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 Market10
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
Exterior features
Door Sign, Outside Storage
Subdivision
Souvenir Hgts
Lot features
Corner
Directions
From Congress turn north on University (go 1 block) building is on the corner of Bellevue and University
Standard status
Active
APN
6073442
Size
2,498 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
LOTS 1-2-3 BLK 14 SOUVENIR HTS (75X125)
Legal Description
LOTS 1-2-3 BLK 14 SOUVENIR HTS (75X125)
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Flooring type
Wood
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keaty Real Estate Team
(337) 235-7770
Listed By:
Michele Ezell · License #995707251
(337) 849-8171
Added: Oct 4
Changed: Oct 8
Last Checked: Oct 13 at 6:06AM
MLS# 2600009339
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.
A converted residence is configured for office use, with six separate offices, a conference room, and a lobby, reception, and workroom area. The 2,498-square-foot total includes a tenant-occupied one-bedroom apartment above the garage. The property occupies 0.22 acres and is zoned Commercial. Wood flooring, central heating and air conditioning, and a parking lot are among its features.
Frontage along W University Avenue places the property near the business core of Downtown and UL. Public water and public sewer serve the site.
Frontage along W University Avenue places the property near the business core of Downtown and UL. Public water and public sewer serve the site.
Key Highlights
- 2,498 square feet, including a tenant‑occupied one‑bedroom garage apartment
- Office configuration includes 6 separate offices, a conference room, and lobby, reception, and workroom areas
- 0.22‑acre site with frontage on W University Avenue
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
6
Office units
1
Residential units
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
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The office layout provides six private rooms, a conference room, and a reception area.
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, including a tenant‑occupied one‑bedroom garage apartment; Office configuration includes 6 separate offices, a conference room, and lobby, reception, and workroom areas; 0.22‑acre site with frontage on W University Avenue
