Renovated Three-Unit Short-Term
For Sale
$715,000
103 S Southlawn Drive, Lafayette, LA 70503
COMMERCIAL - Lafayette, LA
Property Size3,364 SF
Lot Size0.38 Acres
Price / SF$212.54
Days on Market268
Property Features for 103 S Southlawn Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM1
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bathroom 4, Bathroom 2, Bathroom 5, Bathroom 3
Parking
8
Parking features
Covered, Off Street
Subdivision
Minglewood Park
Lot features
Corner
Directions
From Johnston towards Oil Center on S. College property is on right @ corner of Southlawn.
Standard status
Active
APN
6027497
Size
3,364 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Description
Lots 1-2-3-4-5 Minglewood Park Sub
Legal Description
Lots 1-2-3-4-5 Minglewood Park Sub
Utilities
Heating system
Natural Gas, Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
courtyard
Building Details
Floors in Building
1
Flooring type
Wood, Tile, Tile - Ceramic
Roof type
Composition
Listing Agency:
Atlas Realty of Acadiana
(337) 504-7414
Listed By:
Kurt Reaux · License #995704647
(337) 257-2455
Added: Dec 4, 2025
Changed: Aug 17
Last Checked: Aug 29 at 12:06AM
MLS# 2500006026
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.
This renovated short-term rental property contains three separate units within a 3,364-square-foot improvement on 0.38 acres. The units share a large courtyard and provide sleeping capacity for up to 18 guests. Wood and tile flooring, central air, natural gas and electric heating, ceiling fans, public water, and a composition roof are in place. Covered and off-street parking are also available.
Each unit has furniture, decor, and appliances. The property is located at 103 S Southlawn Drive in Lafayette, Louisiana, and carries RM1 zoning. The seller has indicated that the furnishings and equipment may be negotiated separately as part of a package outside the purchase price.
Each unit has furniture, decor, and appliances. The property is located at 103 S Southlawn Drive in Lafayette, Louisiana, and carries RM1 zoning. The seller has indicated that the furnishings and equipment may be negotiated separately as part of a package outside the purchase price.
Key Highlights
- Three separate units with capacity for 18 guests
- 3,364 square feet on a 0.38‑acre lot
- Large shared courtyard
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
$28,519
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
3.99%
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%
$570,380
$570.4K
Cap Rate 7%
$407,414
$407.4K
Cap Rate 9%
$316,878
$316.9K
Market Conditions
NOI Build-Up for 3,364 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
$70.6K $21.00/SF
− Vacancy
−$18.8K −$5.59/SF
EGI
$51.9K $15.41/SF
− OpEx
−$23.3K −$6.94/SF
NOI
$28.5K $8.48/SF
Area
Lafayette, LA
Vacancy
26.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
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%
$570,380
Cap Rate 7%
$407,414
Cap Rate 9%
$316,878
Alternative Uses
Best Use
Apartment 5plus
$407.4K
$356.5K – $475.3K
NOI $28,519 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$795.4K
$696.0K – $927.9K
NOI $55,676 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 70503, LA
27,497
Population
13,052
Households
2.1
Avg Household Size
38
Median Age
55%
College-Educated
96%
High-School Grad
11.3 sq mi
ZIP Area
2,433
Density / Sq Mi
$94,360
Median Household Income
$54,170
Median Earnings
$1,087
Median Rent
$326,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Three separate guest units share a courtyard and are furnished with appliances for short-term lodging operations.
Where is this short term rental property located?
The property is located at 103 S Southlawn Drive Lafayette, LA.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: Three separate units with capacity for 18 guests; 3,364 square feet on a 0.38‑acre lot; Large shared courtyard
