Drive-Thru Bank
For Sale
$620,000
410 W University Avenue, Lafayette, LA 70506
COMMERCIAL - Lafayette, LA
Property Size2,932 SF
Lot Size0.36 Acres
Price / SF$211.46
Days on Market44
Property Features for 410 W University Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM-1
Exterior features
Door Sign
Subdivision
Elmhurst Park
Lot features
Level
Directions
Former Rayne State Bank building on the corner of W. University and Lafayette Street
Standard status
Active
APN
6053015
Size
2,932 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
LOTS 16-17-18-19-20 BLK 2 ELMHURST PARK ADD
Legal Description
LOTS 16-17-18-19-20 BLK 2 ELMHURST PARK ADD
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
drive-thru
Building Details
Floors in Building
1
Flooring type
Wood
Roof type
Tar/Gravel
Listing Agency:
Compass · ERA Real Estate
(337) 233-9700
Listed By:
Brennan Billeaud · License #0000069755
(337) 654-2591
Added: Jul 14
Changed: Aug 4
Last Checked: Aug 26 at 9:06AM
MLS# 2600006503
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.
Former bank building on a 0.36-acre corner lot, offered with an existing drive-thru for added convenience. The building is 2,932 square feet and includes wood flooring, a tar/gravel roof, and an exterior door sign. For comfort, the space features central air cooling and electric heating (with central heating).
The property is zoned CM-1 and is situated in Flood Zone X. It is located in the heart of downtown Lafayette at the highly visible corner of W. University Avenue and Lafayette Street, providing easy access to major thoroughfares, businesses, and government offices.
The seller will implement a deed restriction applicable to banks and other lending institutions, which may be an important consideration for future operating plans.
The property is zoned CM-1 and is situated in Flood Zone X. It is located in the heart of downtown Lafayette at the highly visible corner of W. University Avenue and Lafayette Street, providing easy access to major thoroughfares, businesses, and government offices.
The seller will implement a deed restriction applicable to banks and other lending institutions, which may be an important consideration for future operating plans.
Key Highlights
- 0.36‑acre corner lot at W. University Avenue and Lafayette Street in downtown Lafayette
- 2,932 SF former bank building with an existing drive‑thru
- Zoned CM‑1 and situated in Flood Zone X
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
$38,098
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
6.14%
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%
$761,960
$762.0K
Cap Rate 7%
$544,257
$544.3K
Cap Rate 9%
$423,311
$423.3K
Market Conditions
NOI Build-Up for 2,932 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
$55.2K $18.84/SF
− Vacancy
−$4.4K −$1.51/SF
EGI
$50.8K $17.33/SF
− OpEx
−$12.7K −$4.33/SF
NOI
$38.1K $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%
$761,960
Cap Rate 7%
$544,257
Cap Rate 9%
$423,311
Alternative Uses
Best Use
Specialty Retail
$544.3K
$476.2K – $635.0K
NOI $38,098 @ 7.0% cap · market cap 6.14%
Second Best
Retail
$508.0K
$444.5K – $592.6K
NOI $35,558 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$693.2K
$606.6K – $808.8K
NOI $48,526 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,226
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Bank - Former bank building with an existing drive-thru, zoned CM-1 in Flood Zone X with public water.
Where is this bank located?
The property is located at 410 W University Avenue Lafayette, LA.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: 0.36‑acre corner lot at W. University Avenue and Lafayette Street in downtown Lafayette; 2,932 SF former bank building with an existing drive‑thru; Zoned CM‑1 and situated in Flood Zone X
