Two-Unit Duplex with Private
531 33 Papworth Ave, Metairie, LA 70005
For Sale
New
$425,999
Both residences include laundry rooms, separate living and dining areas, and private outdoor space.
Property Size2,832 SF
Price / SF$150.42
Days on Market7
Property Features for 531 33 Papworth Ave
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
private backyards
laundry room
parking
Building Details
Year Built
Listing Agency:
Prime Real Estate Partners, LLC
Listed By:
Joy Patin · License #995689789
(435) 647-6363
Source:
Dominionplace
Added: Nov 1
Last Checked: Aug 25 at 4:25AM
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 Prime Real Estate Partners, LLC
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Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,832 square feet, divided into two 1,416-square-foot residences. Each side has three bedrooms, one and a half bathrooms, living and dining areas, a laundry room, and a separate backyard. The property is at 531 Papworth Avenue in Metairie.
The 531 side has LVP and laminate flooring, quartz countertops, stainless steel appliances, and a gas range. Kitchen and bathroom renovations have been completed on the 533 side.
The 531 side has LVP and laminate flooring, quartz countertops, stainless steel appliances, and a gas range. Kitchen and bathroom renovations have been completed on the 533 side.
Key Highlights
- Two residences, each measuring 1,416 square feet, within a 2,832‑square‑foot duplex
- Each side has 3 bedrooms and 1.5 bathrooms
- Separate private backyard and laundry room for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,284
Cap Rate
7.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,680
$605.7K
Cap Rate 7%
$432,629
$432.6K
Cap Rate 9%
$336,489
$336.5K
Market Conditions
NOI Build-Up for 2,832 SF
Gross rent
$45.9K $16.20/SF
− Vacancy
−$2.6K −$0.92/SF
EGI
$43.3K $15.28/SF
− OpEx
−$13.0K −$4.58/SF
NOI
$30.3K $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 Rate 5%
$605,680
Cap Rate 7%
$432,629
Cap Rate 9%
$336,489
Alternative Uses
Best Use
Multifamily LT 5
$432.6K
$378.6K – $504.7K
NOI $30,284 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$376.5K
$329.4K – $439.3K
NOI $26,355 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$663.2K
$580.3K – $773.7K
NOI $46,423 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
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Business Placement
Demographics for 70005, LA
25,431
Population
12,447
Households
2
Avg Household Size
45
Median Age
50%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
6,055
Density / Sq Mi
$86,048
Median Household Income
$53,258
Median Earnings
$1,160
Median Rent
$381,000
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Metairie, LA
Properties on Market for Duplexes in Metairie
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences include laundry rooms, separate living and dining areas, and private outdoor space.
Where is this duplex located?
The property is located at 531 33 Papworth Ave Metairie, LA.
What is the asking price?
The asking price for this property is $425,999.
What are key features of this property?
This property features: Two residences, each measuring 1,416 square feet, within a 2,832‑square‑foot duplex; Each side has 3 bedrooms and 1.5 bathrooms; Separate private backyard and laundry room for each residence
