436 E Vermilion St Lafayette, LA 70501

Vermilion Lofts is a mixed-use property featuring 26 units, situated in Downtown Lafayette at a significant entry point to both the Downtown District and the National Historic District of Freetown. Constructed in 2020, the property includes approximately 3,313 square feet of retail/office space along with "Class A" residential units. The residential component comprises a mix of studios, one-bedroom, and two-bedroom apartments, complemented by a duplex with two 2-bedroom/2-bath units adjacent to the lofts. The residential units average $1,206 per month. The commercial space, which is fully leased, is located on the ground floor and commands rents between $22 and $26 per square foot. The property offers a potential value-add opportunity by converting the first-floor leases to true NNN leases, potentially recovering around $14,000 annually in expenses. The property is located in Flood Zone X. Unit amenities include stainless steel appliances, in-unit washer/dryers, quartz countertops in kitchens and bathrooms, 10-foot ceilings, open floor plans, large windows with commercial roller shades, mini-split remote-controlled HVAC systems, and extra insulated floors and walls for soundproofing. The property features white metal panel siding, large dark gray brick on the bottom floor of the commercial side, aluminum storefronts, aluminum-coated stairs and gates, and is located approximately 0.5 miles from the University of Louisiana at Lafayette.