Renovated Historic Office
For Sale
$825,000
120 Caillouett Place, Lafayette, LA 70501
Commercial Sale, Lafayette, LA
Property Size3,476 SF
Lot Size0.23 Acres
Price / SF$237.34
Days on Market187
Property Features for 120 Caillouett Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Downtown
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Parking
1
Parking features
On Street
Exterior features
Partially Fenced
Fencing
Partial
Subdivision
Caillouet Place
Lot features
Level
Directions
From i-10 take University Avenue south. Left on Johnston Street. Left on Jefferson. Left on Caillouet. First property on the right after the parking lot.
Standard status
Active
APN
6010243
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOTS 18 20 22 24 CAILLOUET PLACE SUB (100X100)
Legal Description
LOTS 18 20 22 24 CAILLOUET PLACE SUB (100X100)
Utilities
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Floors in Building
2
Flooring type
Wood
Roof type
Metal
Listing Agency:
Keaty Real Estate Team
(337) 235-7770
Listed By:
Tyler Albrecht · License #0995697749
(337) 780-9698
Added: Mar 5
Changed: Sep 1
Last Checked: Sep 8 at 4:06AM
MLS# 2600001736
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.
Built in 1896 and renovated for contemporary commercial use, this historic office building contains 3,476 square feet across two levels. The layout includes five offices and two bathrooms downstairs, plus three offices and one bathroom upstairs. Wood flooring, central heating, central air, ceiling fans, a metal roof, and partial fencing are among the documented property features. The building is occupied by a title company and several professional tenants.
The property is located in downtown Lafayette, directly across from Rock'N'Bowl and within steps of Spoonbill and Keller's. Downtown zoning, public water service, and on-street parking support its existing office configuration. The 0.23-acre parcel places the building near downtown events including Festival International and Mardi Gras.
The property is located in downtown Lafayette, directly across from Rock'N'Bowl and within steps of Spoonbill and Keller's. Downtown zoning, public water service, and on-street parking support its existing office configuration. The 0.23-acre parcel places the building near downtown events including Festival International and Mardi Gras.
Key Highlights
- 3,476‑square‑foot office building constructed in 1896
- Renovated two‑level layout with 8 offices and 3 bathrooms
- Occupied by a title company and several professional tenants
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
$40,450
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
4.90%
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%
$809,000
$809.0K
Cap Rate 7%
$577,857
$577.9K
Cap Rate 9%
$449,444
$449.4K
Market Conditions
NOI Build-Up for 3,476 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
$62.6K $18.00/SF
− Vacancy
−$8.6K −$2.48/SF
EGI
$53.9K $15.52/SF
− OpEx
−$13.5K −$3.88/SF
NOI
$40.5K $11.64/SF
Area
Lafayette, LA
Vacancy
13.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$809,000
Cap Rate 7%
$577,857
Cap Rate 9%
$449,444
Alternative Uses
Best Use
Office B
$577.9K
$505.6K – $674.2K
NOI $40,450 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$821.8K
$719.1K – $958.8K
NOI $57,529 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,310
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office property with multiple private offices, wood flooring, and central air.
Where is this office building located?
The property is located at 120 Caillouett Place Lafayette, LA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 3,476‑square‑foot office building constructed in 1896; Renovated two‑level layout with 8 offices and 3 bathrooms; Occupied by a title company and several professional tenants
