Two-Unit Duplex with
For Sale
$449,750
1120 S Washington Street, Lafayette, LA 70501
Residential Income, Lafayette, LA
Property Size1,922 SF
Lot Size0.15 Acres
Price / SF$234
Days on Market78
Property Features for 1120 S Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Parking
2
Interior features
High Ceilings, Vaulted Ceiling(s), 9+ Ft Ceiling, Electric Dryer Connection, Electric Washer Connection, Gas Stove Connection, Vaulted Ceilings
Exterior features
Lighting, Outside Light
Appliances
Dishwasher, Dryer, Gas Range
Subdivision
Girard (P M) Add.
Elementary school
Woodvale
Middle school
Lafayette
High school
Lafayette
Elementary school district
Lafayette Parish
Middle school district
Lafayette Parish
High school district
Lafayette Parish
Directions
Take University north toward interstate, right on Saint John Street. Right on Hamilton Place. Parking lot is on the left.
Standard status
Active
APN
6029275
Size
1,922 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
NP LOT G P M GIRARD ADD
Legal Description
NP LOT G P M GIRARD ADD
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Amenities
private balcony
off-street parking
in-unit washer/dryer
Building Details
Number of units
2
Flooring type
Vinyl
Building materials
HardiPlank Type
Roof type
Composition
Listing Agency:
Keaty Real Estate Team
(337) 235-7770
Listed By:
Tyler Albrecht · License #0995697749
(337) 780-9698
Added: Jun 15
Changed: Aug 29
Last Checked: Aug 31 at 9:06PM
MLS# 2600008075
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 1,922-square-foot duplex on a 0.15-acre lot contains two separate residences. The lower home has 2 bedrooms, 2 baths, and a single-level open layout. Upstairs, the second residence offers 2 bedrooms, 2 baths, a loft, and a private balcony with views toward downtown Lafayette. Both units feature high ceilings, abundant natural light, black-framed double-pane insulated windows, luxury vinyl plank flooring, and brushed nickel hardware.
Each residence includes a kitchen with custom wood cabinetry, stainless steel appliances, a gas range, and 3 CM quartz countertops in the kitchen and bathrooms. Refrigerators, dishwashers, washers, and dryers are included. Separate electric meters serve the units, while off-street parking supports daily convenience. The property is located at 1120 S Washington Street in Lafayette, near Johnson's Boucaniere and downtown restaurants, entertainment, and festivals.
Each residence includes a kitchen with custom wood cabinetry, stainless steel appliances, a gas range, and 3 CM quartz countertops in the kitchen and bathrooms. Refrigerators, dishwashers, washers, and dryers are included. Separate electric meters serve the units, while off-street parking supports daily convenience. The property is located at 1120 S Washington Street in Lafayette, near Johnson's Boucaniere and downtown restaurants, entertainment, and festivals.
Key Highlights
- Two separate residences totaling 1,922 square feet
- 0.15‑acre lot at 1120 S Washington Street, Lafayette, LA 70501
- Lower unit: 2 bedrooms, 2 baths, single‑level open layout
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
$17,977
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
4.00%
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%
$359,540
$359.5K
Cap Rate 7%
$256,814
$256.8K
Cap Rate 9%
$199,744
$199.7K
Market Conditions
NOI Build-Up for 1,922 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
$34.4K $17.88/SF
− Vacancy
−$8.7K −$4.52/SF
EGI
$25.7K $13.36/SF
− OpEx
−$7.7K −$4.01/SF
NOI
$18.0K $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%
$359,540
Cap Rate 7%
$256,814
Cap Rate 9%
$199,744
Alternative Uses
Best Use
Multifamily LT 5
$256.8K
$224.7K – $299.6K
NOI $17,977 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$232.8K
$203.7K – $271.6K
NOI $16,294 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$454.4K
$397.6K – $530.2K
NOI $31,810 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,248
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences offer flexible occupancy, modern finishes, private utility metering, and included appliances.
Where is this duplex located?
The property is located at 1120 S Washington Street Lafayette, LA.
What is the asking price?
The asking price for this property is $449,750.
What are key features of this property?
This property features: Two separate residences totaling 1,922 square feet; 0.15‑acre lot at 1120 S Washington Street, Lafayette, LA 70501; Lower unit: 2 bedrooms, 2 baths, single‑level open layout
