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    3106 Independence St Metairie, LA 70006

    Sponsored
    For Sale
    $1,050,000

    12-Unit Value-Add Apartment Building in Metairie, LA

    Property size:
    7,880 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 12-unit apartment complex, situated at 3106 Independence St, Metairie, LA 70006, presents a compelling value-add investment opportunity. The property boasts 7,880 square feet across two, two-story buildings, renovated in 2023. Currently operating at 90% occupancy, the property generates a Net Operating Income (NOI) of $107,460, representing a 10.23% cap rate. However, a pro-forma analysis projects a significantly higher NOI of $178,900 and a 17.04% cap rate, reflecting the potential for substantial rental income growth. This potential stems from current rents being 20-30% below market rates, allowing for strategic increases without extensive renovations. The property's prime location, just off Veterans Boulevard—Louisiana's busiest thoroughfare—and near the revitalized Clearview Mall corridor, further enhances its value and appeal. Ample off-street parking adds to the property's desirability. The asking price is $1,050,000, or $87,500 per unit, and the property is classified as a Class B multifamily investment. This complex offers a blend of immediate income and significant upside potential, making it an attractive addition to any real estate portfolio. The property is conveniently located in Jefferson Parish.

    Property Features for 3106 Independence St

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,880 SF
    Class
    B

    Building Details

    Year Renovated
    2023
    Buildings
    2
    Stories
    2
    Units
    12

    HighLights

    • 12‑unit Class B multifamily investment property in Metairie, LA.
    • 7,880 sq ft building on two lots, renovated in 2023, with ample off‑street parking.
    • Currently 90% occupied, generating $107,460 NOI (10.23% cap rate), with pro‑forma NOI projected at $178,900 (17.04% cap rate).
    • Asking price: $1,050,000 ($87,500 per unit).
    • Prime location off Veterans Blvd, near Clearview Mall, offering significant rental upside due to below‑market rents (20‑30% below market).
    Property Profile Location Intelligence

    Current Use by Public Records

    Jae Smooth the Barber Barber Shop

    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
    -90.17850711872
    Latitude
    30.003199624092

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    FAQs

    What type of property is this?
    Multifamily property - 12-Unit Value-Add Apartment Building in Metairie, LA
    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: 12-unit Class B multifamily investment property in Metairie, LA.; 7,880 sq ft building on two lots, renovated in 2023, with ample off-street parking.; Currently 90% occupied, generating $107,460 NOI (10.23% cap rate), with pro-forma NOI projected at $178,900 (17.04% cap rate).
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    Metairie, LA 70006
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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
    3106 Independence St Metairie, LA 70006
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