Tenant-Occupied Retail
For Sale
$3,900,000
111 Westgate Road, Lafayette, LA 70506
COMMERCIAL - Lafayette, LA
Property Size15,381 SF
Lot Size1.96 Acres
Price / SF$253.56
Days on Market595
Property Features for 111 Westgate Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM-1 (COMMERCIA
Parking features
Parking Lot, Off Street
Security features
Security System
Subdivision
Leblanc (OFFORD)
Directions
Ambassador Caffery toward I-10 , left at Cameron St, left at 1st light. in Scott onto Westgate Rd, property is on the left.
Standard status
Active
APN
6042006
Size
15,381 SF
Lot size
1.96 Acres
Taxes and HOA fees
Tax Description
SEC 29 T9S R4E (0.522 AC)(05-20623) SEC 29 T9S R4E (180X118)(05-20624) LOT 1-B (1.901 AC) LOTS 2A & 2D (05-20624) OFFORD LEBLANC SUB (CVS PHARMACY)
Legal Description
SEC 29 T9S R4E (0.522 AC)(05-20623) SEC 29 T9S R4E (180X118)(05-20624) LOT 1-B (1.901 AC) LOTS 2A & 2D (05-20624) OFFORD LEBLANC SUB (CVS PHARMACY)
Utilities
Cooling system
Central Air
Water source
Public
Building Details
Flooring type
Tile
Listing Agency:
Scout Real Estate Co.
(337) 443-0880
Listed By:
Jeff Landry · License #995682229
(337) 257-5380
Added: Jan 7, 2025
Changed: Aug 4
Last Checked: Aug 25 at 8:06AM
MLS# 25000218
Copyright © 2026 Realtor Association of Acadiana. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
For sale retail property at 111 Westgate Road, Lafayette, LA 70506, totaling 15,381 square feet on a 1.96-acre lot. The property is listed as tenant occupied, making it a straightforward option for buyers looking at an income-producing commercial asset.
The site is located in the heart of the West-Lafayette Parish Commercial Corridor. Public remarks also note proximity to the new West Village TND development.
Zoning is CM-1 (Commercial), supporting retail and related commercial uses within the CM-1 district as described in the listing information.
The site is located in the heart of the West-Lafayette Parish Commercial Corridor. Public remarks also note proximity to the new West Village TND development.
Zoning is CM-1 (Commercial), supporting retail and related commercial uses within the CM-1 district as described in the listing information.
Key Highlights
- Premium national tenant occupied commercial property
- Located adjacent to the new West Village TND Development
- Heart of the West‑Lafayette Parish Commercial Corridor
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
$199,860
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
5.12%
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%
$3,997,200
$4.0M
Cap Rate 7%
$2,855,143
$2.9M
Cap Rate 9%
$2,220,667
$2.2M
Market Conditions
NOI Build-Up for 15,381 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
$289.8K $18.84/SF
− Vacancy
−$23.3K −$1.51/SF
EGI
$266.5K $17.33/SF
− OpEx
−$66.6K −$4.33/SF
NOI
$199.9K $12.99/SF
Area
Lafayette, LA
Vacancy
8.04%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
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%
$3,997,200
Cap Rate 7%
$2,855,143
Cap Rate 9%
$2,220,667
Alternative Uses
Best Use
Specialty Retail
$2.86M
$2.50M – $3.33M
NOI $199,860 @ 7.0% cap · market cap 5.12%
Second Best
Retail
$2.66M
$2.33M – $3.11M
NOI $186,536 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$3.64M
$3.18M – $4.24M
NOI $254,562 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70506, LA
39,801
Population
20,296
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
20.8 sq mi
ZIP Area
1,914
Density / Sq Mi
$55,553
Median Household Income
$38,764
Median Earnings
$1,024
Median Rent
$215,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Christoper F. Pritchett, RPH — 111 Westgate Rd, Lafayette, LA 70506
- CVS — 111 Westgate Rd, Lafayette, LA 70506
- Myles R. Stelly, Pharm — 111 Westgate Rd, Lafayette, LA 70506
- Son Hoang — 111 Westgate Rd, Lafayette, LA 705062710
- CVS Pharmacy — 111 Westgate Rd, Lafayette, LA 70506, United States
Frequently Asked Questions
What type of property is this?
Drug store - For-sale retail asset on a 1.96-acre lot, zoned CM-1, and currently tenant occupied.
Where is this drug store located?
The property is located at 111 Westgate Road Lafayette, LA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Premium national tenant occupied commercial property; Located adjacent to the new West Village TND Development; Heart of the West‑Lafayette Parish Commercial Corridor
