Duplex with Private
For Sale
$425,999
531 PAPWORTH Avenue, Metairie, LA 70005
Multifamily, Metairie, LA
Property Size2,832 SF
Price / SF$150.42
Days on Market128
Property Features for 531 PAPWORTH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 1
Parking
3
Parking features
Driveway
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
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Number of units
2
Building materials
Brick
Buildings
1
Listing Agency:
Prime Real Estate Partners LLC · Prudential Real Estate
(504) 400-4969
Listed By:
Joy A Patin · License #995689789
(504) 289-4377
Added: Jun 20
Changed: Oct 24
Last Checked: Oct 25 at 11:06AM
MLS# 2563764
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,832-square-foot duplex at 531 Papworth Avenue contains two townhomes, each measuring 1,416 square feet with three bedrooms, one and a half bathrooms, living and dining areas, a laundry room, and a private backyard. Built in 1981, the brick property has central heating and air conditioning, driveway parking, and public water and sewer service.
The residence on the 531 side has LVP and laminate flooring, quartz counters, stainless steel appliances, and a gas range. Kitchen and bathroom renovations have also been completed on the 533 side.
The residence on the 531 side has LVP and laminate flooring, quartz counters, stainless steel appliances, and a gas range. Kitchen and bathroom renovations have also been completed on the 533 side.
Key Highlights
- Two townhomes totaling 2,832 square feet; each residence is 1,416 square feet
- Both residences have 3 bedrooms, 1.5 bathrooms, separate laundry rooms, and private backyards
- 531 side features LVP and laminate flooring, quartz countertops, stainless appliances, and a gas range
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.
How Realmo checks its estimates
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Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has its own laundry area, three bedrooms, and a private backyard.
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: Two townhomes totaling 2,832 square feet; each residence is 1,416 square feet; Both residences have 3 bedrooms, 1.5 bathrooms, separate laundry rooms, and private backyards; 531 side features LVP and laminate flooring, quartz countertops, stainless appliances, and a gas range
