Drive-Through Retail Bank
For Sale
$126,900
1137 Main St, Opelousas, LA 70570
Versatile storefront building with cathedral ceiling, two drive-through windows, and a secure vault.
Property Size842 SF
Price / SF$150.71
Days on Market959
Property Features for 1137 Main St
General Information
Standard status
Active
Size
842 SF
Building Details
Year Renovated
2022
Listing Agency:
RE/MAX Excellence
(337) 678-3663
Listed By:
Toni L Effingger · License #0995680712
(337) 793-5738
Source:
Exprealty
Added: Jan 18, 2024
Changed: Aug 20
Last Checked: Sep 2 at 12:54AM
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 RE/MAX Excellence
Investment Insights
Based on property information with market context.
This versatile storefront building was originally used as a bank substation and features an open-concept interior with a cathedral ceiling. The property includes two drive-through windows, functional drawers designed for money handling, and a secure vault. It is currently operating as a barber shop.
The exterior has been freshly painted, and the roof has been replaced. A privacy fence was completed in 2022.
With its drive-through capability and previously bank-built components, the building offers a distinctive foundation for a variety of retail or service uses.
The exterior has been freshly painted, and the roof has been replaced. A privacy fence was completed in 2022.
With its drive-through capability and previously bank-built components, the building offers a distinctive foundation for a variety of retail or service uses.
Key Highlights
- Originally used as a bank substation, now operating as a barber shop with an open concept interior
- Cathedral ceiling plus open layout for flexible business use
- Two drive‑through windows originally designed for walk‑up service
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
$5,856
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
4.61%
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%
$117,120
$117.1K
Cap Rate 7%
$83,657
$83.7K
Cap Rate 9%
$65,067
$65.1K
Market Conditions
NOI Build-Up for 842 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
$9.1K $10.80/SF
− Vacancy
−$727 −$0.86/SF
EGI
$8.4K $9.94/SF
− OpEx
−$2.5K −$2.98/SF
NOI
$5.9K $6.96/SF
Area
St. Landry County, LA
Vacancy
8.00%
Lease Rate
$10.80 /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%
$117,120
Cap Rate 7%
$83,657
Cap Rate 9%
$65,067
Alternative Uses
Best Use
Retail
$83.7K
$73.2K – $97.6K
NOI $5,856 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$127.0K
$111.2K – $148.2K
NOI $8,892 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 70570, LA
38,746
Population
17,099
Households
2.3
Avg Household Size
39
Median Age
15%
College-Educated
82%
High-School Grad
171.8 sq mi
ZIP Area
226
Density / Sq Mi
$45,276
Median Household Income
$33,090
Median Earnings
$764
Median Rent
$151,300
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?
Storefront property - Versatile storefront building with cathedral ceiling, two drive-through windows, and a secure vault.
Where is this storefront property located?
The property is located at 1137 Main St Opelousas, LA.
What is the asking price?
The asking price for this property is $126,900.
What are key features of this property?
This property features: Originally used as a bank substation, now operating as a barber shop with an open concept interior; Cathedral ceiling plus open layout for flexible business use; Two drive‑through windows originally designed for walk‑up service
