Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    305 Thelma Dr Lafayette, LA 70506

    View on Map
    Sponsored
    For Sale
    $1,250,000

    MULTI_FAMILY - Lafayette, LA

    Property size:
    30,680 SF
    Days on Market:
    23
    Last Refresh:
    Mar 13 at 8:06 pm

    Property Features for 305 Thelma Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 6, Bedroom 9, Bathroom 4, Bedroom 8, Bedroom 10, Bathroom 1, Bathroom 3, Bathroom 5, Bedroom 12, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 4, Bedroom 11, Bedroom 2, Bedroom 3, Bedroom 5
    Bedrooms
    12
    APN
    6047553
    Parking
    28
    Parking features
    Covered, Carport
    Patio and Porch features
    Porch
    Exterior features
    Lighting, Outside Light, Porch
    Fencing
    Chain Link
    Appliances
    Dishwasher, Dryer, Microwave, Refrigerator, Washer, Electric Range
    Size
    30,680 SF

    Utilities

    Heating system
    Electric (Heating), Central, Wall Furnace, Natural Gas
    Cooling system
    Window Unit(s), Central Air, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Floors in Building
    1
    Number of units
    14
    Building materials
    Brick, Wood Siding, HardiPlank Type
    Roof type
    Metal, Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Teresa W Rainey

    Real Broker, LLC (855) 450-0442

    Listing agent Teresa W Rainey License #0995691537

    Listing date Feb 18, 2026

    MLS# 24010191

    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.

    Learn more

    Property Insight Report

    Overview

    Lafayette Multifamily Investment Opportunity

    This is an opportunity to acquire a package of 14 income-producing properties located across Lafayette, Sunset, and Opelousas. The properties generate $13,465 per month in rental income. Many of the homes have been updated. The properties are located near each other in each area. The seller is open to package or individual sales. All properties are tenant-occupied. The property at 305 Thelma Drive, Lafayette, LA 70506, is part of this portfolio. The total property size is 30680 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Lafayette
    State
    Louisiana
    Longitude
    -92.050939
    Latitude
    30.229633

    Nearby Similar for Sale

    • $450,000
      3,060 SF

      Mid-Century Modern Office Building

      First-class office building in the Oil Center, Lafayette.
      133 S Audubon Blvd, Lafayette, LA 70503
      View Details
    • $825,000
      3,476 SF

      Historic Downtown Lafayette Commercial Property

      Renovated historic commercial property in downtown Lafayette with rental income.
      120 Caillouett Pl, Lafayette, LA 70501
      View Details
    • New
      $425,000
      3,900 SF

      Downtown Lafayette Commercial Property

      Prime commercial property in downtown Lafayette with office and warehouse space.
      310 S Buchanan St, Lafayette, LA 70501
      View Details
    • $749,000
      4,281 SF

      Historic Office Building, Lafayette

      Historic office building in Downtown Lafayette, ideal for professional use.
      814 S Washington St, Lafayette, LA 70501
      View Details
    • $460,000
      3,700 SF

      Established Automotive Business Opportunity

      Well-equipped automotive business with strong reputation in Lafayette, Louisiana.
      401 8Th St, Lafayette, LA 70501
      View Details
    • $699,000
      4,200 SF

      Mixed-Use Building in Lafayette, LA

      Mixed-use building with income potential in a high-visibility location.
      2807 Kaliste Saloom Rd, Lafayette, LA 70508
      View Details
    • $325,000
      3,000 SF

      Vermilion River Office Condominium

      Two-story office space in Waterwood Office Park.
      241 La Rue France, Lafayette, LA 70508
      View Details
    • New
      $1,100,000
      11,600 SF

      Versatile Commercial Facility in Lafayette

      11,600 SF commercial space suitable for various business operations.
      312 Westgate Rd, Lafayette, LA 70506
      View Details
    • $900,000
      2,380 SF

      Lafayette Medical Office Building

      Well-kept medical office near hospitals and retailers for sale.
      324 E Farrel Rd, Lafayette, LA 70508
      View Details
    • New
      $335,000
      Pending

      Downtown Lafayette Commercial Brick Building

      Versatile 4,364 SF building in the heart of Downtown Lafayette.
      1306 Jefferson St, Lafayette, LA 70501
      View Details
    • $380,000
      3,174 SF

      Lafayette Commercial Mechanic/Tire Shop

      Income-producing mechanic/tire shop for sale in Lafayette, Louisiana.
      1200 Moss Street Ext, Lafayette, LA 70501
      View Details
    • $1,300,000
      8,816 SF

      Professional Office with Optional Income

      Well-maintained office property in Lafayette with flexible income potential.
      114 Representative Row, Lafayette, LA 70508
      View Details

    FAQs

    What type of property is this?
    Apartment building - Portfolio of 14 income-producing properties across Lafayette, Sunset, and Opelousas.
    Where is this apartment building located?
    The property is located at 305 Thelma Dr Lafayette, LA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: - Portfolio of 14 income-producing properties generating $13,465/month.; - Opportunity for efficient management due to properties being located near each other.; - Many homes have been updated and refreshed.
    (855) 450-0442
    Request Owner's contact information
    305 Thelma Dr Lafayette, LA 70506
    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.
    305 Thelma Dr
    Lafayette, LA 70506
    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
    305 Thelma Dr Lafayette, LA 70506
    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

    We can help!
    Listing Contact
    Teresa W Rainey
    Real Estate License ID: 0995691537
    (855) 450-0442 (337) 534-0555 (337) 366-1454
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!