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    2509 Houma Blvd Metairie, LA 70001

    Sponsored
    For Sale
    $1,295,000

    High-Yield Multifamily Investment in Metairie, LA

    Property size:
    17,550 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 12-unit apartment building, Greystone Manor, presents a compelling investment opportunity in the desirable Metairie, Louisiana market. Located at 2509 Houma Blvd, 70001, this property boasts a total of 17,550 square feet on a 0.33-acre lot. The building, constructed in 1970, features three stories and offers 12,600 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $90,458, resulting in an attractive 6.99% capitalization rate. The asking price is $1,295,000, translating to a price per square foot of $73.79. Recent renovations enhance the property's appeal, ensuring a strong return on investment. The property is situated in the Airport-Metairie-Kenner submarket and is available for purchase on May 3rd, 2024. The land encompasses 14,442 square feet, providing ample space. This fully leased multifamily asset offers a rare opportunity to acquire a stable and profitable income-generating property in a thriving Louisiana location. The building's strong performance and prime location make it an ideal addition to any investment portfolio. Serious inquiries are encouraged.

    Property Features for 2509 Houma Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    17,550 SF
    Lot Size
    14,375 SF

    Building Details

    Year Built
    1970
    Buildings
    1
    Stories
    3
    Units
    12

    HighLights

    • $1,295,000 asking price for a 12‑unit apartment building.
    • 17,550 total square feet, 12,600 net rentable square feet, $73.79 price per square foot.
    • 6.99% cap rate with a $90,458 net operating income (NOI) and 100% occupancy.
    • Located at 2509 Houma Blvd, Metairie, LA 70001, on a 0.33‑acre lot.
    • 1970 construction, three‑story building with 12 units.
    • Available May 3, 2024.
    Property Profile Location Intelligence

    Current Use by Public Records

    Greystone Manor Apartments Apartment Building

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson Parish
    State
    Louisiana
    Longitude
    -90.1779803
    Latitude
    29.9970187

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    FAQs

    What type of property is this?
    Multifamily property - High-Yield Multifamily Investment in Metairie, LA
    Where is this multifamily property located?
    The property is located at 2509 Houma Blvd Metairie, LA.
    What is the asking price?
    The asking price for this property is $1,295,000.
    What are key features of this property?
    This property features: $1,295,000 asking price for a 12-unit apartment building.; 17,550 total square feet, 12,600 net rentable square feet, $73.79 price per square foot.; 6.99% cap rate with a $90,458 net operating income (NOI) and 100% occupancy.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2509 Houma Blvd Metairie, LA 70001
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