Mixed-Use Office with
For Sale
$375,000
1502 W University Avenue, Lafayette, LA 70506
Commercial Sale, Lafayette, LA
Property Size2,498 SF
Lot Size0.22 Acres
Price / SF$150.12
Days on Market20
Property Features for 1502 W University Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
9
Parking features
Parking Lot
Lot features
Corner Lot
Directions
From Congress turn north on University (go 1 block) building is on the corner of Bellevue and University
Subdivision
G3
Standard status
Active
APN
6073442
Size
2,498 SF
Lot size
0.22 Acres
Additional Details
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Tax Description
LOTS 1-2-3 BLK 14 SOUVENIR HTS (75X125)
Tax Annual Amount
3692
Legal Description
LOTS 1-2-3 BLK 14 SOUVENIR HTS (75X125)
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Flooring type
Wood
Building materials
Frame
Roof type
Composition
Listing Agency:
Keaty Real Estate Team
(337) 235-7770
Listed By:
Michele Ezell · License #995707251
(337) 849-8171
Added: Oct 4
Changed: Oct 23
Last Checked: Oct 23 at 2:06PM
MLS# 2600009339
Copyright © 2026 ROAM MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
An older home adapted for office use provides 2,498 square feet on a 0.22-acre parcel. The office layout includes six offices, a conference room, and lobby, reception, and workroom areas. The reported building area also includes a tenant-occupied one-bedroom apartment in the garage.
The property has frontage on University and is near Lafayette’s downtown business core and UL. Commercial zoning supports its mixed-use configuration.
The property has frontage on University and is near Lafayette’s downtown business core and UL. Commercial zoning supports its mixed-use configuration.
Key Highlights
- 2,498 square feet on a 0.22‑acre parcel
- Office layout includes six offices and a conference room
- Tenant‑occupied one‑bedroom garage apartment included in reported building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,069
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$581,380
$581.4K
Cap Rate 7%
$415,271
$415.3K
Cap Rate 9%
$322,989
$323.0K
Market Conditions
NOI Build-Up for 2,498 SF
Gross rent
$45.0K $18.00/SF
− Vacancy
−$6.2K −$2.48/SF
EGI
$38.8K $15.52/SF
− OpEx
−$9.7K −$3.88/SF
NOI
$29.1K $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%
$581,380
Cap Rate 7%
$415,271
Cap Rate 9%
$322,989
Alternative Uses
Best Use
Office B
$415.3K
$363.4K – $484.5K
NOI $29,069 @ 7.0% cap · market cap 7.75%
Second Best
Mixed Use
$412.2K
$360.7K – $480.9K
NOI $28,852 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$590.6K
$516.8K – $689.1K
NOI $41,343 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Six offices and shared meeting and reception areas accompany a tenant-occupied apartment.
Where is this mixed-use property located?
The property is located at 1502 W University Avenue 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: 2,498 square feet on a 0.22‑acre parcel; Office layout includes six offices and a conference room; Tenant‑occupied one‑bedroom garage apartment included in reported building area
