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    Value-Add Storage Facility with Apartment Title is generated by Realmo AI

    2209 Richard Street, Abbeville, LA 70510

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    For Sale
    $1,500,000

    Self-storage facility with warehouse conversion and apartment in Abbeville.

    Type:Industrial
    Property size:
    22,420 SF
    Price / SF:
    $66/SF
    Added:
    Nov 21, 2025
    Days on Market:
    183
    Last Refresh:
    May 8 at 10:36 pm

    Property Features for 2209 Richard Street

    General Information

    Standard status
    Active
    Size
    22,420 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    Kristen Asman
    Kristen Asman

    Listing agent Kristen Asman License #OH #658012934

    Listing office SVN | Toomey Property Advisors

    Listing date Nov 21, 2025

    Source Svn

    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

    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
    • Includes a 1,500 SF 3‑bedroom apartment
    • Set up on a remote management system
    • Prime location in the Abbeville retail area, near Walgreens, a nursing home, and an apartment complex with high traffic count (17,000 cars/day)

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Abbeville
    County
    Vermilion
    State
    Louisiana
    Longitude
    -92.110225
    Latitude
    29.981144

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    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
    (614) 370-9077
    We can help!
    Listing Contact
    Kristen Asman
    Kristen Asman
    Real Estate License ID: OH #658012934
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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