Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2509 Houma Blvd Metairie, LA 70001
    Back to Search
    Property profile & analytics

    2509 Houma Blvd, Metairie, LA 70001

    View on Map
    • Commercial real estate
    • 17,550 SF
    • 0.33 lot acres
    Off-Market
    Property ID
    US36-0279682
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Greystone Manor Apartments / Apartment Building

    Property Details for 2509 Houma Blvd

    Year built
    1970
    Lot size
    0.33 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 12-unit apartment building, Greystone Manor, presents a compelling investment opportunity in the desirable Metairie, Louisiana market. Located at 2509 Houma Blvd, 70001, this property boasts a total of 17,550 square feet on a 0.33-acre lot. The building, constructed in 1970, features three stories and offers 12,600 square feet of net rentable space. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $90,458, resulting in an attractive 6.99% capitalization rate. The asking price is $1,295,000, translating to a price per square foot of $73.79. Recent renovations enhance the property's appeal, ensuring a strong return on investment. The property is situated in the Airport-Metairie-Kenner submarket and is available for purchase on May 3rd, 2024. The land encompasses 14,442 square feet, providing ample space. This fully leased multifamily asset offers a rare opportunity to acquire a stable and profitable income-generating property in a thriving Louisiana location. The building's strong performance and prime location make it an ideal addition to any investment portfolio. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Metairie
    County
    Jefferson Parish
    State
    Louisiana
    Longitude
    -90.1779803
    Latitude
    29.9970187

    Comparable in this City

    • Contact for pricing

      Airline Drive Redevelopment Opportunity

      Redevelopment opportunity on Airline Drive, Metairie.
      3640 Airline Dr, Metairie, LA 70001
      View Details
    • Contact for pricing
      80,688 SF

      84-Unit Apartment Complex in Metairie

      Multifamily complex in prime location near retail and employment hubs.
      3101 Cleary Ave, Metairie, LA 70001
      View Details
    • $499,000
      2,790 SF

      Old Metairie Brick Double

      Well-maintained duplex in prime Old Metairie location.
      195-97 Metairie Ct, Metairie, LA 70001
      View Details
    • $299,000
      2,083 SF

      Metairie Multifamily Property For Sale

      Renovated multifamily property with income potential in Metairie, Louisiana.
      4828-30 Condor St, Metairie, LA 70001
      View Details
    • New
      $325,000
      Pending

      Metairie Multi-Family Investment Opportunity

      Solid brick duplex in Metairie, ideal for owner-occupants or investors.
      4428 W Metairie Ave, Metairie, LA 70001
      View Details
    • $515,000
      3,103 SF

      Metairie Home with Auxiliary Unit

      Pristine home with oversized lot and auxiliary guest suite.
      3749-51 Bauvais St, Metairie, LA 70001
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Airline Drive Redevelopment Opportunity

      Redevelopment opportunity on Airline Drive, Metairie.
      3640 Airline Dr, Metairie, LA 70001
      View Details
    • Contact for pricing
      80,688 SF

      84-Unit Apartment Complex in Metairie

      Multifamily complex in prime location near retail and employment hubs.
      3101 Cleary Ave, Metairie, LA 70001
      View Details
    • $299,000
      2,083 SF

      Metairie Multifamily Property For Sale

      Renovated multifamily property with income potential in Metairie, Louisiana.
      4828-30 Condor St, Metairie, LA 70001
      View Details
    • New
      $325,000
      Pending

      Metairie Multi-Family Investment Opportunity

      Solid brick duplex in Metairie, ideal for owner-occupants or investors.
      4428 W Metairie Ave, Metairie, LA 70001
      View Details
    • $499,000
      2,790 SF

      Old Metairie Brick Double

      Well-maintained duplex in prime Old Metairie location.
      195-97 Metairie Ct, Metairie, LA 70001
      View Details
    • $369,000
      Pending

      Metairie Duplex: Income Potential

      Income-producing duplex with flexible backyard and strong investment potential.
      3939-3941 Bauvais St, Metairie, LA 70001
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Metairie Double Home For Rent

      Charming 2-bedroom, 2-bath double home in a convenient Metairie location.
      3615 Anderson Ct, Metairie, LA 70001
      View Details
    • Contact for pricing

      Class A Office Tower

      21-story Class A office tower in Metairie for lease.
      1 Galleria Blvd, Metairie, LA 70001
      View Details
    • Contact for pricing
      935 SF

      Retail Space in Rouses Anchored Center

      Retail space available in a high-traffic shopping center.
      2701 Airline Dr, Metairie, LA 70001
      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 Blvd, Metairie, LA 70001
      View Details
    • $8,300 /Mo
      2,600 SF

      Retail Space on Clearview Parkway

      Retail space available for lease on Clearview Parkway.
      810 Clearview Pkwy, 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 Dr, Metairie, LA 70001
      View Details
    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.
    2509 Houma Blvd
    Metairie, LA 70001
    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
    2509 Houma Blvd, Metairie, LA, 70001
    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!