Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Metairie Office Space For Lease Title is generated by Realmo AI

    649 Papworth Ave, Metairie, LA 70005

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Second floor office space available for lease in Metairie.

    Type:Office
    Property size:
    6,000 SF
    Added:
    Jan 7, 2021
    Days on Market:
    1974
    Last Refresh:
    May 12 at 9:57 pm

    Property Features for 649 Papworth Ave

    General Information

    Standard status
    Active
    Size
    6,000 SF
    Property subtype
    Office

    Spaces For Lease

    at 649 Papworth Ave Contact us

    Suite 200 $12/Mo

    Size
    Type
    Office
    There is one 750sf space immediately available. We also have an approximate 1000sf...
    show more
    Contact us

    We can help!

    Listing Contact
    Robert Stevens

    Listing agent Robert Stevens License #LA

    Listing office The Stevens Group Inc

    Listing date Jan 7, 2021

    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 The Stevens Group Inc

    HighLights

    • Flexible space: 6,000sf second floor can be subdivided (1200sf, 2000sf, 3000sf options)
    • Build‑to‑suit options available
    • Additional yard area for parking and/or tenant storage
    • Perimeter parking available on Papworth and Paris Avenues
    • Cosmetic refurbishment in progress
    • Yard will be fenced and graded with limestone

    Overview

    The property offers second-floor office spaces available for lease. The owner is open to build-to-suit options. The space is accessible via walk-up. The second floor provides approximately 6,000 square feet of space, which can be subdivided into smaller units of 1,200 square feet, 2,000 square feet, or 3,000 square feet. The owner is currently refurbishing the cosmetic aspects of this walk-up space and is considering pre-leasing options. Spaces are anticipated to be available within 90 to 180 days after lease signing, depending on the required improvements. Parking is available around the perimeter of the site along Papworth and Paris Avenues. Additionally, a yard area is located at the rear of the property, which can accommodate additional parking or tenant storage needs. The yard will be fenced and further graded with additional limestone.
    Location Intelligence

    Current Use by Public Records

    Expert Insurance Services Insurance Agency Lifetime Construction LLC Construction Company A-1 Cajun Cleaning ... General Contractor Firestop International LLC Construction Company All Star Insulation General Contractor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson
    State
    Louisiana
    Longitude
    -90.1265301
    Latitude
    29.9983805

    Nearby Similar for Lease

    • $500/Mo
      129 SF

      Metairie Office Space For Rent

      Upstairs office space with natural light and shared amenities.
      1510 VETERANS MEMORIAL Boulevard, Metairie, LA 70005
      View Details
    • $1,000/Mo
      260 SF

      Metairie Office Space For Rent

      Upstairs office space available in Metairie, Louisiana.
      1510 VETERANS MEMORIAL Boulevard, Metairie, LA 70005
      View Details
    • $1,000/Mo
      1,248 SF

      Versatile Space on Veterans Blvd

      1248 sqft space ideal for retail, office, or salon.
      700 PHOSPHOR Avenue, Metairie, LA 70005
      View Details
    • $1,200/Mo
      850 SF

      Metairie Office Suite For Rent

      Updated office suite in central Metairie location available for rent.
      3005 HARVARD Avenue, Metairie, LA 70006
      View Details
    • $2,495/Mo
      1,185 SF

      New Metairie Retail Center Space

      New retail strip center in the heart of Metairie!
      3730 AIRLINE Drive, Metairie, LA 70001
      View Details
    • $2,469/Mo
      1,185 SF

      New Retail Center in Metairie

      New retail spaces with high visibility in a prime location.
      3730 AIRLINE Drive, Metairie, LA 70001
      View Details
    • $5,070/Mo
      2,434 SF

      New Retail Center in Metairie

      High-end retail space in a high-traffic Metairie location.
      3730 AIRLINE Drive, Metairie, LA 70001
      View Details
    • $2,602/Mo
      1,185 SF

      New Retail Center in Metairie

      New retail spaces with high visibility in Metairie, Louisiana.
      3730 AIRLINE Drive, Metairie, LA 70001
      View Details
    • $1,100/Mo
      378 SF

      Metairie Office Space For Rent

      Upstairs office space with utilities and internet included.
      1510 VETERANS MEMORIAL Boulevard, Metairie, LA 70005
      View Details
    • $4,200/Mo
      1,930 SF

      Metairie Retail/Office Space Available

      First floor retail/office space in the heart of Metairie.
      1510 VETERANS MEMORIAL Boulevard, Metairie, LA 70001
      View Details
    • $1,400/Mo
      800 SF

      Light Commercial Upstairs Office Suite

      Upstairs office suite with front and back offices, private bath, and balcony in a six-unit brick building.
      749 AURORA Avenue, Metairie, LA 70005
      View Details
    • $14,463/Mo
      6,942 SF

      Veterans Boulevard Commercial Space

      6,942 SF space on Veterans Boulevard available for lease.
      4517 VETERANS Boulevard, Metairie, LA 70006
      View Details

    FAQs

    What type of property is this?
    Office units - Second floor office space available for lease in Metairie.
    Where is this office units located?
    The property is located at 649 Papworth Ave Metairie, LA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Flexible space: **6,000sf second floor can be subdivided** (1200sf, 2000sf, 3000sf options); Build‑to‑suit options available; Additional yard area for parking and/or tenant storage
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert Stevens
    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

    Thank You for Inquiry
    649 Papworth Ave, Metairie, LA 70005
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!