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    Property profile & analytics

    2949 Veterans Blvd Metairie, LA 70002

    • Neighborhood centers
    • 33,160 SF
    • 3.40 lot acres
    For Lease
    View listing
    $35 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Trader Joe's / Grocery & Convenience Store / Food Market
    • Keesler Federal Credit Union Metairie Branch / Credit Union

    Property Details for 2949 Veterans Blvd

    Lot size
    3.40 lot acres
    Property size
    33,160 SF
    Property type
    Neighborhood centers
    Property subtype
    Community centers

    Description

    This exceptional retail or office opportunity is located within a thriving shopping center in Metairie, Louisiana, anchored by a high-performing Trader Joe's grocery store—ranking in the top 10% nationally and top 15 in Louisiana. The property, situated at 2949 Veterans Blvd, offers two available spaces totaling 8,299 square feet, with a minimum divisible space of 4,130 square feet and a maximum contiguous space of 4,169 square feet. The center boasts a Class A designation, encompassing two single-story buildings on a 3.4-acre lot (APN 3161606). One space features approximately 35' x 118' of ground floor space, plus an additional 1,087 square feet of second-floor mezzanine office space available at a reduced rate. This space includes an open floor plan, exposed ceilings, and restrooms. The property is zoned C-1 and benefits from its location in a highly sought-after retail corridor along Veterans Boulevard. Strong co-tenancy includes AT&T, Adler's Jewelry, Jefferson Feed, Metairie Modern Dentistry, Keesler Federal Credit Union, and the soon-to-open Sally Beauty. This is an unparalleled opportunity to establish a presence in a vibrant and successful retail environment. The property features no elevators.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson Parish
    State
    Louisiana
    Longitude
    -90.1524
    Latitude
    30.0039

    Comparable in this City

    • Value Estimation by Request
      1,182,521 SF

      3301 Veterans Memorial Blvd

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      3301 Veterans Memorial Blvd, Metairie, LA 70002
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    • Value Estimation by Request
      20,112 SF

      3242-3264 Severn Ave

      Lifestyle centers • 20,112 SF
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      5,000 SF

      3401 Hullen St

      Restaurants • 5,000 SF
      3401 Hullen St, Metairie, LA 70002
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      10,884 SF

      3001 Arnoult Rd

      Office Properties & Spaces • 10,884 SF
      3001 Arnoult Rd, Metairie, LA 70002
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    • Value Estimation by Request
      37,332 SF

      4051 Veterans Blvd

      Medical offices • 37,332 SF
      4051 Veterans Blvd, Metairie, LA 70002
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    • Value Estimation by Request
      8,425 SF

      2305 Veterans Memorial Blvd

      Office Properties & Spaces • 8,425 SF
      2305 Veterans Memorial Blvd, Metairie, LA 70002
      View Details

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    Similar Nearby for Lease

    • $35 SF/Yr
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      Metairie Retail Space for Lease

      Prime Trader Joe's-anchored center. High-traffic location.
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      Lakeside Shopping Center Retail Space

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      Prime Retail Space Near Lakeside Mall
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      Metairie Restaurant Space For Lease

      Prime Metairie location, 5,000 sq ft.
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      Metairie Office Building For Lease

      Prime Metairie location, multiple suites available.
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      Metairie Office Complex: Causeway Plaza I

      Three-building Class B office complex in Metairie CBD.
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    Metairie, LA 70002
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    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
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