Brick Duplex with
For Sale
$319,900
6111-6113 Mitchell Ave, Metairie, LA 70003
Two-unit brick property with separate carports, backyard access, and tenant-occupied residences.
Property Size1,856 SF
Price / SF$172.36
Days on Market8
Property Features for 6111-6113 Mitchell Ave
General Information
Standard status
Active
Size
1,856 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1990
Construction
brick
Listing Agency:
Bennette Dukes Realty LLC
(504) 321-1014
Listed By:
April Brown · License #995705288
(504) 606-0466
Source:
Hospitalityrealty
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 6:56AM
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 Bennette Dukes Realty LLC
Investment Insights
Based on property information with market context.
Built in 1990, this 1,856-square-foot brick duplex includes two separate residences with practical features for rental operations. The larger rear unit offers an open living room and kitchen arrangement, stainless appliances, granite countertops, laminate flooring, and an interior laundry room equipped with a washer and dryer. The front residence also includes a washer, dryer, refrigerator, stove, and a large pantry.
Each unit has its own carport and access to the backyard. The property is occupied by long-term tenants and is located at 6111-6113 Mitchell Ave in Metairie, Louisiana.
Each unit has its own carport and access to the backyard. The property is occupied by long-term tenants and is located at 6111-6113 Mitchell Ave in Metairie, Louisiana.
Key Highlights
- 1,856 SF brick duplex built in 1990
- Long‑term tenants occupy both residences
- Larger rear unit has an open living room and kitchen combination
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
$19,847
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
6.20%
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%
$396,940
$396.9K
Cap Rate 7%
$283,529
$283.5K
Cap Rate 9%
$220,522
$220.5K
Market Conditions
NOI Build-Up for 1,856 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
$30.1K $16.20/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$28.4K $15.28/SF
− OpEx
−$8.5K −$4.58/SF
NOI
$19.8K $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%
$396,940
Cap Rate 7%
$283,529
Cap Rate 9%
$220,522
Alternative Uses
Best Use
Multifamily LT 5
$283.5K
$248.1K – $330.8K
NOI $19,847 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$246.7K
$215.9K – $287.9K
NOI $17,272 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$434.6K
$380.3K – $507.1K
NOI $30,424 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
428
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit brick property with separate carports, backyard access, and tenant-occupied residences.
Where is this duplex located?
The property is located at 6111-6113 Mitchell Ave Metairie, LA.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 1,856 SF brick duplex built in 1990; Long‑term tenants occupy both residences; Larger rear unit has an open living room and kitchen combination
