531 PAPWORTH Avenue, Metairie, LA 70005
- Added:
- Jun 20, 2026
- Days on Market:
- 3
- Last Refresh:
- Jun 22 at 4:06 am
Property Features for 531 PAPWORTH Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Driveway
- Exterior features
- Fence
- Fencing
- Fenced
- Standard status
- Active
- APN
- 0820036646
- Size
- 2,832 SF
Taxes and HOA fees
- Tax 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 agent Joy Patin License #995689789 (504) 289-4377
Listing office Prime Real Estate Partners, LLC 1221 Beverly Garden Drive, Metairie, LA (504) 400-4969
Listing date Jun 20, 2026
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.
HighLights
- Double townhome in Old Metairie (1981 construction) with 2 separate units
- Each unit offers 1,416 SF with 3 bedrooms and 1.5 bathrooms
- Separate private fenced backyards for each townhome
- Laundry room on each side and lots of parking for each unit (driveway)
- Unit on 531 side is completely updated with quartz countertops, stainless appliances, and a gas range
- Unit on 533 side has some renovations; central heat and central air in both units
Overview
Located in Old Metairie, the property is positioned within the greater New Orleans area, providing convenience for day-to-day access from across the region. The home is offered as a duplex configuration that supports straightforward separate living and rental use.
For owner-occupants, the layout supports a live-in arrangement where one side can be used as a residence while the other generates rental income. For investors, the property provides two distinct residential units with dedicated laundry and outdoor space per side, which can simplify tenant expectations around privacy and routine. With updates already completed on one unit, buyers can evaluate current condition and align the remaining work on the partially renovated side with their preferred operating strategy.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.9k | $16.20 |
| − Vacancy | −$2.6k | −$0.92 |
| EGI | $43.3k | $15.28 |
| − OpEx | −$13.0k | −$4.58 |
| NOI | $30.3k | $10.69 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Metairie
- County
- Jefferson
- State
- Louisiana
- Longitude
- -90.126712
- Latitude
- 29.995754
