Listing Agency: Property One Inc

Listed By: Matt Taylor · License #LA 0000006690 Show Phone

Source: Crexi

Added: May 5 Changed: Oct 11 Last Checked: Oct 19 at 6:28AM

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Investment Insights

Based on property information with market context.

This retail/office storefront property is positioned along the Metairie Road corridor. It presents a mixed retail and office asset format and is offered for sale as a long-term hold option.

The property is located at 609-611 Metairie Road in Metairie, Louisiana. Public remarks describe the surrounding area as featuring a strong mix of local retailers, dining, and neighborhood-serving businesses.

The offering includes two addresses (609-611), supporting a flexible setup for an owner-occupant or an investor interested in a retail/office configuration in an established submarket.

Key Highlights

• Two storefront‑style spaces available along Metairie Road (Greater New Orleans area)
• Retail/office asset positioned on the Metairie Road corridor
• Located in the Old Metairie submarket area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$70,098

Cap Rate

5.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,401,960 $1.4M

Cap Rate 7%

$1,001,400 $1.0M

Cap Rate 9%

$778,867 $778.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,595 SF

Gross rent

$105.4K $18.84/SF

− Vacancy

−$5.3K −$0.94/SF

EGI

$100.1K $17.90/SF

− OpEx

−$30.0K −$5.37/SF

NOI

$70.1K $12.53/SF

Area

Metairie, LA

Vacancy

5.00%

Lease Rate

$18.84 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,401,960

Cap Rate 7%

$1,001,400

Cap Rate 9%

$778,867

Alternative Uses

Best Use

Retail

$1.00M

$876.2K – $1.17M (±1% cap)

NOI $70,098 @ 7.0% cap · market cap 5.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,715 @ 7.0% cap · market cap 7.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Building Supply Parking Lot & Garage Barber Shop Grocery & Convenience Store Furniture & Home Goods Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

758

Businesses Nearby

21k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 69% Shops & Services 31%

CC's Coffee House Dining

8,933 visits/mo 0.1 miles

PJ's Coffee of New Orleans Dining

5,593 visits/mo 0.2 miles

Hallmark Shops & Services

4,178 visits/mo 0.2 miles

BankPlus Shops & Services

2,424 visits/mo 0.2 miles

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 Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Two storefront-style spaces are available along Metairie Road in the Greater New Orleans area.

Where is this storefront property located?

The property is located at 609-611 Metairie Road Metairie, LA.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Two storefront‑style spaces available along Metairie Road (Greater New Orleans area); Retail/office asset positioned on the Metairie Road corridor; Located in the Old Metairie submarket area