Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3106 Independence St Metairie, LA 70006

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Value-add multifamily property in desirable Metairie location with rental upside.

    Type:Multifamily
    Property size:
    12,880 SF
    Added:
    Nov 3, 2023
    Days on Market:
    898
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for 3106 Independence St

    General Information

    Standard status
    Active
    Size
    12,880 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Mason Mccullough

    Listing agent Mason Mccullough License #LA

    Listing office Bridgewater Realty Advisors

    Listing date Nov 3, 2023

    Source Crexi

    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 Bridgewater Realty Advisors

    Overview

    Metairie Multifamily Investment Opportunity

    Located in Metairie, Louisiana, 3106-10 Independence Street is a multifamily property presenting a value-add investment opportunity. Metairie is a desirable market for both renters and investors. Multifamily properties in Metairie generally experience lower turnover and rent out quickly. The current rents are positioned below the local market rates, allowing a new owner to strategically increase rental income without extensive renovations. New renovations nearby at Clearview Mall, including new multifamily units, should continue to increase the value in the surrounding area. Ample off-street parking is available in the rear of the building.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jae Smooth the Barber Barber Shop

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.178533
    Latitude
    30.002927

    Nearby Similar for Sale

    • $369,000
      3,750 SF

      Spacious Metairie Duplex with Offices

      Metairie duplex featuring 3-bedroom units with office spaces.
      4025 GEORGETOWN Drive, Metairie, LA 70001
      View Details
    • $699,000
      2,912 SF

      Updated Cottage in Old Metairie

      Charming cottage with additions, oversized lot, potential rental income.
      510 NURSERY Avenue, Metairie, LA 70005
      View Details
    • $369,000
      2,450 SF

      Metairie Duplex: Income Potential

      Income-producing duplex with flexible backyard and strong investment potential.
      3939-3941 Bauvais Street, Metairie, LA 70001
      View Details
    • $575,000
      1,993 SF

      Metairie Triplex with Oversized Garage

      Triplex in Old Metairie with potential for over $5000/mo.
      504 NURSERY Avenue, Metairie, LA 70005
      View Details
    • $1,575
      2,100 SF

      Metairie Office Space on Veterans

      Highly visible office suite with flexible layout on Veterans Blvd.
      3848 VETERANS Boulevard, Metairie, LA 70002
      View Details
    • $1,295,000
      7,860 SF

      Metairie Apartment Building For Sale

      Gated apartment building in high-demand Metairie location.
      2609 TRANSCONTINENTAL Drive, Metairie, LA 70001
      View Details
    • $245,000
      2,035 SF

      Income-Producing Duplex in Metairie, LA

      Income-producing duplex in a popular rental location.
      2721-23 LONGWOOD Drive, Metairie, LA 70003
      View Details
    • $255,000
      1,905 SF

      Metairie Duplex: Investment Opportunity

      Fully rented duplex in Metairie, generating $2,600 monthly income.
      506 N ELM Street, Metairie, LA 70003
      View Details
    • $490,000
      1,820 SF

      Renovated Metairie Commercial/Office Building

      Recently renovated commercial/office building in a high-traffic Metairie location.
      2882 Cleary Ave, Metairie, LA 70002
      View Details
    • $270,000
      1,682 SF

      Metairie Mixed-Use Opportunity

      Mid-century home zoned for business or residential use.
      2209 ATHANIA Parkway, Metairie, LA 70001
      View Details
    • $179,900
      2,000 SF

      Fire Damaged Multi-Family Property

      Fire-damaged multi-family property with potential for investors.
      4541 LIGUSTRUM Street, Metairie, LA 70001
      View Details
    • $329,000
      1,555 SF

      Versatile Brick Property, Metairie, LA

      Adaptable property for residential or commercial use on corner lot.
      2800 LAKE VILLA Drive, Metairie, LA 70002
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Value-add multifamily property in desirable Metairie location with rental upside.
    Where is this multifamily property located?
    The property is located at 3106 Independence St Metairie, LA.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: Multifamily property in a highly desirable Metairie location.; Value‑add opportunity with below‑market rents.; Ample off‑street parking available.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mason Mccullough
    Real Estate License ID: LA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!