Double Townhome Income
For Sale
$425,999
531 PAPWORTH Avenue, Metairie, LA 70005
MULTI_FAMILY - Metairie, LA
Property Size2,832 SF
Price / SF$150.42
Days on Market57
Property Features for 531 PAPWORTH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Exterior features
Fence
Fencing
Fenced
Lot features
Regular
Subdivision
Old Metairie
Standard status
Active
APN
0820036646
Size
2,832 SF
Taxes and HOA fees
Tax Description
LOT T SQ 19 METAIRIE RIDGE 108 21820 10901946
Legal Description
LOT T SQ 19 METAIRIE RIDGE 108 21820 10901946
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Number of units
2
Roof type
Shingle
Architectural style
Other
Listing Agency:
Prime Real Estate Partners, LLC · Prudential Real Estate
(504) 400-4969
Listed By:
Joy Patin · License #995689789
(504) 289-4377
Added: Jun 20
Changed: Jun 24
Last Checked: Aug 15 at 5:06AM
MLS# 2563764
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This double townhome offers two separate residences under one ownership structure, designed for owner-occupants and investors. Each side includes 3 bedrooms and 1.5 bathrooms with spacious living and dining areas, along with a private backyard and a dedicated laundry room. Parking is available for each unit. The 531 side has been completely updated, featuring LVP and laminate flooring, quartz countertops, stainless appliances, and a gas range. The 533 side has renovations to the kitchen and bathrooms.
Located at 531 Papworth Avenue in Metairie, this property is positioned for convenient access within the greater New Orleans area, making it practical for tenants and everyday living.
From a tenant-fit standpoint, the layout supports straightforward occupancy with distinct living spaces, private outdoor areas, and in-unit laundry on both sides. For buyers considering an owner-live-and-rent approach, the two units provide a built-in rental component while still maintaining a separate home on one side. The combination of updates on one side and kitchen and bath renovations on the other may help reduce near-term refresh needs for a new owner.
Located at 531 Papworth Avenue in Metairie, this property is positioned for convenient access within the greater New Orleans area, making it practical for tenants and everyday living.
From a tenant-fit standpoint, the layout supports straightforward occupancy with distinct living spaces, private outdoor areas, and in-unit laundry on both sides. For buyers considering an owner-live-and-rent approach, the two units provide a built-in rental component while still maintaining a separate home on one side. The combination of updates on one side and kitchen and bath renovations on the other may help reduce near-term refresh needs for a new owner.
Key Highlights
- Double townhome in Old Metairie with two separate units and private backyards
- Each side offers 1,416 SF with 3 bedrooms and 1.5 bathrooms
- Laundry room on each side
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
$30,284
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
7.11%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Own a double townhome with private backyards, in-unit laundry, and parking for each unit.
Where is this duplex located?
The property is located at 531 PAPWORTH Avenue 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: Double townhome in Old Metairie with two separate units and private backyards; Each side offers 1,416 SF with 3 bedrooms and 1.5 bathrooms; Laundry room on each side
