.4K
$174.5K – $232.7K
NOI $13,959 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$351.3K
$307.4K – $409.8K
NOI $24,588 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 70003, LA
40,068
Population
17,479
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
7.0 sq mi
ZIP Area
5,724
Density / Sq Mi
$76,151
Median Household Income
$45,102
Median Earnings
$1,191
Median Rent
$255,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - The property has long-term tenants and documented exterior cracking with water intrusion concerns.
Where is this multifamily property located?
The property is located at 4508 10 S Park Dr Metairie, LA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,500‑square‑foot multifamily property built in 1960; Long‑term tenants currently in place; Major exterior brick stress cracks extend into interior walls in many rooms
