3-Unit Short-Term Rental
For Sale
$715,000
103 S Southlawn Drive, Lafayette, LA 70503
MULTI_FAMILY - Lafayette, LA
Property Size3,364 SF
Price / SF$212.54
Days on Market263
Property Features for 103 S Southlawn Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Full bathrooms
5
Rooms
Bedroom 6, Bathroom 3, Bedroom 5, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 5, Bathroom 4, Bedroom 7, Bathroom 1, Bedroom 4
Parking
8
Parking features
Covered, Carport
Patio and Porch features
Porch, Patio
Interior features
High Ceilings, Beamed Ceilings, 9+ Ft Ceiling, Beamed Ceilings, Electric Dryer Connection, Electric Stove Connection, Electric Washer Connection
Exterior features
Lighting, Outside Light, Porch, Patio
Appliances
Dishwasher, Disposal, Dryer, Electric Range
Subdivision
Minglewood Park
Lot features
Corner Lot
Elementary school
Woodvale
Middle school
L J Alleman
High school
Lafayette
Elementary school district
Lafayette Parish
Middle school district
Lafayette Parish
High school district
Lafayette Parish
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
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
Electric (Heating), Natural Gas, Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
courtyard
Building Details
Number of units
3
Flooring type
Laminate, Wood
Building materials
Brick, Wood Siding
Roof type
Composition
Additional Structures
Residence
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 24 at 8:06AM
MLS# 2500006027
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 3,364-square-foot Lafayette property contains three separate units arranged around a shared courtyard. The interiors have been renovated and include furniture, décor, appliances, laminate and wood flooring, high and beamed ceilings, and central air. Each unit includes bedroom and bathroom accommodations, with a combined sleep capacity of 18 guests.
Exterior features include a porch, patio, exterior lighting, and covered carport parking. The property is served by public water and includes electric and natural gas systems, central heating, ceiling fans, and composition roofing. Located at 103 S Southlawn Drive in Lafayette, the asset is configured for short-term guest stays with multiple independent living areas and shared outdoor space.
Exterior features include a porch, patio, exterior lighting, and covered carport parking. The property is served by public water and includes electric and natural gas systems, central heating, ceiling fans, and composition roofing. Located at 103 S Southlawn Drive in Lafayette, the asset is configured for short-term guest stays with multiple independent living areas and shared outdoor space.
Key Highlights
- 3,364 square feet with 3 separate units
- Combined sleeping capacity of 18 guests
- Renovated interiors with furniture, décor, and appliances
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
$31,464
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
4.40%
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%
$629,280
$629.3K
Cap Rate 7%
$449,486
$449.5K
Cap Rate 9%
$349,600
$349.6K
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
$60.1K $17.88/SF
− Vacancy
−$15.2K −$4.52/SF
EGI
$44.9K $13.36/SF
− OpEx
−$13.5K −$4.01/SF
NOI
$31.5K $9.35/SF
Area
Lafayette, LA
Vacancy
25.27%
Lease Rate
$17.88 /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%
$629,280
Cap Rate 7%
$449,486
Cap Rate 9%
$349,600
Alternative Uses
Best Use
Multifamily LT 5
$449.5K
$393.3K – $524.4K
NOI $31,464 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$407.4K
$356.5K – $475.3K
NOI $28,519 @ 7.0% cap · market cap 3.99%
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 - Renovated three-unit property with a shared courtyard, furnished interiors, and essential appliances.
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: 3,364 square feet with 3 separate units; Combined sleeping capacity of 18 guests; Renovated interiors with furniture, décor, and appliances
