Commercial Site on Hard Corner

1108 N University Ave Lafayette, LA 70506

Claim this Listing
For Sale
$1,685,000

1.42 acre commercial site suitable for retail or automotive use.

Property size:
10,000 SF
Lot size:
1.42 Acres
Price / SF:
$168/SF
Added:
Jul 15, 2024
Days on Market:
728
Last Refresh:
Jun 30 at 3:45 am

Property Features for 1108 N University Ave

General Information

Standard status
Active
Size
10,000 SF
Lot size
1.42 Acres

Listing office Bajat Realty, LLC

Listing date Jul 15, 2024

Source Exprealty

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 Bajat Realty, LLC


Investment Insights

Based on property information with market context.

This commercial site, currently operating as an established auto paint and body shop, is located on a hard corner and zoned CH. It is situated approximately 1/2 mile from both I-10 and I-49, adjacent to the new Truman Early Childhood Education Center. The property spans 1.42 acres and includes a 10,000 sq ft main building. The main building features an approximately 540 sq ft office/reception area with one bathroom. The remaining 9,460 sq ft of the main building contains 4 stalls and 2 bathrooms. There is parking for 15 cars, with a fenced area capable of accommodating up to 100 cars. A new AC unit was installed 2 years ago. Additionally, there is a 40x60 metal building in the rear with its own power source, a compressor, and two 14 ft roll-top doors, enclosed by a privacy fence. Gas is provided by Atmos, and the property utilizes City Electric. Potential uses for the site include a convenience store, industrial operations, retail, warehouse, or auto-related businesses.

Key Highlights

  • Excellent commercial site on a hard corner zoned CH (Commercial Highway) with potential for various uses.
  • Prime location: Centrally located, 1/2 mile from I‑10 and I‑49, adjacent to the new Truman Early Childhood Education Center.
  • Substantial 1.42‑acre site with a 10,000 sq ft main building currently operating as an established auto paint & body shop.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $188.4k $18.84
− Vacancy −$15.1k −$1.51
EGI $173.3k $17.33
− OpEx −$52.0k −$5.20
NOI $121.3k $12.13
10,000 SF · lease $18.84/SF/yr · vacancy 8.04% · expense 30.00%

Alternative Uses

Best Use
Retail
$1.73M
$1.52M – $2.02M (±1% cap)
NOI $121,277 @ 7.0% cap · market cap 7.20%
Second Best
Industrial
$674.0K
$589.8K – $786.4K (±1% cap)
NOI $47,181 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M (±1% cap)
NOI $165,504 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Fact-O-Bake of Lafayette Inc Auto Repair Shop

Suggested Use

Dental Office Law Firm Building Supply Restaurant Spa & Massage Center Big Box & Wholesale Store HVAC Service Skin Care Clinic Gym & Fitness Center Kitchen & Bath Showroom

Zoning and permitted uses should be independently verified with local authorities.

Similar Off Market Nearby

  • Judice Electric Motor Co. Inc. — 222 Eraste Landry Rd, Lafayette, LA 70506
  • Randy's auto repair — 1104 W Simcoe St, Lafayette, LA 70501
  • TYRE SMART INC. — 1001 Cameron St, Lafayette, LA 70501
  • D & G Tire shop #2 LLC — 2433 Cameron St, Lafayette, LA 70506
  • miami commercial tires — 172 Eraste Landry Rd, Lafayette, LA 70506

FAQs

What type of property is this?
Auto shop - 1.42 acre commercial site suitable for retail or automotive use.
Where is this auto shop located?
The property is located at 1108 N University Ave Lafayette, LA.
What is the asking price?
The asking price for this property is $1,685,000.
What are key features of this property?
This property features: Excellent commercial site on a hard corner zoned CH (Commercial Highway) with potential for various uses.; Prime location: Centrally located, 1/2 mile from I‑10 and I‑49, adjacent to the new Truman Early Childhood Education Center.; Substantial 1.42‑acre site with a **10,000 sq ft main building** currently operating as an established auto paint & body shop.
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