Updated Duplex with Separate
New
For Sale
$285,000
600 02 Grove Ave, Metairie, LA 70003
Raised duplex with two living sides, individual laundry rooms, and recent interior updates.
Property Size1,452 SF
Lot Size0.14 Acres
Price / SF$196.28
Days on Market3
Property Features for 600 02 Grove Ave
General Information
Standard status
Active
Size
1,452 SF
Lot size
0.14 Acres
Property subtype
Multi-Family
Building Details
Year Built
1953
Listing Agency:
Christian Shane Properties
(504) 208-5688
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 6:48AM
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 Christian Shane Properties
Investment Insights
Based on property information with market context.
Built in 1953, this raised duplex contains two separate living sides with individual attached laundry rooms and driveways. Both sides feature vinyl windows, vinyl siding, wood-look vinyl flooring, and no carpet. Recent work includes fresh paint, new window units, and kitchen and bath updates. One side has new appliances, cabinets, and countertops.
The property occupies a 50-by-120-foot lot and offers 1,452 square feet of building area. Its two-sided layout supports separate occupancy, including the option to live in one side while leasing the other, subject to applicable requirements.
The property occupies a 50-by-120-foot lot and offers 1,452 square feet of building area. Its two-sided layout supports separate occupancy, including the option to live in one side while leasing the other, subject to applicable requirements.
Key Highlights
- Duplex with 1,452 square feet of building area
- Two attached laundry rooms and separate driveways
- 50‑by‑120‑foot lot
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
$15,527
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
5.45%
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%
$310,540
$310.5K
Cap Rate 7%
$221,814
$221.8K
Cap Rate 9%
$172,522
$172.5K
Market Conditions
NOI Build-Up for 1,452 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
$23.5K $16.20/SF
− Vacancy
−$1.3K −$0.92/SF
EGI
$22.2K $15.28/SF
− OpEx
−$6.7K −$4.58/SF
NOI
$15.5K $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%
$310,540
Cap Rate 7%
$221,814
Cap Rate 9%
$172,522
Alternative Uses
Best Use
Multifamily LT 5
$221.8K
$194.1K – $258.8K
NOI $15,527 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$193.0K
$168.9K – $225.2K
NOI $13,512 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$340.0K
$297.5K – $396.7K
NOI $23,802 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 70003, LA
40,068
Population
17,479
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
89%
High-School Grad
7.0 sq mi
ZIP Area
5,724
Density / Sq Mi
$76,151
Median Household Income
$45,102
Median Earnings
$1,191
Median Rent
$255,300
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
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Frequently Asked Questions
What type of property is this?
Duplex - Raised duplex with two living sides, individual laundry rooms, and recent interior updates.
Where is this duplex located?
The property is located at 600 02 Grove Ave Metairie, LA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Duplex with 1,452 square feet of building area; Two attached laundry rooms and separate driveways; 50‑by‑120‑foot lot
