Renovated Multifamily Package
5811-17 Kevin Drive Metairie, LA 70003
5811-17 Kevin Drive, Metairie, LA, 70003
$799,000
For Sale
$799,000
Seven-unit portfolio across five Kevin Drive addresses, including renovated units and a triplex undergoing major improvements.
Property Size7,500 SF
Price / SF$106.53
Days on Market15
Property Features for 5811-17 Kevin Drive
General Information
- Standard status
- Active
- Size
- 7,500 SF
- Property subtype
- MULTI FAMILY FOR SALE / Townhouse
Building Details
- Year Built
- 1950
Listing agency
The Agency of M. Grass Group, LLC
(504) 237-3359
Listed by
Matthew Grass · License #995696831
(504) 237-3359
Source
Compass
Added: Jul 8 Updated: Jul 21 at 11:47AM Checked: Jul 21 at 11:47AM
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 The Agency of M. Grass Group, LLC
Investment Insights
Based on property information with market context.
This package sale includes a seven-unit multifamily portfolio located across 5811-5813 Kevin Drive, 5815 Kevin Drive, and 5817 & 5817.5 Kevin Drive. The portfolio includes a mix of unit sizes, with 5811 Kevin Drive offering a 2-bedroom, 1-bath layout with private laundry, and 5813 Kevin Drive offering a 3-bedroom, 1-bath layout with private laundry. 5817 Kevin Drive and 5817.5 Kevin Drive together provide 6 bedrooms and 3 bathrooms, and each unit includes its own dedicated laundry area.
The triplex at 5815 Kevin Drive is currently undergoing extensive renovations by the seller, including a new roof, new HVAC systems, updated electrical wiring, new windows, and additional improvements. Additional features for 5815 Kevin include garage/storage space and a common laundry area serving the units.
The properties are offered as a package, and the buyer is responsible for independently verifying all measurements, income, expenses, occupancy, and property information.
The triplex at 5815 Kevin Drive is currently undergoing extensive renovations by the seller, including a new roof, new HVAC systems, updated electrical wiring, new windows, and additional improvements. Additional features for 5815 Kevin include garage/storage space and a common laundry area serving the units.
The properties are offered as a package, and the buyer is responsible for independently verifying all measurements, income, expenses, occupancy, and property information.
Key Highlights
- Seven‑unit multifamily portfolio offered as a package sale across 5811‑5813, 5815, and 5817‑5817.5 Kevin Drive
- Approximately 150' x 150' site with 2‑story construction built in 1950
- Renovated 5811 Kevin Drive: 2 bed, 1 bath with private laundry; renovated following Hurricane Ida
Local Financial Insights For Apartment 5plus
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 | $135.0k | $18.00 |
| − Vacancy | −$8.1k | −$1.08 |
| EGI | $126.9k | $16.92 |
| − OpEx | −$57.1k | −$7.61 |
| NOI | $69.8k | $9.31 |
7,500 SF · lease $18.00/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,202 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$997.1K
$872.4K – $1.16M
NOI $69,795 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,942 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Seven-unit portfolio across five Kevin Drive addresses, including renovated units and a triplex undergoing major improvements.
Where is this multifamily property located?
The property is located at 5811-17 Kevin Drive Metairie, LA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Seven‑unit multifamily portfolio offered as a package sale across 5811‑5813, 5815, and 5817‑5817.5 Kevin Drive; Approximately 150' x 150' site with 2‑story construction built in 1950; Renovated 5811 Kevin Drive: 2 bed, 1 bath with private laundry; renovated following Hurricane Ida
