Tenant-Occupied
For Sale
$255,000
506 North Elm Street, Metairie, LA 70003
Two residences provide a three-bedroom layout and a separate two-bedroom configuration within one income property.
Property Size1,905 SF
Price / SF$133.86
Days on Market237
Property Features for 506 North Elm Street
General Information
Standard status
Active
Size
1,905 SF
Property subtype
MULTI FAMILY FOR SALE / Townhouse
Occupancy
100%
Units
Unit Mix
1 x 3BD/2BA, 1 x 2BD/1BA
Multifamily Units
2
Additional Details
Gross Income
$31,200
Amenities
Window Unit(s)
1
3
5
Asphalt
Other
Slab: Traditional
Brick
Building Details
Year Built
1963
Buildings
1
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS REALTY 455-0100
Listed By:
Jennifer Morales · License #995700428
(504) 656-9149
Source:
Compass
Added: Jan 9
Changed: Sep 2
Last Checked: Aug 30 at 11:52PM
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 KELLER WILLIAMS REALTY 455-0100
Investment Insights
Based on property information with market context.
This 1,905-square-foot duplex, built in 1963, contains two separate residences. One unit offers 3 bedrooms and 2 bathrooms, while the other includes 2 bedrooms and 1 bathroom. Both units are occupied by tenants, and the property includes traditional slab construction, brick exterior elements, asphalt surfaces, and window-unit cooling.
The property is located at 506 North Elm Street in Metairie, Louisiana. Showings for Unit 506 require 24 hours’ notice, while access to Unit 508 is available after an accepted offer. Tenant coordination is required for property tours.
The property is located at 506 North Elm Street in Metairie, Louisiana. Showings for Unit 506 require 24 hours’ notice, while access to Unit 508 is available after an accepted offer. Tenant coordination is required for property tours.
Key Highlights
- 1,905‑square‑foot duplex at 506 North Elm Street, Metairie, LA 70003
- Unit mix includes one 3BD/2BA residence and one 2BD/1BA residence
- Both units are tenant‑occupied
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
$20,371
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
7.99%
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%
$407,420
$407.4K
Cap Rate 7%
$291,014
$291.0K
Cap Rate 9%
$226,344
$226.3K
Market Conditions
NOI Build-Up for 1,905 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
$30.9K $16.20/SF
− Vacancy
−$1.8K −$0.92/SF
EGI
$29.1K $15.28/SF
− OpEx
−$8.7K −$4.58/SF
NOI
$20.4K $10.69/SF
Area
Metairie, LA
Vacancy
5.70%
Lease Rate
$16.20 /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%
$407,420
Cap Rate 7%
$291,014
Cap Rate 9%
$226,344
Alternative Uses
Best Use
Multifamily LT 5
$291.0K
$254.6K – $339.5K
NOI $20,371 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$253.3K
$221.6K – $295.5K
NOI $17,728 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$446.1K
$390.3K – $520.5K
NOI $31,227 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
551
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?
Duplex - Two residences provide a three-bedroom layout and a separate two-bedroom configuration within one income property.
Where is this duplex located?
The property is located at 506 North Elm Street Metairie, LA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,905‑square‑foot duplex at 506 North Elm Street, Metairie, LA 70003; Unit mix includes one 3BD/2BA residence and one 2BD/1BA residence; Both units are tenant‑occupied
