Mixed-Use Property with Restaurant
New
For Sale
$249,000
1008 E Simcoe St, Lafayette, LA 70501
Two-story mixed-use property combining restaurant improvements, equipment, and two apartment units.
Property Size3,255 SF
Lot Size0.71 Acres
Price / SF$76.50
Days on Market7
Property Features for 1008 E Simcoe St
General Information
Standard status
Active
Size
3,255 SF
Lot size
0.71 Acres
Property subtype
Retail
Zoning
CM
Property Condition
Severity
Repairs Needed
Evidence
visible rust/corrosion
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Furnished
Yes
Utilities to Site
Yes
Multifamily Units
2
Amenities
Power
Water
Sewer
Vacant
Building Details
Buildings
1
Stories
2
Listing Agency:
The Gleason Group
Listed By:
Grace Guo · License #995706927
(337) 517-1466
Source:
Lacdb.resimplifi
Added: Sep 3
Changed: Sep 8
Last Checked: Sep 8 at 2:45PM
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 The Gleason Group
Investment Insights
Based on property information with market context.
This two-story mixed-use property includes approximately 3,255 SF across five adjoining assessor parcels totaling approximately 0.71 acres. The first floor contains approximately 1,700 SF of former seafood restaurant and takeout space, with a commercial kitchen, seafood boiling room, walk-in cooler, chest and storage freezers, exhaust hood, roll-up door, boiler room, and additional storage. Existing restaurant FF&E conveys with the property in its AS IS, WHERE IS condition.
The second floor contains two apartment units, with access provided by an exterior metal staircase. The site includes partially fenced parking along with lawn and gravel areas. Zoning is CM. The roof and air-conditioning system were reportedly replaced around 2016. Electricity is connected, while the FF&E is currently unplugged. The former restaurant closed February 2026, and the second floor is not currently available for showings.
The second floor contains two apartment units, with access provided by an exterior metal staircase. The site includes partially fenced parking along with lawn and gravel areas. Zoning is CM. The roof and air-conditioning system were reportedly replaced around 2016. Electricity is connected, while the FF&E is currently unplugged. The former restaurant closed February 2026, and the second floor is not currently available for showings.
Key Highlights
- Approximately 0.71 acres with approximately 3,255 SF of improvements
- First floor includes approximately 1,700 SF of former seafood restaurant and takeout space
- Commercial kitchen, boiling room, walk‑in cooler, freezers, exhaust hood, roll‑up door, and storage
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
$15,357
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
6.17%
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%
$307,140
$307.1K
Cap Rate 7%
$219,386
$219.4K
Cap Rate 9%
$170,633
$170.6K
Market Conditions
NOI Build-Up for 3,255 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
$23.0K $7.08/SF
− Vacancy
−$1.1K −$0.34/SF
EGI
$21.9K $6.74/SF
− OpEx
−$6.6K −$2.02/SF
NOI
$15.4K $4.72/SF
Area
Lafayette, LA
Vacancy
4.80%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
30.00%
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%
$307,140
Cap Rate 7%
$219,386
Cap Rate 9%
$170,633
Alternative Uses
Best Use
Specialty Retail
$604.2K
$528.7K – $704.9K
NOI $42,295 @ 7.0% cap · market cap 16.99%
Second Best
Mixed Use
$537.1K
$469.9K – $626.6K
NOI $37,595 @ 7.0% cap · market cap 15.10%
Theoretical Best
Office A
$769.6K
$673.4K – $897.9K
NOI $53,872 @ 7.0% cap · market cap 21.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 70501, LA
28,721
Population
12,657
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
78%
High-School Grad
15.3 sq mi
ZIP Area
1,877
Density / Sq Mi
$31,723
Median Household Income
$25,281
Median Earnings
$867
Median Rent
$117,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story mixed-use property combining restaurant improvements, equipment, and two apartment units.
Where is this mixed-use property located?
The property is located at 1008 E Simcoe St Lafayette, LA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Approximately 0.71 acres with approximately 3,255 SF of improvements; First floor includes approximately 1,700 SF of former seafood restaurant and takeout space; Commercial kitchen, boiling room, walk‑in cooler, freezers, exhaust hood, roll‑up door, and storage
