Value-Add Storage Facility with
2209 Richard Street Abbeville, LA 70510
2209 Richard Street, Abbeville, LA, 70510
$1,500,000
For Sale
$1,500,000
Self-storage facility with warehouse conversion and apartment in Abbeville.
Property Size22,420 SF
Price / SF$66.90
Days on Market242
Property Features for 2209 Richard Street
General Information
- Standard status
- Active
- Size
- 22,420 SF
- Property subtype
- Industrial
Listing agency
SVN Toomey Property Advisors
(614) 370-9077
Listed by
Kristen Asman · License #OH #658012934
(614) 370-9077
Source
Svn
Added: Nov 21, 2025 Updated: Jul 6 at 8:57AM Checked: Jul 21 at 4:48AM
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 SVN Toomey Property Advisors
Investment Insights
Based on property information with market context.
Located in the Lafayette MSA, a fast-growing area in Louisiana, this property offers a value-add self-storage opportunity. The facility features 22,100 square feet, including 12,400 square feet of non-climate storage, a newly converted 8,200-square-foot warehouse with 67 climate-controlled units, and a 1,500-square-foot three-bedroom apartment. The property is fully fenced and equipped with a remote management system. Situated in the heart of the Abbeville retail area, it is located behind a Walgreens and next to a nursing home and apartment complex. The location benefits from high traffic, with 17,000 cars passing by daily on Veterans Memorial Drive. The surrounding area has a population of 15,000 within a 3-mile radius. The property is located in Abbeville, the county seat of Vermillion Parish, approximately 150 miles west of New Orleans and 60 miles southwest of Baton Rouge. Abbeville is an agricultural trade and processing center and services oil and natural gas fields in the Gulf of Mexico. The area has a low self-storage saturation rate of 6.7 SF/Capita within a 5-mile radius, indicating potential for growth.
Key Highlights
- Brand new conversion of 8,200 SF warehouse into 67 climate‑controlled storage units
- Located in the rapidly growing Lafayette MSA
- Low self‑storage saturation rate of 6.7 SF/Capita within a 5‑mile radius
Local Financial Insights For Warehouse
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 | $158.7k | $7.08 |
| − Vacancy | −$7.6k | −$0.34 |
| EGI | $151.1k | $6.74 |
| − OpEx | −$22.7k | −$1.01 |
| NOI | $128.4k | $5.73 |
22,420 SF · lease $7.08/SF/yr · vacancy 4.80% · expense 15.00%
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.17M
NOI $190,070 @ 7.0% cap · market cap 12.67%
Second Best
Self Storage
$2.42M
$2.12M – $2.82M
NOI $169,495 @ 7.0% cap · market cap 11.30%
Theoretical Best
Office A
$5.30M
$4.64M – $6.18M
NOI $371,060 @ 7.0% cap · market cap 24.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Self storage facilities
Similar For Sale Nearby
FAQs
What type of property is this?
Self storage facility - Self-storage facility with warehouse conversion and apartment in Abbeville.
Where is this self storage facility located?
The property is located at 2209 Richard Street Abbeville, LA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Brand new conversion of 8,200 SF warehouse into 67 climate‑controlled storage units; Located in the rapidly growing Lafayette MSA; Low self‑storage saturation rate of 6.7 SF/Capita within a 5‑mile radius
