Drive-Through Restaurant
For Sale
$350,000
Pending
1224 Ne Evangeline Trwy, Lafayette, LA 70501
Commercial space located just off Evangeline Thruway in Lafayette.
Property Size2,552 SF
Days on Market506
Property Features for 1224 Ne Evangeline Trwy
General Information
Standard status
Pending
Size
2,552 SF
Additional Details
Highway Access
Yes
Listing Agency:
Scout Real Estate Co.
(337) 781-9733
Listed By:
Jake Zimmerman · License #995715702
(337) 781-9733
Source:
Exprealty
Added: Apr 14, 2025
Changed: Aug 30
Last Checked: Aug 31 at 7:24PM
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 Scout Real Estate Co.
Investment Insights
Based on property information with market context.
This restaurant-oriented commercial space includes a drive-through option and is located just off Evangeline Thruway in Lafayette, Louisiana. The property is situated at 1224 NE Evangeline Trwy and is offered for sale.
Key Highlights
- Drive‑through option available
- Located just off Evangeline Thruway
- 1224 NE Evangeline Trwy, Lafayette, LA
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
$30,950
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
8.84%
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%
$619,000
$619.0K
Cap Rate 7%
$442,143
$442.1K
Cap Rate 9%
$343,889
$343.9K
Market Conditions
NOI Build-Up for 2,552 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
$48.1K $18.84/SF
− Vacancy
−$3.9K −$1.51/SF
EGI
$44.2K $17.33/SF
− OpEx
−$13.3K −$5.20/SF
NOI
$30.9K $12.13/SF
Area
Lafayette, LA
Vacancy
8.04%
Lease Rate
$18.84 /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%
$619,000
Cap Rate 7%
$442,143
Cap Rate 9%
$343,889
Alternative Uses
Best Use
Specialty Retail
$473.7K
$414.5K – $552.7K
NOI $33,161 @ 7.0% cap · market cap 9.47%
Second Best
Retail
$442.1K
$386.9K – $515.8K
NOI $30,950 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$603.4K
$528.0K – $704.0K
NOI $42,237 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
628
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Commercial space located just off Evangeline Thruway in Lafayette.
Where is this drive through restaurant located?
The property is located at 1224 Ne Evangeline Trwy Lafayette, LA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Drive‑through option available; Located just off Evangeline Thruway; 1224 NE Evangeline Trwy, Lafayette, LA
