Garden-Style Office Building For
For Sale
$750,000
1003 Hugh Wallis Rd S # H, Lafayette, LA 70508
Four-unit office building with suites, ideal for owner-occupant.
Property Size5,199 SF
Price / SF$144.26
Days on Market280
Property Features for 1003 Hugh Wallis Rd S # H
General Information
Standard status
Active
Size
5,199 SF
Class
C
Property subtype
Office
Building Details
Building Size
5,199 SF
Year Built
1860
Listing Agency:
Lee & Associates - Lafayette
Listed By:
Ryan Polito, CCIM · License #995698987
(337) 578-5563
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Aug 22
Last Checked: Sep 1 at 6:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates - Lafayette
Investment Insights
Based on property information with market context.
Building H is a garden-style office building with four units, situated within The Gardens Condominiums on S. Hugh Wallis Road. The building has an approximate total area of 5,199 square feet. Individual suites range in size from approximately 1,200 to 1,400 square feet. Each suite includes a private restroom and kitchenette. Office layouts vary by unit. The property is suitable for an owner-occupant looking to occupy part of the building and lease the remaining suites for additional income. One suite is currently leased. The Gardens Condominiums are located at 1003 S Hugh Wallis Road, Lafayette, LA 70508, approximately 0.5 miles from Kaliste Saloom and 1 mile from Verot School Road, providing convenient access to Highway 90. The location offers accessibility to other parts of Lafayette, including the Oil Center, Downtown, and River Ranch.
Key Highlights
- Suited for owner‑occupant to lease remaining suites for income.
- Located within The Gardens Condominiums on S. Hugh Wallis Road.
- Convenient access to Highway 90 via Kaliste Saloom and Verot School Road.
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
$60,501
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
8.07%
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%
$1,210,020
$1.2M
Cap Rate 7%
$864,300
$864.3K
Cap Rate 9%
$672,233
$672.2K
Market Conditions
NOI Build-Up for 5,199 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
$93.6K $18.00/SF
− Vacancy
−$12.9K −$2.48/SF
EGI
$80.7K $15.52/SF
− OpEx
−$20.2K −$3.88/SF
NOI
$60.5K $11.64/SF
Area
Lafayette, LA
Vacancy
13.80%
Lease Rate
$18.00 /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%
$1,210,020
Cap Rate 7%
$864,300
Cap Rate 9%
$672,233
Alternative Uses
Best Use
Office B
$864.3K
$756.3K – $1.01M
NOI $60,501 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,046 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
930
Businesses Nearby
Explore this area
Business Placement
Demographics for 70508, LA
40,343
Population
18,677
Households
2.2
Avg Household Size
38
Median Age
47%
College-Educated
94%
High-School Grad
24.3 sq mi
ZIP Area
1,660
Density / Sq Mi
$88,017
Median Household Income
$51,614
Median Earnings
$1,244
Median Rent
$299,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-unit office building with suites, ideal for owner-occupant.
Where is this office building located?
The property is located at 1003 Hugh Wallis Rd S # H Lafayette, LA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Suited for owner‑occupant to lease remaining suites for income.; Located within The Gardens Condominiums on S. Hugh Wallis Road.; Convenient access to Highway 90 via Kaliste Saloom and Verot School Road.
