Prime Metairie Redevelopment
For Sale
Contact for pricing
3529 N I-10 Service Rd., Metairie, LA 70002
4.37-acre site with income in place, redevelopment potential.
Property Size30,114 SF
Lot Size4.37 Acres
Price / SF$411.77
Days on Market1602
Property Features for 3529 N I-10 Service Rd.
General Information
Standard status
Active
Size
30,114 SF
Lot size
4.37 Acres
Property subtype
Retail, Multifamily, Hospitality, Mixed Use, Land
Zoning
BC-2
Investment Type
Redevelopment
Net Operating Income
$358,446
Listing Agency:
SRSA Commercial Real Estate
Listed By:
Steven Reisig · License #LA 0000014916
Source:
Crexi
Added: Mar 21, 2022
Changed: Aug 8
Last Checked: Jul 14 at 10:39PM
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 SRSA Commercial Real Estate
Investment Insights
Based on property information with market context.
This is a rare opportunity to purchase or ground lease a combined 4.37-acre site located in the heart of Metairie, Louisiana, offering direct Interstate 10 visibility. The owners are open to offers on the entire site or Parcels A and B separately. Parcel A features a 3-story office building, known as the Crutcher–Tufts Building, which provides 30,114 square feet of leasable space. Currently, the 1st floor is leased to two tenants: Stanley Security and State Farm. The 2nd and 3rd floors are vacant. Parcel B is fully leased to Enterprise for their car rental and sales facility. The leases in both buildings include provisions allowing the owner to cancel with either a 6-month or 12-month notice. This property presents a redevelopment opportunity with existing income. The zoning allows for multi-family, hotel, office, retail, or medical uses. The owner will consider a Ground Lease Option at $820,000/Year for both properties or $410,000/Year for either property individually, with an option to purchase at a TBD later date.
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
$377,286
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
3.04%
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%
$7,545,720
$7.5M
Cap Rate 7%
$5,389,800
$5.4M
Cap Rate 9%
$4,192,067
$4.2M
Market Conditions
NOI Build-Up for 30,114 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
$567.3K $18.84/SF
− Vacancy
−$28.4K −$0.94/SF
EGI
$539.0K $17.90/SF
− OpEx
−$161.7K −$5.37/SF
NOI
$377.3K $12.53/SF
Area
Metairie, LA
Vacancy
5.00%
Lease Rate
$18.84 /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%
$7,545,720
Cap Rate 7%
$5,389,800
Cap Rate 9%
$4,192,067
Alternative Uses
Best Use
Retail
$5.39M
$4.72M – $6.29M
NOI $377,286 @ 7.0% cap · market cap 3.04%
Second Best
Mixed Use
$5.23M
$4.57M – $6.10M
NOI $365,885 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$7.05M
$6.17M – $8.23M
NOI $493,637 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 70002, LA
19,857
Population
9,585
Households
2.1
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
6,205
Density / Sq Mi
$65,576
Median Household Income
$50,983
Median Earnings
$1,128
Median Rent
$379,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 4.37-acre site with income in place, redevelopment potential.
Where is this mixed-use property located?
The property is located at 3529 N I-10 Service Rd. Metairie, LA.
What is the asking price?
The asking price for this property is $12,400,000.
