Office Building with University
For Sale
$375,000
1502 W University Ave, Lafayette, LA 70506
A multi-office layout includes a conference room, reception area, workroom, and a tenant-occupied apartment above the garage.
Property Size2,421 SF
Price / SF$154.89
Days on Market11
Property Features for 1502 W University Ave
General Information
Standard status
Active
Size
2,421 SF
Total Parking Spaces
8
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
Power
Water
Sewer
8 Parking Spaces
Building Details
Year Built
1950
Listing Agency:
Keaty Real Estate
Listed By:
Michele Ezell · License #995707251
(337) 849-8171
Source:
Lacdb.resimplifi
Added: Oct 5
Changed: Oct 13
Last Checked: Oct 14 at 7:35PM
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 Keaty Real Estate
Investment Insights
Based on property information with market context.
Configured for office use, this 1950 building contains six separate offices, a conference room, and a lobby with reception and workroom areas. The 2,421-square-foot total includes a one-bedroom garage apartment that is tenant occupied.
The property fronts University Avenue and is near both Downtown Lafayette’s business core and UL.
The property fronts University Avenue and is near both Downtown Lafayette’s business core and UL.
Key Highlights
- Six separate offices, plus a conference room
- Lobby, reception area, and workroom
- Total area of 2,421 square feet includes a tenant‑occupied one‑bedroom garage apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,173
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$563,460
$563.5K
Cap Rate 7%
$402,471
$402.5K
Cap Rate 9%
$313,033
$313.0K
Market Conditions
NOI Build-Up for 2,421 SF
Gross rent
$43.6K $18.00/SF
− Vacancy
−$6.0K −$2.48/SF
EGI
$37.6K $15.52/SF
− OpEx
−$9.4K −$3.88/SF
NOI
$28.2K $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 Rate 5%
$563,460
Cap Rate 7%
$402,471
Cap Rate 9%
$313,033
Alternative Uses
Best Use
Office B
$402.5K
$352.2K – $469.6K
NOI $28,173 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.4K
$500.9K – $667.8K
NOI $40,069 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 70506, LA
39,801
Population
20,296
Households
2
Avg Household Size
36
Median Age
37%
College-Educated
91%
High-School Grad
20.8 sq mi
ZIP Area
1,914
Density / Sq Mi
$55,553
Median Household Income
$38,764
Median Earnings
$1,024
Median Rent
$215,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - A multi-office layout includes a conference room, reception area, workroom, and a tenant-occupied apartment above the garage.
Where is this office building located?
The property is located at 1502 W University Ave Lafayette, LA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Six separate offices, plus a conference room; Lobby, reception area, and workroom; Total area of 2,421 square feet includes a tenant‑occupied one‑bedroom garage apartment
